Personal Loan Awards 2019

Congratulations to the 2019 winners of the Mozo Experts Choice Awards for Personal Loans. Whether you’re looking for a loan to purchase a car, complete a home renovation or take that bucket list holiday, the Mozo Experts Choice winners list below is a great place to start your search for an amazing value loan.

Mozo Experts Choice Awards Badge

What are the Mozo Experts Choice Awards?

Now in their sixth year, the Mozo Experts Choice Awards provide a platform to highlight products in the marketplace we believe offer great value to Australians.

For the 2019 Personal Loan Awards, we analysed 286 personal lending products issued by 78 Australian financial institutions.

Comparing personal loans can be a great option if you need cash for a specific reason. But there are many factors to consider when determining the type of loan that’s right for you,” said Peter Marshall, Mozo Experts Choice Awards judge.  

“The winners of our Personal Loan Awards for 2019 are a great starting point in finding the ideal loan to complement your needs.“

For details on how we crunched the numbers and determined our winners see our 2019 Mozo Experts Choice Awards Personal Loans methodology report.

 

Personal Loan Provider of the Year

Move Page Logo

MOVE Bank is our 2019 winner of the Personal Loan Provider of the Year.

Its Personal Loan Special was a winner in the Unsecured Personal Loan category and its New Car Loan took out an award in our New Car Loan category. As the only lender offering award-winning loans in both of these key categories in 2019, MOVE Bank is the obvious choice for our major award.

  

Unsecured Personal Loan

Most unsecured personal loans allow complete freedom of purpose and are fairly similar. Rates and fees can vary enormously, so for this category the judges identified those general purpose loans offering the best rate and fee combination.

In 2019, for the first time, this category also includes several loans where rates or fees vary depending on your credit score and other determining factors.

Citi logo

Citi

Personal Loan Plus (Variable, Unsecured)

Endeavour Mutual Bank logo

Endeavour Mutual Bank

Personal Loan (Variable, Unsecured)

G&C Mutual Bank logo

G&C Mutual Bank

Fair Rate Personal Loan - AA Rated Borrowers (Variable, Unsecured)

ING logo

ING

Unsecured Personal Loan (Fixed)

MoneyPlace logo

MoneyPlace

Unsecured Personal Loan (Fixed)

MOVE Bank logo

MOVE Bank

Personal Loan Special (Variable, Unsecured)

Police Bank logo

Police Bank

Personal Loan (Fixed, Unsecured)

Plenti logo

Plenti

Personal Loan (Unsecured, Variable, Excellent Credit)

Sydney Mutual Bank logo

Sydney Mutual Bank

Standard Personal Loan (Variable, Unsecured)

Car Loan

To find the cheapest car loan for buying a new car, Mozo’s money experts combed through 89 different personal loans and calculated the cost of a $30,000 new car loan including principal, interest, fees and charges repaid over 5 years.

Beyond Bank logo

Beyond Bank

Low Rate Car Loan Special Offer (Fixed, Secured)

Credit Union SA logo

Credit Union SA

Education Community Special Fixed Rate Personal Loan (Vehicles up to 2 years old, Secured)

Greater Bank logo

Greater Bank

New Car Loan (Fixed, Secured)

IMB Bank logo

IMB Bank

Car Loan (up to 2 years old, Fixed, Secured)

loans.com.au logo

loans.com.au

New Car Loan (Including Demo, Fixed, Secured)

MOVE Bank logo

MOVE Bank

New Car Loan (Up to 3 years old, Fixed, Secured)

Police Credit Union logo

Police Credit Union

Fixed Rate Car Loan (Secured)

Queensland Country Bank logo

Queensland Country Bank

New Car Loan (up to 3 years old, Variable, Secured)

Queenslanders Credit Union logo

Queenslanders Credit Union

New Car Loan (up to 3 years old, Variable, Secured)

Suncorp logo

Suncorp

Car Loan (Fixed, Secured)

Used Car Loan

Here’s the list of Mozo Experts Choice Award winners in our used car category for 2019. We compared all loans in our database to find the best value loans for used car borrowers. Calculations were based on a $15,000 loan including principal, interest, fees and charges repaid over 5 years.

Bank Australia logo

Bank Australia

New Car Loan (Fixed, Secured)

Credit Union SA logo

Credit Union SA

Special Fixed Rate Personal Loan (Vehicles up to 5 years old, Secured)

Firefighters Mutual Bank logo

Firefighters Mutual Bank

Car Loan (Fixed, Secured)

G&C Mutual Bank logo

G&C Mutual Bank

Fixed Rate Car Loan (Fixed, Secured)

Health Professionals Bank logo

Health Professionals Bank

Car Loan (Fixed, Secured)

Illawarra Credit Union logo

Illawarra Credit Union

Secured Fixed Personal Loan (Used)

RACQ Bank logo

RACQ Bank

Fixed Car Loan (Secured)

Suncorp logo

Suncorp

Car Loan (Fixed, Secured)

Teachers Mutual Bank logo

Teachers Mutual Bank

Car Loan (Fixed, Secured)

UniBank logo

UniBank

Car Loan (Fixed, Secured)

Secured Personal Loan

If you’re in the market for a general purpose secured personal loan, the Mozo Experts Choice Award winners below are a great starting point.

Credit Union SA logo

Credit Union SA

Special Fixed Rate Personal Loan (Vehicles up to 5 years old, Secured)

Greater Bank logo

Greater Bank

Secured Personal Loan (Fixed)

Hume Bank logo

Hume Bank

Secured Personal Loan (secured by vehicle up to 5 years old, Fixed)

Green Personal Loan

Thinking of borrowing for an environmentally friendly purpose, like solar panels or energy efficiency improvements for your home? We compared all loans in our database fitting this criteria, based on a $10,000 loan over 3 years.

Police Bank logo

Police Bank

Green Loan (Fixed, Unsecured)

Police Credit Union logo

Police Credit Union

Solar Eco Loan (Green, Variable, Unsecured)

 

Green Car Loan

If you’re searching for a low emission car and want a low rate car loan to match, check out the Mozo Experts Choice Award pick for best green car loan. Our experts assumed a $30,000 loan over 5 years when comparing costs.

loans.com.au logo

loans.com.au

Clean Green Car Loan (New or Used, Fixed, Secured)

 

Personal Line of Credit

We identified then compared all personal loans in the Mozo database that operate as lines of credit to find our Mozo Experts Choice Award winner. We calculated the cost of interest-only payments and fees for a $10,000 outstanding balance over 3 years.

Citi logo

Citi

Ready Credit Flexible Personal Loan - 1 Year Introductory Rate (Variable, Unsecured)

 

Best New Personal Loan

The Unsecured Green Loan from Australian Military Bank was launched in September, and offers a great deal for people looking to purchase energy efficient hot water, battery storage, insulation, cooling/heating, water capture or recycling. It didn’t launch in time to win in our Green Personal Loan category, but it takes out our best new personal loan product award.

Australian Military Bank logo

Australian Military Bank

Unsecured Green Loan (Variable)

 

 

Frequently Asked Questions

What’s the Judging Criteria for the awards?

Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers.

See our methodology report for more detailed information on how we performed product comparisons and determined the final winners for the personal loan awards.
 

Did you compare all personal loans in the market for these awards?

In​ ​carrying​ ​out​ ​the​ ​Mozo​ ​Experts​ ​Choice​ ​Awards​ ​in​ ​Personal​ ​Loans,​ ​we analysed​ 286 ​personal​ ​loan​ ​products​ ​issued​ ​by 78 ​Australian​ ​financial institutions​ ​based​ ​on​ ​data​ ​contained​ ​in​ ​Mozo’s​ ​product​ ​database​ ​as​ ​at​ 30 September, 2019.

We​ ​aim​ ​to​ ​include​ ​most​ ​personal​ ​loan​ ​providers​ ​in​ ​the​ ​market​ ​in​ ​the​ ​Mozo Experts​ ​Choice​ ​Awards.​ ​However,​ ​not​ ​every​ ​personal​ ​loan​ ​product​ ​in​ ​the market​ ​will​ ​be​ ​included​ ​in​ ​our​ ​review.

Any​ ​personal​ ​loan​ ​product​ ​we​ ​review​ ​must​ ​be​ ​available​ ​in​ ​the​ ​market​ ​at the​ ​time​ ​of​ ​our​ ​analysis​ ​and​ ​any​ ​offers​ ​included​ ​must​ ​be​ ​available​ ​to​ ​the general​ ​public​ ​on​ ​the​ ​provider’s​ ​website.
 

Will I get the lowest interest rate advertised?

Not always. Some personal loan lenders have different interest rate tiers, depending on a customer’s credit history. Usually, the better your history, the lower your interest rate. The interest rate you receive could also depend on how much you intend to borrow and whether you get a secured or an unsecured loan.
 

Who are the Mozo experts?

The Mozo Experts Choice Awards analysis is overseen by AJ Duncanson, Mozo’s Data Services Director. AJ is a data scientist and actuary, and has worked in financial services and product comparison for almost three decades. Together with our Product Data Manager, Peter Marshall, the team has over 50 years of financial services experience.
 

I work for a personal loan provider, how do we promote our win?

Please get in touch with us to discuss by emailing or phoning our account management team on 02 9037 4368.