Best Personal Loans 2017

Congratulations to the 2017 winner’s of Mozo Experts Choice Awards for Personal Loans. If you’re after a loan to buy a car, do a home reno or take a once in a lifetime holiday, the Mozo Experts Choice winners list below is a great place to start your search for a great value loan.

Experts choice awards hero 2017

What are the Mozo Experts Choice Awards?

The Mozo Experts Choice Awards have been running since 2014 and are here to help you make a more informed decision when you are in the market for a new personal loan.

For the 2017 personal loan awards, our money experts compared 239 personal loans from 73 financial institutions. Our winners have earned our Experts seal of approval and you should feel confident that these loans are among the best value loans in the market.

When you're selecting a personal loan, whether it’s for a car, holiday or home reno it is still important for you to compare loans based on your loan amount and repayment plans. For details on how we crunched the numbers and determined the award winners see our methodology report.

Excellent Credit Personal Loan

Got excellent credit? Some lenders vary the interest rate on a loan depending on the applicant’s credit score and application. This category identified the lowest cost unsecured personal loans for consumers with an 'excellent' credit score based on a $10,000 loan over 3 years.

Australian Military Bank
Australian Military Bank

Unsecured Personal Loan - Excellent Credit (Fixed)

Interest rate
7.93% p.a.to 18.87% p.a.
Comparison rate*
8.77% p.a.to 20.27% p.a.based on $30,000
over 5 years
Upfront fee
$100
Australian Military Bank
Australian Military Bank

Unsecured Personal Loan - Excellent Credit (Variable)

Interest rate
7.88% p.a.to 18.82% p.a.
Comparison rate*
8.72% p.a.to 20.22% p.a.based on $30,000
over 5 years
Upfront fee
$100
Harmoney
Harmoney

Unsecured Personal Loan

Interest rate
6.99% p.a.to 29.99% p.a.
Comparison rate*
7.69% p.a.to 31.95% p.a.based on $30,000
over 5 years
Upfront fee
$500
RateSetter
RateSetter

Unsecured Personal Loan

Interest rate
8.16% p.a.
Comparison rate*
8.67% p.a.based on $10,000
over 3 years
Upfront fee
$75
G&C Mutual Bank
G&C Mutual Bank

Fair Rate Personal Loan (Variable, Unsecured)

Interest rate
5.99% p.a.to 16.99% p.a.
Comparison rate*
6.20% p.a.to 17.22% p.a.based on $30,000
over 5 years
Upfront fee
$150
Liberty
Liberty

Personal Loan

Interest rate
7.99% p.a.
Comparison rate*
8.26% p.a.based on $30,000
over 5 years
Upfront fee
$195
MoneyPlace
MoneyPlace

Unsecured Personal Loan (Fixed)

Interest rate
7.65% p.a.to 21.00% p.a.
Comparison rate*
7.65% p.a.to 23.5% p.a.based on $30,000
over 5 years
Upfront fee
$0
Newcastle Permanent
Newcastle Permanent

Unsecured Personal Loan

Interest rate
8.99% p.a.
Comparison rate*
10.73% p.a.based on $10,000
over 3 years
Upfront fee
$250
Pepper Money
Pepper Money

Personal Loan

Interest rate
9.99% p.a.to 21.49% p.a.
Comparison rate*
9.99% p.a.to 21.49% p.a.based on $30,000
over 5 years
Upfront fee
$0
Police Bank
Police Bank

Personal Loan (Fixed)

Interest rate
12.76% p.a.
Comparison rate*
12.91% p.a.based on $30,000
over 5 years
Upfront fee
$98
SocietyOne
SocietyOne

Unsecured Personal Loan - Excellent Credit (Fixed)

Interest rate
7.50% p.a.to 10.55% p.a.
Comparison rate*
9.51% p.a.to 11.23% p.a.based on $10,000
over 3 years
Upfront fee
$300

Best Unsecured Personal Loan

An unsecured personal loan will be your borrowing choice if you don’t have security to put up against a loan. See below Mozo’s Experts Choice winners for unsecured fixed and variable rate loans.

CUA
CUA

Unsecured Personal Loan (Variable)

Interest rate
10.89% p.a.
Comparison rate*
10.89% p.a.based on $30,000
over 5 years
Upfront fee
$0
Easy Street
Easy Street

Unsecured Personal Loan

Interest rate
9.99% p.a.
Comparison rate*
10.27% p.a.based on $30,000
over 5 years
Upfront fee
$195
Gateway Credit Union
Gateway Credit Union

Unsecured Personal Loan

Interest rate
10.59% p.a.
Comparison rate*
11.63% p.a.based on $10,000
over 3 years
Upfront fee
$149
Gateway Credit Union
Gateway Credit Union

Unsecured Personal Loan

Interest rate
9.84% p.a.
Comparison rate*
10.87% p.a.based on $10,000
over 3 years
Upfront fee
$149
Macquarie Credit Union
Macquarie Credit Union

10-5-50 Personal Loan

Interest rate
10.99% p.a.
Comparison rate*
11.97% p.a.based on $10,000
over 3 years
Upfront fee
$140
Newcastle Permanent
Newcastle Permanent

Unsecured Personal Loan

Interest rate
8.99% p.a.
Comparison rate*
10.73% p.a.based on $10,000
over 3 years
Upfront fee
$250
Police Bank
Police Bank

Personal Loan (Fixed)

Interest rate
12.76% p.a.
Comparison rate*
12.91% p.a.based on $30,000
over 5 years
Upfront fee
$98
Regional Australia Bank
Regional Australia Bank

Personal Touch Loan

Interest rate
9.99% p.a.
Comparison rate*
11.35% p.a.based on $10,000
over 3 years
Upfront fee
$195
Select Encompass Credit Union
Select Encompass Credit Union

Personal Loan

Interest rate
10.99% p.a.
Comparison rate*
11.21% p.a.based on $30,000
over 5 years
Upfront fee
$150

Best Secured Personal Loan

Buying a new car, planning a holiday or rebuilding the kitchen? If you are in the market for a secured personal loan whether the Experts Choice winners below are a great starting point. These loans were the cheapest options based on a $10,000 loan repaid over 3 years.

Bank Australia
Bank Australia

Lifestyle Personal Loan

Interest rate
7.89% p.a.
Comparison rate*
8.92% p.a.based on $10,000
over 3 years
Upfront fee
$150
Credit Union SA
Credit Union SA

Education Community Fixed Rate Personal Loan

Interest rate
5.99% p.a.
Comparison rate*
5.99% p.a.based on $30,000
over 5 years
Upfront fee
$0
Credit Union SA
Credit Union SA

Fixed Rate Personal Loan

Interest rate
5.99% p.a.
Comparison rate*
6.26% p.a.based on $30,000
over 5 years
Upfront fee
$195
Greater Bank
Greater Bank

Secured Personal Loan

Interest rate
6.89% p.a.
Comparison rate*
7.24% p.a.based on $30,000
over 5 years
Upfront fee
$250
Hume Bank
Hume Bank

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

Interest rate
7.95% p.a.
Comparison rate*
8.13% p.a.based on $30,000
over 5 years
Upfront fee
$125

Best Green Loan

Thinking of installing a rainwater tank, solar panels or other environmentally friendly home improvements? We identified and compared all loans that can only be used for eco friendly home improvements to find the best green loan for a $10,000 loan over 3 years.

Police Bank
Police Bank

Green Loan

Interest rate
6.49% p.a.
Comparison rate*
6.63% p.a.based on $30,000
over 5 years
Upfront fee
$98

Best Personal Line of Credit

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

Catalyst Money
Catalyst Money

Unsecured Personal Loan

Interest rate
11.79% p.a.
Comparison rate*
12.08% p.a.based on $30,000
over 5 years
Upfront fee
$200

Best New Car Loan

To find the cheapest car loan for buying a new car Mozo’s money experts compared 239 personal loans. We calculated the cost of a $30,000 new car loan including principal, interest, fees and charges repaid over 5 years.

Beyond Bank
Beyond Bank

Low Rate Car Loan Special Offer

Interest rate
5.69% p.a.
Comparison rate*
5.97% p.a.based on $30,000
over 5 years
Upfront fee
$200
Community First Credit Union
Community First Credit Union

New Car Loan - Variable

Interest rate
5.34% p.a.
Comparison rate*
6.11% p.a.based on $30,000
over 5 years
Upfront fee
$295
Credit Union SA
Credit Union SA

Education Community Fixed Rate Personal Loan

Interest rate
5.99% p.a.
Comparison rate*
5.99% p.a.based on $30,000
over 5 years
Upfront fee
$0
Credit Union SA
Credit Union SA

Fixed Rate Personal Loan

Interest rate
5.99% p.a.
Comparison rate*
6.26% p.a.based on $30,000
over 5 years
Upfront fee
$195
G&C Mutual Bank
G&C Mutual Bank

Fixed Rate Car Loan (Fixed)

Interest rate
5.99% p.a.
Comparison rate*
6.25% p.a.based on $30,000
over 5 years
Upfront fee
$190
Goldfields Money
Goldfields Money

Car Loan

Interest rate
5.99% p.a.
Comparison rate*
6.62% p.a.based on $30,000
over 5 years
Upfront fee
$450
Greater Bank
Greater Bank

New Car Loan

Interest rate
5.99% p.a.
Comparison rate*
6.34% p.a.based on $30,000
over 5 years
Upfront fee
$250
IMB Bank
IMB Bank

New Car Loan (up to 2 years old)

Interest rate
5.99% p.a.
Comparison rate*
6.34% p.a.based on $30,000
over 5 years
Upfront fee
$250
People's Choice Credit Union
People's Choice Credit Union

Discounted Personal Loan

Interest rate
5.64% p.a.
Comparison rate*
5.99% p.a.based on $30,000
over 5 years
Upfront fee
$250
Police Credit Union
Police Credit Union

Fixed Rate Car Loan

Interest rate
5.69% p.a.
Comparison rate*
5.96% p.a.based on $30,000
over 5 years
Upfront fee
$195
Police Credit Union
Police Credit Union

Variable Rate Car Loan

Interest rate
5.99% p.a.
Comparison rate*
6.26% p.a.based on $30,000
over 5 years
Upfront fee
$195

Best Used Car Loan

Here’s the list of Experts Choice winners in our used car category for 2017. 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.

CUA
CUA

Secured Car Loan (Fixed)

Interest rate
6.79% p.a.
Comparison rate*
6.92% p.a.based on $30,000
over 5 years
Upfront fee
$90
Bank Australia
Bank Australia

Car Loan (Fixed)

Interest rate
6.45% p.a.
Comparison rate*
6.66% p.a.based on $30,000
over 5 years
Upfront fee
$150
BankVic
BankVic

Car Loan (Fixed)

Interest rate
6.99% p.a.
Comparison rate*
7.12% p.a.based on $30,000
over 5 years
Upfront fee
$90
G&C Mutual Bank
G&C Mutual Bank

Fixed Rate Car Loan (Fixed)

Interest rate
5.99% p.a.
Comparison rate*
6.25% p.a.based on $30,000
over 5 years
Upfront fee
$190
Greater Bank
Greater Bank

Secured Personal Loan

Interest rate
6.89% p.a.
Comparison rate*
7.24% p.a.based on $30,000
over 5 years
Upfront fee
$250
Police Bank
Police Bank

Car Loan (Fixed)

Interest rate
7.19% p.a.
Comparison rate*
7.33% p.a.based on $30,000
over 5 years
Upfront fee
$98
Police Credit Union
Police Credit Union

Variable Rate Car Loan

Interest rate
5.99% p.a.
Comparison rate*
6.26% p.a.based on $30,000
over 5 years
Upfront fee
$195
Police Credit Union
Police Credit Union

Fixed Rate Car Loan

Interest rate
5.69% p.a.
Comparison rate*
5.96% p.a.based on $30,000
over 5 years
Upfront fee
$195
Qudos Bank
Qudos Bank

Car Loan (Variable)

Interest rate
7.09% p.a.
Comparison rate*
7.30% p.a.based on $30,000
over 5 years
Upfront fee
$150
Suncorp
Suncorp

Car Loan

Interest rate
6.49% p.a.
Comparison rate*
7.09% p.a.based on $30,000
over 5 years
Upfront fee
$175

Best Green Car Loan

If you’re in the market for a low emission car and want a low rate car loan to match, check out the Experts Choice pick for best green car loan.

Bank Australia
Bank Australia

Car Loan (Fixed)

Interest rate
6.45% p.a.
Comparison rate*
6.66% p.a.based on $30,000
over 5 years
Upfront fee
$150

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Judging Criteria

Mozo keeps track of thousands of products in banking, energy and insurance every day.

The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to Australian consumers. Personal loan providers don’t pay to be in the running and we don’t play favourites. Our Judges base their decision on hard-nosed calculations of value to the consumer, using Mozo’s extensive product database and research capacity.

Experts Choice Awards are awarded to the top 10% of products that meet the selection criteria in each awards category.

FAQs

How many products were reviewed by Mozo’s experts for the Awards?

For the 2017 personal loan awards, Mozo compared 239 personal loans from 73 financial institutions.

Do lenders pay to be included in the awards?

No, the key factor in determining award winners is the overall value of the product based on the criteria set for the award category. Commercial relationships have no influence over the outcome of the Mozo Experts Choice Awards.

What is the awards methodology for each category?

You can download our full methodology report here. This outlines the providers compared and lists out the criteria for each awards category.

Is the comparison rate important?

Yes, it can be very easy to get distracted by a low headline interest rate. The comparison rate is the best indicator of the real cost of the loan as it includes the interest rate, fees and charges of the loan.

Just be aware that the advertised comparison rate in the tables above is based on a set loan term and loan amount. This is likely to be different to your loan's comparison rate as it will be worked out on your loan amount and the loan term. Your lender will advise you of what your actual comparison rate will be.

Should I get a fixed or variable personal loan?

Fixed loans are a good option to help you manage your repayments as you will know what they will be for the life of the loan. With variable interest rates, your interest rate may change during the loan term, so you need to feel comfortable that your budget could cope if rates were likely to increase.

One of the other differences between the fixed and variable loans is often the features they offer. Many variable rate loans will allow you to make unlimited extra repayments, have redraw facilities and while some fixed rate loans will also allow you to make extra repayments, you might have to pay a break fee if you choose to pay out your loan early.

Who are Mozo’s experts?

Mozo has been researching and comparing financial products since 2008, and thousands of Australians use our comparison services each month. Our research team is headed by our Data Services Director and our Product Data Manager who have over 50 years of financial services experience and 22 years in online financial comparison.

I work for a financial provider, how can I promote our win?

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