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.

Harmoney
Harmoney

Unsecured Personal Loan

6.99% p.a.to 26.95% p.a.

7.69% p.a.to 28.21% p.a.based on $30,000
over 5 years

$500

MoneyPlace
MoneyPlace

Unsecured Personal Loan (Fixed)

7.65% p.a.to 21.00% p.a.

7.65% p.a.to 23.5% p.a.based on $30,000
over 5 years

$0

Australian Military Bank
Australian Military Bank

Unsecured Personal Loan - Excellent Credit (Fixed)

7.93% p.a.to 18.87% p.a.

8.77% p.a.to 20.27% p.a.based on $30,000
over 5 years

$100

Australian Military Bank
Australian Military Bank

Unsecured Personal Loan - Excellent Credit (Variable)

7.88% p.a.to 18.82% p.a.

8.72% p.a.to 20.22% p.a.based on $30,000
over 5 years

$100

G&C Mutual Bank
G&C Mutual Bank

Fair Rate Personal Loan (Variable, Unsecured)

5.99% p.a.to 16.99% p.a.

6.20% p.a.to 17.22% p.a.based on $30,000
over 5 years

$150

Liberty
Liberty

Personal Loan

7.99% p.a.

8.26% p.a.based on $30,000
over 5 years

$195

Newcastle Permanent
Newcastle Permanent

Unsecured Personal Loan

8.99% p.a.

10.73% p.a.based on $10,000
over 3 years

$250

Pepper Money
Pepper Money

Personal Loan

9.99% p.a.to 21.74% p.a.

9.99% p.a.to 21.74% p.a.based on $30,000
over 5 years

$0

Police Bank
Police Bank

Personal Loan (Fixed)

12.76% p.a.

12.91% p.a.based on $30,000
over 5 years

$98

RateSetter
RateSetter

Unsecured Personal Loan

7.69% p.a.

10.24% p.a.based on $10,000
over 3 years

$220

SocietyOne
SocietyOne

Unsecured Personal Loan - Excellent Credit (Fixed)

7.50% p.a.to 9.99% p.a.

9.51% p.a.to 12.71% p.a.based on $10,000
over 3 years

$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)

10.89% p.a.

10.89% p.a.based on $30,000
over 5 years

$0

Easy Street
Easy Street

Unsecured Personal Loan

9.99% p.a.

10.27% p.a.based on $30,000
over 5 years

$195

Gateway Bank
Gateway Bank

Unsecured Personal Loan

10.59% p.a.

11.63% p.a.based on $10,000
over 3 years

$149

Gateway Bank
Gateway Bank

Unsecured Personal Loan

9.84% p.a.

10.87% p.a.based on $10,000
over 3 years

$149

Macquarie Credit Union
Macquarie Credit Union

10-5-50 Personal Loan

10.99% p.a.

11.97% p.a.based on $10,000
over 3 years

$140

Newcastle Permanent
Newcastle Permanent

Unsecured Personal Loan

8.99% p.a.

10.73% p.a.based on $10,000
over 3 years

$250

Police Bank
Police Bank

Personal Loan (Fixed)

12.76% p.a.

12.91% p.a.based on $30,000
over 5 years

$98

Regional Australia Bank
Regional Australia Bank

Personal Touch Loan

9.99% p.a.

11.35% p.a.based on $10,000
over 3 years

$195

Endeavour Mutual Bank
Endeavour Mutual Bank

Personal Loan

7.99% p.a.

8.20% p.a.based on $30,000
over 5 years

$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

7.89% p.a.

8.92% p.a.based on $10,000
over 3 years

$150

Credit Union SA
Credit Union SA

Education Community Fixed Rate Personal Loan

5.99% p.a.

5.99% p.a.based on $30,000
over 5 years

$0

Credit Union SA
Credit Union SA

Fixed Rate Personal Loan

5.99% p.a.

6.26% p.a.based on $30,000
over 5 years

$195

Greater Bank
Greater Bank

Secured Personal Loan

6.89% p.a.

7.28% p.a.based on $30,000
over 5 years

$275

Hume Bank
Hume Bank

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

7.95% p.a.

8.13% p.a.based on $30,000
over 5 years

$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

6.49% p.a.

6.63% p.a.based on $30,000
over 5 years

$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

10.90% p.a.

11.19% p.a.based on $30,000
over 5 years

$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

5.69% p.a.

5.97% p.a.based on $30,000
over 5 years

$200

Community First Credit Union
Community First Credit Union

New Car Loan - Variable

5.34% p.a.

6.11% p.a.based on $30,000
over 5 years

$295

Credit Union SA
Credit Union SA

Education Community Fixed Rate Personal Loan

5.99% p.a.

5.99% p.a.based on $30,000
over 5 years

$0

Credit Union SA
Credit Union SA

Fixed Rate Personal Loan

5.99% p.a.

6.26% p.a.based on $30,000
over 5 years

$195

G&C Mutual Bank
G&C Mutual Bank

Fixed Rate Car Loan (Fixed)

5.99% p.a.

6.25% p.a.based on $30,000
over 5 years

$190

Goldfields Money
Goldfields Money

Car Loan

5.99% p.a.

6.62% p.a.based on $30,000
over 5 years

$450

Greater Bank
Greater Bank

New Car Loan

5.99% p.a.

6.37% p.a.based on $30,000
over 5 years

$275

IMB Bank
IMB Bank

New Car Loan (up to 2 years old)

5.99% p.a.

6.34% p.a.based on $30,000
over 5 years

$250

People's Choice Credit Union
People's Choice Credit Union

Discounted Personal Car Loan

5.64% p.a.

5.99% p.a.based on $30,000
over 5 years

$250

Police Credit Union
Police Credit Union

Fixed Rate Car Loan

5.69% p.a.

5.96% p.a.based on $30,000
over 5 years

$195

Police Credit Union
Police Credit Union

Variable Rate Car Loan

5.99% p.a.

6.26% p.a.based on $30,000
over 5 years

$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)

6.79% p.a.

6.92% p.a.based on $30,000
over 5 years

$90

Bank Australia
Bank Australia

Car Loan (Fixed)

6.45% p.a.

6.66% p.a.based on $30,000
over 5 years

$150

BankVic
BankVic

Car Loan (Fixed)

6.99% p.a.

7.12% p.a.based on $30,000
over 5 years

$90

G&C Mutual Bank
G&C Mutual Bank

Fixed Rate Car Loan (Fixed)

5.99% p.a.

6.25% p.a.based on $30,000
over 5 years

$190

Greater Bank
Greater Bank

Secured Personal Loan

6.89% p.a.

7.28% p.a.based on $30,000
over 5 years

$275

Police Bank
Police Bank

Car Loan (Fixed)

7.19% p.a.

7.19% p.a.based on $30,000
over 5 years

$0

Police Credit Union
Police Credit Union

Variable Rate Car Loan

5.99% p.a.

6.26% p.a.based on $30,000
over 5 years

$195

Police Credit Union
Police Credit Union

Fixed Rate Car Loan

5.69% p.a.

5.96% p.a.based on $30,000
over 5 years

$195

Qudos Bank
Qudos Bank

Car Loan (Variable)

7.09% p.a.

7.30% p.a.based on $30,000
over 5 years

$150

Suncorp
Suncorp

Car Loan

6.49% p.a.

7.09% p.a.based on $30,000
over 5 years

$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)

6.45% p.a.

6.66% p.a.based on $30,000
over 5 years

$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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost 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.