Australia's Best Personal Loans

At Mozo, we’re passionate about getting Australians a better deal on their finances and the Experts Choice Awards provide us with a platform to highlight car and personal loans in the marketplace that we believe offer great value to Australian consumers.

Back to Experts Choice main categories

Experts choice awards hero 2016
Best New Car Loan

We compared 169 personal loans in our database to find the cheapest car loan for buying a new car. We calculated the cost of a $30,000 new car loan (including principal, interest, fees and charges) repaid over 5 years. To compare all car loans in our database, head on over to our car loan hub.

We compared 169 personal loans in our database to find the Read more...

Best Used Car Loan

We compared car loans in our database to find the cheapest car loan for buying a used car. Here’s the list of Experts Choice winners. Calculations were based on a $15,000 loan (including principal, interest, fees and charges) repaid over 5 years.

We compared car loans in our database to find the cheapest Read more...

Best Secured Personal Loan

If you are in the market for a secured personal loan whether it’s to buy a new car, take a holiday or rebuild the kitchen, check out the Experts Choice winners below. Out of all personal loans in our database these loans were the cheapest options based on a $10,000 loan repaid over 3 years. To compare the latest secured loan deals, head to our secured loans hub.

If you are in the market for a secured personal loan whether Read more...

Best Unsecured Personal Loan

If you’re after a fixed or a variable rate personal loan and not in the position to put up security against the loan, an unsecured loan will be your borrowing choice. See below Mozo’s Experts Choice winners. Also head on over to our unsecured loan section to compare the latest deals.

If you’re after a fixed or a variable rate personal loan and Read more...

Excellent Credit Personal Loan

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

Some lenders vary the interest rate on a loan depending on Read more...

Best Green Loan

We identified and compared all loans that can only be used for environmentally friendly home improvements such as rainwater tanks, solar energy, insulation or battery storage to find the best green loan for a $10,000 loan over 3 years.

We identified and compared all loans that can only be used Read more...

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.

We identified then compared all personal loans in the Mozo Read more...

Back to top

About the Mozo Experts Choice Awards

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

Mozo assessed 169 personal loan products from 68 Australian lenders for the Mozo Experts Choice Personal Loan Awards.

Do lenders pay to be included in the awards?

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

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.

Who are Mozo’s experts?

Our research team is headed by our Director of Comparison Data Services and our Product Data Manager who have over 50 years of financial services experience and 21 years in online financial comparison.

Tips on choosing the best personal loan

The Mozo Experts Choice Awards are here to help you make a more informed decision when you are in the market for a new personal loan. Our winners have earned our Experts seal of approval and you should feel confident that these loans are among the cheapest in the market. But when you're selecting a personal loan, whether its for a car, holiday or home reno it is still important for you to compare loans based on your loan amount and repayment plans.

Here are some FAQs for selecting a personal loan:

#1 How much can I borrow?
How much you will be able to borrow will depend on a number of factors including your income and your credit history. Before you lodge a loan application based on a number you've pulled out of your head, it is really important you still down and do a full budget with all your monthly income and expenses. This will give you a clear indication of your financial situation and how much money you'll have to play with to repay any loan.

Once you’ve got a idea of how much money you are comfortable putting towards a loan repayment, you can use Mozo's personal loan repayments calculator to run through a number of different scenarios to work out the ideal loan term for you.

#2 What's better a fixed or variable interest personal loan?
Traditionally, variable rate loan interest rates are lower than fixed rate loans. The reason being is that with a variable rate loan your repayment amounts could change over the life of the loan. When you are on a fixed interest rate, your repayments will stay the same for the whole loan period.

The best option for you will depend on your circumstances. If you like knowing what your monthly repayments are going to be then a fixed rate loan is a good choice.

#3 Should I take note of the loan's comparison rate?
Yes, 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. It can be easy to get distracted by a low headline rate, only to find out that once all the fees and charges are added that great deal doesn't look so good afterall.

It's important to understand that the advertised comparison rate could 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 this rate.

#4 Are there any special features that I should get included with my personal loan?
The features you should look for in a personal loan are the ones that are going to save you money over the life of the loan. Look for a personal loan that allows you to make free extra repayments. Even if you're only putting an extra $50 a month away, over the life of a loan it can save you big money.

Most personal loans will enable you to set the frequency of your repayments including monthly, fortnightly or even weekly. More frequent payments means less interest you'll have to pay.

#5 Are there any personal loan traps I should avoid?
If you do opt for a fixed rate personal loan just be aware that if you want to pay out the loan early you could be required to pay a break cost fee. Depending on the loan amount, and the time left to pay off the loan this amount could be high.

Pay attention to the fees charged on your personal loan. Some loans will have a monthly fee and if you accidentally skip or are late with a payment you'll be hit with a fee.

It really is important to keep on top of your loan repayments and the best way to do this is to set up an automatic deposit from your bank account. Your repayment history goes on your credit file so you want to ensure that you keep it clean as possible for later on when you might want to borrow a larger amount such as for a home or family car.