Stats crunched by Mozo Experts
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350Personal and Car Loans
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88Australian Financial Institutions
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10Award Categories
A big round of applause to the winners of the Mozo Experts Choice Personal Loan Awards for 2024. To determine which personal loan providers deliver the best value loans for Australians, our team of expert judges assessed 350 personal loan products issued by 88 Australian financial institutions.
No matter what your financial goals are in life – whether you’re looking to consolidate debt, fund a big ticket item, renovate your home or jetset around the globe, the Mozo Experts Choice winners list is a great place to start your search for a great value personal loan.
Standout Winners
Personal Loan Provider of the Year
Teachers Mutual Bank is our winner of the highly commended Personal Loan Provider of the Year Award for 2024. With three awards Teachers Mutual Bank ranked highly in categories for both secured and unsecured lending. Teachers Mutual Bank and its brands took out wins in Unsecured Personal Loan, Car Loan and Used Car Loan awards. Teachers Mutual Bank offers the same personal and car loans under the brands - Health Professionals Bank, Firefighters Mutual Bank, UniBank, and Hiver Bank.
Congratulations to:
Teachers Mutual Bank
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All Purpose Loan
Fixed, Unsecured
- Interest Rate
- 8.99% p.a.
- Comparison Rate
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9.20% p.a.based on $30,000
over 5 years
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Car Loan
Fixed, Secured
- Interest Rate
- 9.99% p.a.
- Comparison Rate
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10.21% p.a.based on $30,000
over 5 years
Unsecured Personal Loan
Most unsecured personal loans allow complete freedom of purpose and are fairly similar in many respects, but rates and fees can vary enormously, so the judges identified the general purpose loans offering the best rate and fee combination. For this category some winners are those where rates or fees vary depending on the borrower's credit score and other factors. These were assessed along with ‘flat’ priced loans to identify the loans where borrowers were most likely to get the best rates overall.
Congratulations to:
Australian Mutual Bank, Community First Bank, Easy Street, Firefighters Mutual Bank, Health Professionals Bank, Hiver, RACQ Bank, Teachers Mutual Bank, and UniBank
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Personal Loan
- Interest Rate
- 9.99% p.a.
- Comparison Rate
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11.03% p.a.based on $30,000
over 5 years
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Personal Loan
- Interest Rate
- 9.99% p.a.
- Comparison Rate
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11.03% p.a.based on $30,000
over 5 years
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Personal Loan
- Interest Rate
- 8.99% p.a.
- Comparison Rate
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9.20% p.a.based on $30,000
over 5 years
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All Purpose Loan
Fixed, Unsecured
- Interest Rate
- 8.99% p.a.
- Comparison Rate
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10.03% p.a.based on $10,000
over 3 years
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All Purpose Loan
Fixed, Unsecured
- Interest Rate
- 8.99% p.a.
- Comparison Rate
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9.20% p.a.based on $30,000
over 5 years
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Unsecured Personal Loan
- Interest Rate
- 8.99% p.a.
- Comparison Rate
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10.02% p.a.based on $30,000
over 5 years
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Unsecured Personal Loan
- Interest Rate
- 9.99% p.a.
- Comparison Rate
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10.27% p.a.based on $30,000
over 5 years
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All Purpose Loan
Fixed, Unsecured
- Interest Rate
- 8.99% p.a.
- Comparison Rate
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10.03% p.a.based on $10,000
over 3 years
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All Purpose Loan
Fixed, Unsecured
- Interest Rate
- 8.99% p.a.
- Comparison Rate
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9.20% p.a.based on $30,000
over 5 years
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All Purpose Loan
Fixed, Unsecured
- Interest Rate
- 8.75% p.a.
- Comparison Rate
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8.75% p.a.based on $30,000
over 5 years
Excellent Credit Unsecured Personal Loan
Similar to the regular Unsecured Personal Loan Award, our judges identified the general purpose loans offering the best rate and fee combination for borrowers with excellent credit.
Congratulations to:
Great Southern Bank, ING, Liberty, MoneyPlace, NOW Finance, OurMoneyMarket, Pepper Money, and Plenti
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Unsecured Personal Loan
- Interest Rate
- 7.99% p.a.to 19.99% p.a.
- Comparison Rate
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8.31% p.a.to 20.35% p.a.based on $30,000
over 5 years
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Unsecured Personal Loan
- Interest Rate
- 6.89% p.a.to 18.99% p.a.
- Comparison Rate
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7.10% p.a.to 19.23% p.a.based on $30,000
over 5 years
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Personal Loan
Unsecured
- Interest Rate
- 7.24% p.a.to 19.99% p.a.
- Comparison Rate
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7.24% p.a.to 21.49% p.a.based on $30,000
over 5 years
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Personal Loan
- Interest Rate
- 6.75% p.a.to 26.95% p.a.
- Comparison Rate
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6.75% p.a.to 26.95% p.a.based on $30,000
over 5 years
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Personal Loan
Exceptional Credit
- Interest Rate
- 6.57% p.a.
- Comparison Rate
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6.57% p.a.based on $30,000
over 5 years
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Personal Loan
Exceptional Credit
- Interest Rate
- 6.57% p.a.
- Comparison Rate
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6.57% p.a.based on $30,000
over 5 years
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Unsecured Personal Loan
- Interest Rate
- 7.24% p.a.to 19.99% p.a.
- Comparison Rate
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7.24% p.a.to 21.49% p.a.based on $30,000
over 5 years
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Unsecured Personal Loan
- Interest Rate
- 6.75% p.a.to 26.95% p.a.
- Comparison Rate
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6.75% p.a.to 26.95% p.a.based on $30,000
over 5 years
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Low Rate Personal Loan
Excellent Credit
- Interest Rate
- 6.57% p.a.to 8.48% p.a.
- Comparison Rate
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7.19% p.a.to 8.84% p.a.based on $30,000
over 5 years
Car Loan
To find the cheapest car loan for buying a new car, Mozo’s money experts combed through 83 different personal loans and calculated the cost of a $30,000 new car loan including principal, interest, fees and charges repaid over 5 years.
Congratulations to:
BCU Bank, Beyond Bank, Firefighters Mutual Bank, Greater Bank, Health Professionals Bank, Hiver, Illawarra Credit Union, IMB Bank, Police Credit Union, SWSbank, Teachers Mutual Bank, and UniBank
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New Car Loan
- Interest Rate
- 6.49% p.a.
- Comparison Rate
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6.80% p.a.based on $30,000
over 5 years
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Low Rate Car Loan Special Offer
- Interest Rate
- 6.49% p.a.
- Comparison Rate
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6.86% p.a.based on $30,000
over 5 years
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Online Personal Loan Package
- Interest Rate
- 6.00% p.a.
- Comparison Rate
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6.64% p.a.based on $30,000
over 5 years
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Car Loan
- Interest Rate
- 6.24% p.a.
- Comparison Rate
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6.59% p.a.based on $30,000
over 5 years
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Car Loan
Fixed, Secured
- Interest Rate
- 9.99% p.a.
- Comparison Rate
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11.03% p.a.based on $10,000
over 3 years
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New Car Loan
- Interest Rate
- 5.99% p.a.
- Comparison Rate
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6.37% p.a.based on $30,000
over 5 years
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Car Loan
Fixed, Secured
- Interest Rate
- 9.99% p.a.
- Comparison Rate
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10.21% p.a.based on $30,000
over 5 years
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Low Rate Car Loan
Variable, Special Offer
- Interest Rate
- 6.24% p.a.
- Comparison Rate
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6.65% p.a.based on $30,000
over 5 years
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Better Car Loan
Fixed, Special Offer
- Interest Rate
- 6.48% p.a.
- Comparison Rate
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6.89% p.a.based on $30,000
over 5 years
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5 Year Term Vehicle Loan
- Interest Rate
- 5.99% p.a.
- Comparison Rate
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5.99% p.a.based on $30,000
over 5 years
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Car Loan
Fixed, Secured
- Interest Rate
- 9.99% p.a.
- Comparison Rate
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11.03% p.a.based on $10,000
over 3 years
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Car Loan
Fixed, Secured
- Interest Rate
- 9.99% p.a.
- Comparison Rate
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10.21% p.a.based on $30,000
over 5 years
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Car Loan
Fixed, Secured
- Interest Rate
- 6.14% p.a.
- Comparison Rate
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6.14% p.a.based on $30,000
over 5 years
Used Car Loan
For this award, our judges 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 to determine the winners.
Congratulations to:
BCU Bank, Beyond Bank, Firefighters Mutual Bank, Gateway Bank, Health Professionals Bank, Hiver, IMB Bank, SWSbank, Teachers Mutual Bank, and UniBank
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New Car Loan
- Interest Rate
- 6.49% p.a.
- Comparison Rate
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6.80% p.a.based on $30,000
over 5 years
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Low Rate Car Loan Special Offer
- Interest Rate
- 6.49% p.a.
- Comparison Rate
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6.86% p.a.based on $30,000
over 5 years
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Used Car Loan
Under 5 years old
- Interest Rate
- 5.99% p.a.
- Comparison Rate
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6.20% p.a.based on $30,000
over 5 years
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Car Loan
- Interest Rate
- 6.24% p.a.
- Comparison Rate
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6.59% p.a.based on $30,000
over 5 years
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Car Loan
Fixed, Secured
- Interest Rate
- 9.99% p.a.
- Comparison Rate
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11.03% p.a.based on $10,000
over 3 years
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Car Loan
Fixed, Secured
- Interest Rate
- 9.99% p.a.
- Comparison Rate
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10.21% p.a.based on $30,000
over 5 years
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5 Year Term Vehicle Loan
- Interest Rate
- 5.99% p.a.
- Comparison Rate
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5.99% p.a.based on $30,000
over 5 years
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Car Loan
Fixed, Secured
- Interest Rate
- 9.99% p.a.
- Comparison Rate
-
11.03% p.a.based on $10,000
over 3 years
-
Car Loan
Fixed, Secured
- Interest Rate
- 9.99% p.a.
- Comparison Rate
-
10.21% p.a.based on $30,000
over 5 years
-
Car Loan
Fixed, Secured
- Interest Rate
- 6.14% p.a.
- Comparison Rate
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6.14% p.a.based on $30,000
over 5 years
Excellent Credit Used Car Loan
For this award our judges compared all loans in our database to find the best value loans for used car borrowers with excellent credit. Calculations were based on a $15,000 loan including principal, interest, fees and charges repaid over 5 years to determine the winners.
Congratulations to:
NOW Finance and Pepper Money
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Secured Loan
- Interest Rate
- 6.75% p.a.to 21.65% p.a.
- Comparison Rate
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6.75% p.a.to 21.65% p.a.based on $30,000
over 5 years
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Secured Car Loan
- Interest Rate
- 6.75% p.a.to 21.65% p.a.
- Comparison Rate
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6.75% p.a.to 21.65% p.a.based on $30,000
over 5 years
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 loans. Our experts assumed a $30,000 loan over 5 years when comparing costs.
Congratulations to:
Bendigo Bank and RACQ Bank
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Green Personal Loan
Secured
- Interest Rate
- 5.49% p.a.
- Comparison Rate
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5.84% p.a.based on $30,000
over 5 years
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Green Car Loan
- Interest Rate
- 5.99% p.a.
- Comparison Rate
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5.99% p.a.based on $30,000
over 5 years
Secured Personal Loan
If you’re in the market for a general purpose secured personal loan whether it be for a holiday, big purchase or home renovation, the Mozo Experts Choice Award winners below are a great starting point.
Congratulations to:
Greater Bank, Illawarra Credit Union, IMB Bank, Newcastle Permanent, Police Credit Union, and SWSbank
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Online Personal Loan Package
- Interest Rate
- 6.00% p.a.
- Comparison Rate
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6.64% p.a.based on $30,000
over 5 years
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Secured Personal Loan
- Interest Rate
- 6.84% p.a.
- Comparison Rate
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7.19% p.a.based on $30,000
over 5 years
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Personal Loan
Secured
- Interest Rate
- 6.49% p.a.
- Comparison Rate
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6.84% p.a.based on $30,000
over 5 years
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Secured Personal Loan
- Interest Rate
- 6.78% p.a.
- Comparison Rate
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7.17% p.a.based on $30,000
over 5 years
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Personal Loan
Secured
- Interest Rate
- 7.48% p.a.
- Comparison Rate
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7.90% p.a.based on $30,000
over 5 years
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Secured Personal Loan
- Interest Rate
- 8.50% p.a.
- Comparison Rate
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8.50% p.a.based on $30,000
over 5 years
Excellent Credit Secured Personal Loan
If you have excellent credit up your sleeve and you’re in the market for a general purpose secured personal loan, whether it be for a holiday, big ticket purchase or home renovation, the Mozo Experts Choice Award winners below are a great starting point.
Congratulations to:
OurMoneyMarket
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Secured Personal Loan
- Interest Rate
- 6.57% p.a.to 18.99% p.a.
- Comparison Rate
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7.19% p.a.to 19.39% p.a.based on $30,000
over 5 years
Green Personal Loan
Thinking of borrowing for an environmentally friendly purpose? We compared all loans in our database fitting this criteria, based on a $10,000 loan repaid over 3 years to find this year’s Green Personal Loan winners.
Congratulations to:
Gateway Bank, Police Credit Union, and Queensland Country Bank
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Eco Personal Loan
- Interest Rate
- 6.44% p.a.
- Comparison Rate
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7.45% p.a.based on $10,000
over 3 years
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Solar Eco Loan
- Interest Rate
- 6.24% p.a.
- Comparison Rate
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6.24% p.a.based on $30,000
over 5 years
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Green Reno Loan
- Interest Rate
- 6.49% p.a.
- Comparison Rate
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6.49% p.a.based on $30,000
over 5 years
What are the Mozo Experts Choice Awards?
Now in their tenth year, the Mozo Experts Choice Awards present an opportunity to recognise products in the market we believe offer great value to Australians.
For the 2024 Personal Loan awards, our Experts analysed 350 personal loan products issued by 88 Australian financial institutions head to head.
“Personal Loans can be a cost-effective way to fund a range of larger expenses, from a trip overseas, to medical expenses, a new car or installing solar panels. But with a large range of lenders out there ,and many of those offering a variety of loan options, it can be hard to find the best options for your needs,” said Peter Marshall, Mozo Experts Choice judge.
“The Mozo Experts Choice Awards aim to identify the most cost-effective options for each type of product based on the total cost of each loan over a number of years, taking into account the interest rates along with all mandatory fees. Our winners provide a great place to start your search no matter what type of expense you're looking to cover.”
For full details on how we crunched the numbers, the awards criteria and how we determined the winners, see the 2024 Mozo Experts Choice Awards for Personal Loans methodology report.
Our Expert Judges
We couldn’t have a name like the Mozo Experts Choice Awards without a dedicated and experienced team of product data analysts at the helm. Combined they have decades of experience behind them. Meet them below.
FAQs
Why should I apply for a personal loan?
A personal loan can be a great solution if you need a large lump sum of money to help you achieve a goal or finance a purchase when you otherwise don’t have the necessary funds. You’ll need to repay the loan in installments over an agreed-upon period of time, including interest and any fees charged on top. Applying for a personal loan can be simple and, as long as you can afford and meet your repayment requirements, paying off your personal loan should be relatively straight-forward.
If you’re considering taking out a personal loan, check out Mozo’s best personal loans page to compare loan fees, features and rates (hint: Mozo Experts Choice Award winners offer some of the best value options). We also have a dedicated car loan comparison page.
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 credit history and corresponding credit score , 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.
What’s the difference between a secured and unsecured loan?
A secured loan requires the borrower to offer up assets (like a car or house) to use as collateral should they be unable to repay their loan balance, whereas an unsecured personal loan allows you to borrow without the need for security. It is important to note that unsecured loans tend to have a higher interest rate and are usually based solely on the borrower’s credit score and their capacity to repay the debt, as calculated by the lender.
Is a fixed or variable loan better?
As the name suggests, a fixed loan means the interest rate will remain the same or ‘fixed’ for the entire loan period (often between 1 and 5 years). So, as you might expect, the interest rate on a variable loan fluctuates, as it can be altered by the lender at any point. A variable loan can have more flexible features and offer potential savings if interest rates decrease, but can also expose you to the risk of increasing rates should the tables turn.
If you like the security of knowing exactly what your repayments will be and how you’ll fit that into your budget, then you’ll likely be better off with the security of a fixed loan. If you feel comfortable that you can manage loan repayments if rates rise, while taking advantage of flexible loan features, then a variable loan could be the way to go for you.
Ultimately, whether a fixed or variable personal loan is better will depend on what is best for you and your finances.
What is a comparison rate?
A comparison rate is a figure that includes the advertised interest rate in addition to fees and charges connected to the loan. It’s always important to assess comparison rates as well as flat interest rates, as it allows borrowers to identify the true cost of a loan.
How do you choose the winners of the Mozo Experts Choice Awards?
Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers.
You can read the information above for insight into how winners were chosen in each category. If you’d like more detailed information on how we performed product comparisons and determined the final winners see the Mozo Experts Choice Personal Loan Awards methodology report .
Did you compare all personal loans in the market for these awards?
In carrying out the Mozo Experts Choice Awards for Personal Loans, we analysed 338 personal loan products issued by 82 Australian financial institutions based on data contained in Mozo’s product database as of 11 October, 2021.
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.
Who are Mozo's experts?
The Mozo Experts Choice Awards analysis is overseen by Mozo’s Data Services Director AJ Duncanson and Product Data Manager Peter Marshall. Together, the pair have a combined 50 years of experience in financial services industries, and have been running the Mozo awards since their inception in 2014.
I work for a personal loan provider, how do we promote our Award win?
Please get in touch with our account management team to discuss promotional options.