Personal Loan Awards 2021

Congratulations to the 2021 winners of Mozo Experts Choice Awards for Personal Loans. No matter what your financial goals are in life; whether they be to consolidate debt, fund a big ticket item, renovate the house or travel the country, the Mozo Experts Choice winners list is the ideal place to start your search for an amazing value personal loan.

Mozo Experts Choice Awards 2021 Bagde

What are the Mozo Experts Choice Awards?

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

For the 2021 personal loan awards, we analysed 334 personal lending products issued by 88 Australian financial institutions.

“There’s no reason that Australians should be paying more than they have to in interest and fees for a loan,” said Peter Marshall, Mozo Experts Choice Awards judge.

“This year’s winners list is proof that the bigger banking players do not always offer the best value. Online and smaller lenders often have more competitive interest rates and if you are able to take advantage of this you will be able to save money or pay off the debt sooner.  Just be sure to compare all features in order to find one that will suit your particular financial needs.”

For details on how we crunched the numbers and determined our winners see our 2021 Mozo Experts Choice Awards Personal Loans methodology report.

 

Personal Loan Provider of the Year

Australian Military Bank logo

Australian Military Bank

Congratulations goes to Australian Military Bank for taking out our 2021 Personal Loan Provider of the Year award. 

Australian Military Bank scored individual award wins for its Unsecured Personal Loan as well as its Car Loan this year. Known in the industry for great value loans based on credit history, Australian Military Bank is open to all Australians, not only those who serve in the military and their families. The Unsecured Personal Loan has some of the best pricing for both fixed and variable options according to our analysis, and the Car Loan can be used to purchase either a brand new car or a used car up to 5 years old.

 

Best New Loan Product

Newcomer, Alex is building a bank with a no fuss, better value approach. Their first product available to Australians is a competitive Personal Loan.

The loan reflects the brand values that Alex is putting forward - no tricky catches and very competitive pricing. Of all the new Personal Loans launched over the last 12 months, our judges believe the Alex personal loan stands out from the rest.

Alex Bank logo

Alex Bank

Personal Loan (Unsecured, Fixed)

 

Unsecured Personal Loan

Most unsecured personal loans allow complete freedom of purpose and are a popular loan choice as they don’t require any security or collateral when it comes to obtaining a loan. Rates and fees can vary enormously though, so for this category Mozo’s judges identified those general purpose loans offering the best rate and fee combination to determine our award winners.

Australian Military Bank logo

Australian Military Bank

Unsecured Personal Loan (Variable)

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)

MOVE Bank logo

MOVE Bank

Personal Loan Special (Variable, Unsecured)

NOW Finance logo

NOW Finance

No Fee Unsecured Personal Loan (Fixed)

OurMoneyMarket logo

OurMoneyMarket

Low Rate Personal Loan (Excellent Credit) (Fixed, Unsecured)

Police Bank logo

Police Bank

Personal Loan (Variable, Unsecured)

Sydney Mutual Bank logo

Sydney Mutual Bank

Standard Personal Loan (Variable, Unsecured)

Car Loan

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

Australian Military Bank logo

Australian Military Bank

Car Loan - Excellent Credit (Up to 5 years old, Variable, Secured)

Beyond Bank logo

Beyond Bank

Low Rate Car Loan Special Offer (Fixed, Secured)

Credit Union SA logo

Credit Union SA

Online-only Special Fixed Rate Personal Loan (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)

Orange Credit Union logo

Orange Credit Union

New Car Loan (Variable)

People's Choice logo

People's Choice

Discounted Personal Loan (over 10k, 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)

Transport Mutual Credit Union logo

Transport Mutual Credit Union

FastRoad New Car Loan (up to 3 years old) (Variable)

Used Car Loan

Our money experts 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. These are the stand-outs in the used car loan category.

Australian Military Bank logo

Australian Military Bank

Car Loan - Excellent Credit (Up to 5 years old, Variable, Secured)

Auswide Bank logo

Auswide Bank

Car Loan (Fixed)

bcu logo

bcu

New Car Loan (Less than 5 years old, Variable, Secured)

Gateway Bank logo

Gateway Bank

Used Car Loan (Under 5 years old, Variable, Secured)

Hume Bank logo

Hume Bank

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

Hunter United logo

Hunter United

Cracking Car Loan (Up to 5 years old, Variable, Secured)

Illawarra Credit Union logo

Illawarra Credit Union

Secured Fixed Personal Loan (Used)

Qudos Bank logo

Qudos Bank

Car Loan (Up to 5 years old, Variable, Secured)

RACQ Bank logo

RACQ Bank

Fixed Car Loan (Secured)

Secured Personal Loan

Whether it’s to consolidate debt, spruce up your home or fund a long overdue trip away, 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)

Hume Bank logo

Hume Bank

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

Illawarra Credit Union logo

Illawarra Credit Union

Online Personal Loan Package (Variable, Secured)

Green Personal Loan

Taking the initiative to go green can be rewarding as most green loans tend to have a lower interest rate than a regular loan. If you’re thinking of borrowing for an environmentally friendly purpose such as installing solar panels or water tanks, our money experts compared all loans in our database that fit the criteria chosen.

Endeavour Mutual Bank logo

Endeavour Mutual Bank

Personal Loan (Variable, Unsecured)

Police Credit Union logo

Police Credit Union

Solar Eco Loan (Green, Variable, Unsecured)

Sydney Mutual Bank logo

Sydney Mutual Bank

Green Loan (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 between the loans eligible for this award.

loans.com.au logo

loans.com.au

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

 

Personal Line of Credit

Depending on your needs, a personal line of credit can be a good idea for securing flexible funds for large, planned expenses. Our money experts identified, then compared all personal loans in the Mozo database that operate as lines of credit to find the Mozo Experts Choice Award Winner.

Gateway Bank logo

Gateway Bank

Edge Overdraft (Variable, Unsecured)

 

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​ 334 ​personal​ ​loan​ ​products​ ​issued​ ​by 88 ​Australian​ ​financial institutions​ ​based​ ​on​ ​data​ ​contained​ ​in​ ​Mozo’s​ ​product​ ​database​ ​as​ ​at​ 30 September, 2020.

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 Mozo's 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.