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Mozo experts choice awards 2022 legacy

Personal Loans 2022 Mozo Experts Choice Awards

Give a hearty round of applause to the 2022 winners of the Mozo Experts Choice Awards for Personal Loans.

See the winners

Stats crunched by Mozo Experts

View methodology report

It doesn't matter what your financial goals are in life – whether you’re looking to consolidate debt, fund a big purchase, renovate your humble abode or travel the globe now that borders are opening – the Mozo Experts Choice winners list is a great place to start your search for a great value personal loan.


Standout Winners

Mozo experts choice awards 2022 legacy

Personal Loan Provider of the Year

People’s Choice was crowned our Personal Loan Provider of the Year for 2022. People’s Choice edged out the competition with a combination of award wins for their Unsecured Personal Loan and Discounted Personal Car Loan products. They also offer competitive rates for a general purpose secured personal loan and used car loan, showing the diversity of affordable products across the loans spectrum.

Congratulations to:

People's Choice

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Mozo experts choice awards 2022 legacy

Best New Loan Product

Illawarra Credit Union has joined the ranks of lenders offering dedicated green loans, and it has paid off, with their Green Eco Loan taking home taking out this coveted award. This low-rate unsecured personal loan is available for a broad range of sustainable home improvements like installing solar panels or water tanks, making it easier for borrowers to cut energy bills while supporting positive environmental action.

Congratulations to:

Illawarra Credit Union

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Mozo experts choice awards 2022 legacy

Unsecured Personal Loan

Most unsecured personal loans allow complete freedom of purpose and tend to be fairly similar in terms of features. However, interest rates and fees can vary enormously. So for this category, the judges identified general purpose loans offering the best rate and fee combination. Some of the winners have rates or fees which vary depending on your credit score and other factors. These were assessed alongside ‘flat’ priced loans (aka loans where fees and rates aren’t impacted by your borrower profile) to identify the loans where borrowers were most likely to get the best rates overall. The stand-outs were...

Congratulations to:

Alex Bank, Australian Military Bank, Australian Mutual Bank, Easy Street, MOVE Bank, NOW Finance, People's Choice, Police Bank, and Southern Cross Credit Union

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Mozo experts choice awards 2022 legacy

Car Loan

When hunting out the best value car loan to finance a new set of wheels, Mozo’s Expert Analysts combed through the fees and features of 83 individual car loans. In this assessment, they calculated the cost of a $30,000 new car loan including principal, interest, fees and charges repaid over 5 years. See the winners below.

Congratulations to:

Auswide Bank, Beyond Bank, Credit Union SA, MOVE Bank, People's Choice, Police Credit Union, Queensland Country Bank, and Southern Cross Credit Union

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Mozo experts choice awards 2022 legacy

Excellent Credit Car Loan

Many lenders use risk-based pricing when setting personal loan rates, which means the better your credit score, the more favourable your interest rate could be. For this category, 83 car loans in our database were compared looking at the cost for someone borrowing $30,000 and repaying principal, interest, fees and charges over 5 years. We only considered the top loans for borrowers with excellent credit, and there was one stand-out option.

Congratulations to:

Australian Military Bank

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Mozo experts choice awards 2022 legacy

Used Car Loan

Our Expert Judges compared all the applicable loans in our database to find the best value options for borrowers looking to purchase a used car. These calculations were based on a $15,000 loan including principal, interest, fees and charges repaid over 5 years. Below are the stand-out loans that could help you buy a stellar used car.

Congratulations to:

Firefighters Mutual Bank, G&C Mutual Bank, Gateway Bank, Health Professionals Bank, Heritage Bank, Illawarra Credit Union, OurMoneyMarket, Teachers Mutual Bank, and UniBank

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Mozo experts choice awards 2022 legacy

Excellent Credit Used Car Loan

If you’re keen to pick up a used car and also have a top-tier credit score, you’ll find great value with the winners in this category. These car loans were awarded for offering the best overall value for borrowers with excellent credit after our researchers calculated the cost of a $15,000 loan (including principal, interest, fees and charges) repaid over a 5-year period.

Congratulations to:

Pepper Money and Wisr

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Mozo experts choice awards 2022 legacy

Secured Personal Loan

Whether you’re looking to take that long overdue trip, renovate your home or consolidate outstanding debt, a secured personal loan could help you reach your goals. And if you’re searching for a general purpose loan that’s secured with some collateral, the Mozo Experts Choice Award winners below could be a great starting point.

Congratulations to:

Credit Union SA, Illawarra Credit Union, IMB Bank, and NOW Finance

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Mozo experts choice awards 2022 legacy

Excellent Credit Secured Personal Loan

This category considers loans using risk-based pricing to offer the most attractive rates to borrowers with the highest credit scores. Winners are chosen from personal loans in the Mozo database that don’t have restrictions on how borrowers with excellent credit use the funds, but do require an asset like a car or house as security. Winners were chosen after our Expert Judges calculated the cost of repaying a loan of $10,000 over 3 years to find the most affordable options.

Congratulations to:

G&C Mutual Bank

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Mozo experts choice awards 2022 legacy

Green Personal Loan

Going green with your borrowing practices can be rewarding from an ethical standpoint as well as a financial one, as green loans tend to have a lower interest rate than standard offerings. These kinds of loans are accessible when you are borrowing money for an environmentally-friendly purpose, such as installing solar panels and batteries. Our research team compared all the loans in our database that fit this criteria to find the best value option based on a $10,000 loan repaid over 5 years. This year, there was one clear winner.

Congratulations to:

Australian Mutual Bank

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Mozo experts choice awards 2022 legacy

Green Car Loan

If you’re on the lookout for a low emission car and want a low rate car loan to match, you might want to check out the Mozo Experts Choice Award pick for best green car loan. Our experts chose the winner based on the cost of repaying a $30,000 loan in the space of 5 years.

Congratulations to:

loans.com.au

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Mozo experts choice awards 2022 legacy

Personal Line of Credit

A personal line of credit can be a good idea for securing flexible funds for large, planned expenses like a wedding or holiday. Our experts identified and then compared all personal loans in the Mozo database that operate as lines of credit to find the solo Mozo Experts Choice Award Winner in this category. To come out on top, it proved the best value when looking at the cost of interest-only repayments and fees paid on a $10,000 outstanding balance over 3 years.

Congratulations to:

Gateway Bank

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What are the Mozo Experts Choice Awards?

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

For the 2022 personal loan awards, we analysed 338 personal lending products issued by 82 Australian financial institutions.

“A personal loan can be a great way to fund a bigger purchase if you don’t have the money at hand, or helpful for consolidating existing debt to cut down on interest costs. But it’s important to know what you’re getting into from the very beginning,” Mozo Expert Judge Peter Marshall said.

“In good news for Australian borrowers, we’ve noted declining interest rates across the personal loans and car loans tracked by Mozo – the most significant being an 0.82% reduction in the year to November 2021 on the average unsecured personal loan rate for a $10,000 loan.”

For details on how we crunched the numbers and determined the winning policies, see the 2022 Mozo Experts Choice Personal Loans Awards 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.