Personal Loans Mozo Experts Choice Awards 2026

Mozo Experts Choice Personal Loans Awards Methodology

How did we choose the winners?

Mozo Experts Choice Awards for Personal Loans are judged using a common calculation method. The applicable interest rate, whether variable or fixed, and all mandatory fees were taken into account across all personal loan award categories. Application fees, regular service fees and any exit fees are considered as ‘mandatory fees’.

To allow for variations in rates and fees over time, we performed calculations at three dates and averaged the results. The dates used were 23 September, 11 August and 22 July 2025. We also considered any new products launched in the period up to 7 October.

Loans with risk-based pricing were considered in the relevant categories by using only the rates offered to ‘excellent credit’ customers. The best of these were awarded in the Excellent Credit categories as they may be a better option for people who have top-notch credit scores.

Australia's Best Personal Loans

To recognise the provider that has been the most successful in these awards, we awarded one lender as having Australia's Best Personal Loans. The winner was chosen after considering the number of awards won and the breadth of categories those wins were achieved in.

IMB Bank is our winner of the sought after Australia’s Best Personal Loans award for 2026. They scored more award wins than any other lender, across a variety of categories including Secured Personal Loan, Unsecured Personal Loan, Car Loan, and Used Car Loan. This is the second year in a row IMB Bank has taken the crown for Australia's Best Personal Loans, highlighting its excellence in offering competitive personal and car loan products.

Unsecured Personal Loan

This award considers loans in the Mozo database that do not have restrictions on the use of the funds and do not require provision of an asset as security. For loans where the rates and fees are the same for all customers, the judges calculated the total cost of a loan of $10,000 repaid over 3 years, and produced a ranking of loans from cheapest to most expensive.

Car Loan

The Car Loan category awards the lowest cost personal loans for consumers buying a new car. We identified all loans in the Mozo database that can be used to purchase a vehicle, with the vehicle required as security against the loan. Using the scenario of a $30,000 loan repaid over 5 years, we calculated the total cost (including principal, interest, fees and charges). Products were then ranked from lowest to highest cost to determine the winners.

Used Car Loan

The Used Car Loan category awards the lowest cost personal loans for consumers buying a 4-year-old used car. This included products with the specific purpose of purchasing a used car with the car offered as security against the loan, as well as other products that could also be used to fund the purchase where a vehicle was required as security. The same calculation methods as the Car Loan category was employed, apart from the loan amount, which was reduced to $15,000.

Secured Personal Loan

This award considers loans in the Mozo database that do not have restrictions on the use of the funds but do require an asset as security. Using this criteria and a loan amount of $10,000 repaid over 3 years, products are ranked from lowest to highest cost based on the common calculation method.

Green Car Loan

Only loans that offer specific rates or fees to encourage the purchase of low emission vehicles and require the vehicle as security for the loan were considered for this award. A cost calculation using a $30,000 amount over 5 years was then performed.

Green Personal Loan

We identified all loans in the Mozo database that can only be used for environmentally friendly home improvement purposes (such as solar energy installations, rainwater tanks, and insulation improvements), then performed the cost calculation using a $10,000 amount and 3 year term. Those products were then ranked from lowest to highest cost.

How we manage conflicts of interest 

Mozo Experts Choice Awards are awarded irrespective of a product provider’s commercial relationship with Mozo. The Awards are based on objective verifiable facts and analysis wherever possible, and any assumptions made are set out in this report. Mozo’s research team analyses product data and determines the winners in each Mozo Experts Choice category without reference to Mozo’s sales or commercial functions. 

Providers do not pay to enter the Mozo Experts Choice Awards. 

Should a winning provider wish to use the Mozo Experts Choice Awards badges in their own marketing activities, Mozo charges them a license fee.