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.
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.
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.
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.
Personal Loan (Unsecured, Fixed)
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.
Unsecured Personal Loan (Variable)
Personal Loan (Variable, Unsecured)
Fair Rate Personal Loan - AA Rated Borrowers (Variable, Unsecured)
Unsecured Personal Loan (Fixed)
Personal Loan Special (Variable, Unsecured)
Unsecured Personal Loan (Fixed)
Low Rate Personal Loan (Excellent Credit) (Fixed, Unsecured)
Personal Loan (Variable, Unsecured)
Personal Loan (Variable, Unsecured)
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.
Car Loan - Excellent Credit (Up to 5 years old, Variable, Secured)
Low Rate Car Loan Special Offer (Fixed, Secured)
Online-only Special Fixed Rate Personal Loan (Secured)
New Car Loan - Prime Special (Including Demo, Fixed, Secured)
New Car Loan (Up to 3 years old, Fixed, Secured)
New Car Loan (Variable)
Discounted Personal Loan (over 10k, Fixed, Secured)
Fixed Rate Car Loan (Secured)
New Car Loan (up to 3 years old, Variable, Secured)
FastRoad New Car Loan (up to 5 years old) (Variable)
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.
Car Loan - Excellent Credit (Up to 5 years old, Variable, Secured)
Car Loan (Fixed)
New Car Loan (Less than 5 years old, Variable, Secured)
Used Car Loan (Under 5 years old, Variable, Secured)
Secured Personal Loan (secured by vehicle up to 5 years old, Fixed)
Cracking Car Loan (Up to 5 years old, Variable, Secured)
Secured Fixed Personal Loan (Used)
Car Loan (Up to 5 years old, Variable, Secured)
Fixed Car Loan (Secured)
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.
Special Fixed Rate Personal Loan (Vehicles up to 5 years old, Secured)
Secured Personal Loan (secured by vehicle up to 5 years old, Fixed)
Online Personal Loan Package (Variable, Secured)
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.
Personal Loan (Variable, Unsecured)
Solar Eco Loan (Green, Variable, Unsecured)
Green Loan (Variable, Unsecured)
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.
Clean Green Car Loan (New or Used, Fixed, Secured)
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.
Edge Overdraft (Variable, Unsecured)
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.
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.
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.
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.
Please get in touch with us to discuss by emailing or phoning our account management team on 02 9037 4368.