Australia's best value lenders of the year revealed

Kelly Emmerton   |   20 Dec 2017

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Finding the right lender to suit your money needs hasn’t always been easy - in fact, some borrowers would probably rather close their eyes and pick at random!

But the money experts at Mozo are working to make finding the right borrowing option simpler, by identifying stellar products in our annual Experts Choice Awards. Each year, Mozo’s experts comb through our database and put more than 1,500 financial products through their paces to find the best of the best.

We’ve rounded up some of the winners for you to take a look at, whether you’re in the market for a great value home loan, ripper personal loan or a killer credit card.

HOME LOANS

Promoted

loans.com.au Essentials Variable 80
  • 3.64% interest rate (3.66% comparison rate*)

  • $0 application or service fees (settlement and valuation fees apply)

  • Free extra repayments and redraw facility

Why it’s a winner:

Online lender loans.com.au picked up multiple Experts Choice Award wins for its Essentials 80 loan, including for Best Low Cost and Best Split Rate Home Loan. This loan comes with a super low interest rate, no application or ongoing fees, plus a bunch of handy money-saving features like free extra repayment and redraw facility. If you’re borrowing up to $2 million and have at least a 20% deposit, this one’s well worth a look.

Where do I get it? Head over to loans.com.au to find out more >>

Promoted

Newcastle Permanent Discounted Variable Home Loan
  • Low 3.64% variable rate (4.03% comparison rate*)

  • No upfront application fee ($395 yearly service fee applies)

  • Offset account included

Why it’s a winner:

The Newcastle Permanent variable home loan took out an Experts Choice Award for Best Value Home Loan Package - and that’s not a surprise given all the value on offer. With a suite of great features including free extra repayments, redraw facility, split rate option, full offset account and the opportunity to take a repayment holiday, along with a very competitive interest rate, this one really is the whole package.

Where do I get it? Head over to Newcastle Permanent to find out more >>

Promoted

Bank Australia Basic Home Loan
  • 3.86% variable interest rate (3.87% comparison rate*)

  • No upfront or ongoing fees

  • Free extra repayments, redraw facility and chance to take a repayment holiday

Why it’s a winner:

Picking up awards in both the Best Low Cost and Best Split Rate Home Loan categories, the Bank Australia Basic Home Loan has all the necessary ingredients for a great value mortgage deal. Along with a low rate and no service or application fees, this loan comes with money-saving features including free extra repayments, redraw facility and the option to split your loan between fixed and variable rates.

Where do I get it? Head over to Bak Australia to find out more >>

PERSONAL LOANS

Promoted

RateSetter Unsecured Personal Loan
  • Fixed rates from 8.46% (9.23% comparison rate**)

  • No asset as security required

  • No early repayment penalty

Why it’s a winner:

The RateSetter unsecured personal loan is a great pick for borrowers with a squeaky clean credit history - in fact it won an Experts Choice Award in the Excellent Credit Personal Loan category. Available for loans up to $45,000 and terms between 1 and 5 years, this peer-to-peer personal loan also comes with the option of making fee-free extra repayments, to help you cut back on interest charges.

Where do I get it? Head over to RateSetter to find out more >>

Promoted

Harmoney Unsecured Personal Loan
  • Fixed rates from 6.99% (7.69% comparison rate^)

  • No ongoing fees (upfront fee applies)

  • Borrow up to $70,000 unsecured

Why it’s a winner:

Be rewarded for your squeaky clean credit score with competitive low rates from Harmoney, an Experts Choice Winner in the Excellent Credit Personal Loan category. With no ongoing service fees since Harmoney operates entirely online and a bunch of handy features like a loan top up option and the ability to make free extra repayments, this one’s hard to pass up fro frugal borrowers looking for unsecured lending.

Where do I get it? Head over to Harmoney to find out more >>

CREDIT CARDS

Promoted

American Express Explorer® Credit Card
  • 50,000 Membership Rewards Bonus Points

  • $400 Travel Credit annually

  • 2 Membership Rewards Points for every $1 spent

Why it’s a winner:

Are you absolutely crazy for credit card freebies? Then the Amex Explorer from Mozo’s Credit Card Provider of the Year may be right up your alley. Not only does it have a regular earn rate of 2 points per $1 spent, but there are bonus points and freebies galore on offer with this card as well. There is a $395 annual fee to consider, but for frequent travellers, the $400 travel credit neatly outweighs that cost.

Where do I get it? Head over to American Express to find out more >>

Promoted

Woolworths Everyday Platinum Credit Card
  • $0 annual fee in first year ($49 after)

  • $50 Woolworths Gift card with purchase

  • 0% balance transfer for 14 months

Why it’s a winner:

A double winner, with Experts Choice Award for Best Balance Transfer and Best Low Rate Platinum under its belt, the Woolworths Everyday Platinum is a nifty piece of plastic with plenty of rewards points value on offer. It’s great for practical spenders who want to shave dollars off their weekly food bill. Plus, buy Woolies brand ‘Select’ products on your grocery run and you can score a huge 3 rewards points per $1 spent!

Where do I get it? Head over to Woolworths to find out more >>

CAR LOANS

Promoted

People's Choice Credit Union Discounted Personal Car Loan
  • 5.64% fixed interest rate (5.99% comparison rate^)

  • No ongoing fees ($250 application fee applies)

  • Extra repayments and redraw available

Why it’s a winner:

If you’re after a set of shiny new wheels with a price tag over $20,000, then the People’s Choice Credit Union Discounted Personal Loan could be for you. A winner in the Best New Car Loan Experts Choice category, this loan comes with a low interest rate, loan terms up to 10 year, features like free extra repayments and a redraw facility, plus you’ll get the account fee on your Peoples Choice Credit Union Zip bank account waived as well.

Where do I get it? Head over to People’s Choice Credit Union to find out more >>

Promoted

CUA Secured Car Loan
  • Fixed interest rates from 6.79% (6.92% comparison rate**)

  • No ongoing service fee

  • Borrow up to $100,000

Why it’s a winner:

If you’re after a new set of wheels, the CUA car loan will get you on the road without breaking the bank. With a low rate and no ongoing service fee, plus features like free extra repayments and a redraw facility, this secured car loan is easy on the hip pocket. Although it won an Experts Choice gong for best Used Car Loan, it’s available for both preloved vehicles and brand new ones.

Where do I get it? Head over to CUA to find out more >>

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

^ The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms below, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. ^ Based on $10,000 over 3 years ^^ Based on $30,000 over 5 years

Didn’t find quite what you’re after? You can find a full list of our Experts Choice winners here.

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^Comparison rate based on a loan of $30,000 over 5 years.

**Comparison rate based on a loan of $10,000 over 3 years. 

The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.


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