Every year, the Mozo Experts Choice Awards reveal the best value personal loans on the market, so Aussies can find the most wallet-friendly way to fund their big spending dreams.
Out of 169 personal loans offered by 68 lenders ranging from big banks to innovative peer-to-peer platforms, the Mozo Experts have spent many hours crunching the numbers to single out the top 10% in the market as winners.
So if you’ve got plans for a renovation project, exotic getaway or new set of wheels in your future, check out these cheapest personal loan picks to make it happen.
Bank Australia Lifestyle Personal Loan
Fixed rates starting from 11.89% (12.94% comparison rate^)
No ongoing service fees
Free extra repayments and no early exit fees
Experts Choice winner Bank Australia allows you to borrow from $1,000 with this unsecured loan option over terms up to 10 years. You can choose to make repayments monthly, fortnightly or weekly to sit your budget, plus make extra repayments to clear th loan faster and save on interest.
Fixed rates beginning at 7.17% (9.72% comparison rate^)
Free extra repayments allowed
No penalty for paying your loan off early
Peer-to-peer lender RateSetter took out a well-deserved win in the Excellent Credit Personal Loan category with its Unsecured Personal Loan. Available to creditworthy borrowers for amounts over $2,000, there's no waiting about as you can have the money in your bank account within 48 hours.
If you like the convenience of borrowing from a big bank, the ANZ Unsecured Personal Loan is the pick of the bunch, bagging multiple Big Bank Experts Choice awards. For loans up to $50,000, both fixed and variable options come with an extra repayments feature. The variable rate offer also includes free redraw facility and no early repayment fee.
^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
This is just a selection of our Experts Choice Personal Loan winners - head over to our dedicated Awards page if you want to see the full list of winners. Or, head over to our personal loan comparison table to look through a wider range of personal loan options.