7 of the cheapest personal loans to help you hit your spending goals

Kelly Emmerton

26 Sep 2019

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Every year, the data crunchers at Mozo announce the winners of the Mozo Experts Choice Personal Loan Awards, revealing some of the best value personal loans on the market.

Our Experts analysed 196 personal loan products offered by 74 Aussie lenders in 2018 and awarded top honours to only the best performing 10% in each award category, to help Aussies find the best match for their spending needs. Whether you’re dreaming of an overseas break, a brand new car or the chance to renovate your kitchen, these personal loans can help make it possible and affordable.

To help you get started on your personal loan search, let’s shine the spotlight on this list of 7 award-winning loans.

Promoted

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

  • No ongoing fees ($500 upfront fee)

  • Quick & easy online application

As a winner in the Mozo Experts Choice Excellent Credit Personal Loan Award category*, Harmoney is worth a look for creditworthy borrowers on the search for a low rate. You’ll also be able to choose monthly, fortnightly or weekly repayments, and make extra repayments to pay your loan off quicker. You can borrow up to $70,000 with this peer-to-peer lender, with a loan term of either three or five years.

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

Promoted

MoneyPlace Unsecured Personal Loan
  • Fixed rates from 7.65% (7.65% comparison rate^^)

  • $0 application or service fees

  • Free extra repayments & no break fee

For loans up to $45,000, this Mozo Experts Choice Excellent Credit Personal Loan Award winner* from Moneyplace is certainly worth a look. Rates are based on your credit score, so borrowers with a clean history can snag a super affordable offer. Repayments are made on a monthly basis, but you can also choose to make additional repayments to help pay off your loan quicker.

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

Promoted

ING Unsecured Personal Loan
  • 2018 Mozo Expert’s Choice Award-winner

  • Fixed 8.99% p.a. interest rate (9.13% p.a. comparison rate^^)

  • Free extra repayments & no exit fee

After a top-notch personal loan to help cover a big expense? Then look no further than the ING Unsecured Personal Loan! With competitive fixed rates from 8.99% p.a. (9.13% p.a. comparison rate^^) on amounts between $5,000 and $30,000, and 2-5 year loan terms, you’ll have the comfort in always knowing your repayment amount. Plus, with free extra repayments, no exit fees and a 2018 Mozo Experts Choice Award for Excellent Credit Unsecured Personal Loan* up its sleeve, the ING Unsecured Personal Loan could be the one for you!

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

Promoted

People's Choice Credit Union Discounted Personal Car Loan
  • Fixed rates from 5.64% p.a. (5.99% p.a. comparison rate^^)

  • Free redraw facility & extra repayments

  • $0 monthly fees on People's Choice Credit Union Zip bank account

If your savings goal is to buy a brand new car, then take a look at the value-packed low-rate People's Choice Credit Union Discounted Personal Car Loan. With unbeatable fixed rates from 5.64% p.a. (5.99% p.a. comparison rate^^) on amounts from $20,000 to $100,000 and hot features like extra repayments and a free redraw facility, the People’s Choice Credit Union Discounted Personal Car Loan could be just the thing you need to get you in the driver's seat of your dream car!

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

Promoted

Suncorp Car Loan
  • Low 5.49% p.a. interest rate (6.09% p.a. comparison rate^^)

  • Flexible repayment options & free extra repayments

  • Mozo Experts Choice Used Car Loan Award winner*

Revving up to buy a pre-loved set of wheels but need a hand to cover the cost? Meet the Suncorp Car Loan! With fire fixed rates from 5.49% p.a. (6.09% p.a. comparison rate^^) on loans from $5,000 with no maximum loan amount, with terms ranging from 1 to 7 years, the Suncorp Car Loan has a lot to offer. Not to mention, the Suncorp Car Loan has loads of flexible features, like weekly, fortnightly and monthly repayment options, plus, the ability to make extra repayments. Just remember, you’ll need a vehicle to put against the loan as security, just in case you default.

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

Promoted

loans.com.au New Car Loan
  • Fixed 4.99% p.a. interest rate (5.54% p.a. comparison rate^^)

  • No service fees

  • Flexible repayment options

If you’re thinking of treating yourself to a brand new car, then you need to check out the Mozo Experts Choice Car Loan Award winning* loans.com.au New Car Loan. With a low fixed 4.99% p.a. interest rate (5.54% p.a. comparison rate^^) and no monthly service fees, you’ll be driving down the highway in no time. This loan also features a flexible repayment schedule, so you can pay off your loan on a time that suits you best. The only thing you need to keep in mind is that if you choose to pay off your loan early, you will be charged a massive $700 early repayment fee.

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

Promoted

RateSetter Unsecured Personal Loan
  • Variable rates from 5.85% p.a. (7.84% p.a. comparison rate^)

  • $299 upfront fee

  • Free extra repayments & no early repayment penalty

While this is a throwback to the 2017 Mozo Experts Choice Awards, we still think RateSetter’s Unsecured Personal Loan, which took out an award in our Excellent Credit Personal Loan category* is worthy of consideration. RateSetter’s peer-to-peer platform means super-low rates for creditworthy borrowers. Loans are available for terms of 6 months - 5 years and you can make extra repayments to pay off your loan fast. Plus, there’s no penalty for paying the whole thing off early. Applying is quick and easy - you can have a personalised rate estimate in just one minute.

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

^ 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.

Keen on diving in a finding your cheap personal loan? Check out Sydney personal loans, Melbourne personal loans, or a range of personal loans available nationally.

*More information about the 2018 Mozo Experts Choice Awards for Personal Loans and the 2017 Mozo Experts Choice Awards.

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