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

Kelly Emmerton   |   23 Feb 2018


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 239 personal loans offered by 73 Aussie lenders in November 2017 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 loans can make it possible and affordable.

To help you start your personal loan search, here’s a list of 7 of the winners to shine a spotlight on.


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

  • No ongoing fees ($500 upfront fee)

  • Quick and easy online application

As a winner in the Excellent Credit Personal Loan 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 >>


MoneyPlace Unsecured Personal Loan - Excellent Credit Rating
  • Fixed rates from 7.65% (7.65% comparison rate^^)

  • $0 application or service fees

  • Free extra repayments and no break fee

For loans up to $45,000, this Excellent Credit 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 >>


RateSetter Unsecured Personal Loan
  • Fixed rates from 8.16% (8.67% comparison rate^)

  • $75 upfront fee

  • Free extra repayments, no early repayment fee

RateSetter’s peer-to-peer platform means super low rates for creditworthy borrowers - so it’s not a surprise that it took out an award in our Excellent Credit Personal Loan category. This loan is 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 >>


CUA Discount Unsecured Personal Loan
  • Variable rates from 10.89% (10.89% comparison rate^^)

  • $0 upfront or ongoing fees

  • Extra repayments and redraw facility

Want to avoid fees while funding your big spending goals? Then check out the CUA unsecured personal loan, which took home an Experts Choice win in the Excellent Credit category. With no application or service fees and the chance to make free extra repayments, this one’s super budget friendly. You can borrow up to $60,000 and pay it off over a term of 1 to 7 years.

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


Bank Australia Lifestyle Personal Loan
  • Fixed rates from 11.89% (12.94% comparison rate^)

  • $0 ongoing service fees

  • Free extra repayments and no break fee

The Lifestyle Personal Loan from customer owned, Best Secured Personal Loan Experts Choice winner Bank Australia is an unsecured option, allowing you to borrow amounts from $1,000. It comes with a low interest rate of 11.89%, and loan terms of up to 10 years. There's also a flexible repayment schedule, so you can make repayments monthly, fortnightly or weekly.

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


Pepper Money Personal Loan
  • Fixed rates from 9.99% (9.99% comparison rate^^)

  • $0 upfront and ongoing fees

  • Borrow from $5,000 to $50,000

If you’ve got a great credit score and want a simple, budget-friendly option, you can snag a competitive fixed rate with Pepper Money unsecured personal loan. There’s also a variable rate option available, and you can borrow up to $50,000 on either. You can choose between weekly, fortnightly or monthly repayments to suit your budget. No wonder this frugal option bagged an Experts Choice win in the excellent credit category!

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


Australian Military Bank Unsecured Personal Loan - Excellent Credit
  • Low fixed and variable interest rates available

  • Borrow up to $80,000

  • Choose monthly, fortnightly or weekly repayments

Available for terms of 1 - 7 years, the Australian Military Bank unsecured personal loan packs a punch in terms of value. Not only can you score a low rate if your credit history is good, but you can also make the most of the free extra repayments and redraw facility. Both the fixed and variable rate options of this loan took out Experts Choice Awards in the Excellent Credit category, so you can choose the option that suits you best.

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


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

  • No ongoing fees ($90 upfront fee applies)

  • Borrow up to $100,000

If you’re keen to score a (nearly) new set of wheels for Christmas, check out the CUA secured car loan, winner in the Best Used Car Loan category. You can borrow up to $100,000 with a loan term of up to 7 years, and the car you purchase will be held as security. You can also choose your repayment schedule, make free extra repayments and access a redraw facility to help manage your budget.

Where do I get it? Head over to CUA 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. Or, head over to our personal loan comparison table to look through a wider range of personal loan options.

The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. Our judges base their decision on hard-nosed calculations of value to the consumer, using Mozo’s extensive product database and research capacity.  Product providers don’t pay to be in the running and we don’t play favourites.  Award winners may choose to purchase a licence to use their award in their own marketing and may choose to list products on the Mozo website in a way that may generate revenue for Mozo.

**Comparison rate based on $10,000 over 3 years

*Comparison rate based on $30,000 over 5 years.

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.