Australia's Cheapest Personal and Car Loans for 2021 Unveiled

Money in wallet considering personal loan

Whether you’re in the market for a loan to complete that home reno you’ve been dreaming of, or have had your eyes on a new set of wheels to take you from point A to point B, finding a loan that complements your needs can be confusing with so many options out there.

With interest rates hitting rock bottom, it seems crazy that so many Australian’s paying more than they have to for their personal loans and car loans. So shopping around for the best value loan makes sense, but where does one begin?

To make things easy, our 2021 Mozo Experts’ Choice Awards compared over 330 loans from 88 providers to find the creme de la creme of the personal loan and car loan market. So, if you’re on the hunt for a loan to get to your goals sooner, here are some of our top picks to get the ball rolling.

TOP PERSONAL LOANS

Now Finance No Fee Unsecured Personal Loan
  • Unsecured rates from just 5.95% fixed (5.95% comparison rate*)
  • Extra repayments allowed
  • No upfront application fee

Reap the rewards of paying ZERO fees on loans up to $50,000 with NOW Finance. This award winning unsecured personal loan comes complete with no establishment fee, ongoing fees or early payout fee. What’s more, you can get your guaranteed, tailored interest rate in two minutes with no impact on your credit score.

OurMoneyMarket Low Rate Personal Loan
  • Unsecured rates from just 6.75% fixed (6.96% comparison rate*)
  • Free extra repayments and fee-free redraw
  • Quick and easy 100% online application

OurMoneyMarket offers low rate personal loans for borrowers with excellent credit, with a super fast online application process that guarantees you a decision in just 1 minute. This award winning competitive unsecured loan lets you borrow between $2,000 and $50,000 at a simple fixed interest rate that can be repaid weekly, fortnightly or monthly over 1 to 7 years. There are no monthly account keeping fees, no exit fees and no early repayment fees.

Alex Personal Loan
  • Unsecured rates from just 6.44% fixed (6.44% comparison rate*)
  • Free extra repayments available
  • No fees to pay off your loan early

If you want to be rewarded for your good credit history, then the Alex Personal Loan might be just what you’ve been looking for. Featuring low competitive rates starting at just 6.44%, this unsecured loan lets you borrow between $2,100 and $30,000 at a simple fixed interest. Together with flexibility, this loan can be repaid weekly, fortnightly or monthly over 6 months to 5 years. There are also no monthly account keeping fees, no exit fees and no early repayment fees.

TOP CAR LOANS

loans.com.au New Car Loan
  • Low 4.67% fixed interest rate (5.22% comparison rate*)
  • Extra repayments allowed
  • No monthly service fee

From online lender loans.com.au, the Experts Choice winning New Car Loan offers a competitive market low rate. Not only will your interest repayment be low, this loan comes with a fixed rate so you’ll have peace of mind knowing you’ll always be paying the same regular repayment each week, fortnight or month. There are also no pesky ongoing monthly fees to worry about on this loan and if you want to make extra repayments towards your balance, you can.

loans.com.au Clean Green Car Loan
  • 3.97% fixed interest rate (4.51% comparison rate*)
  • Extra repayments allowed
  • No monthly service fee

With one of the lowest car loan rates on the Mozo database, the award winning loans.com.au Clean Green Car Loan could be a great option if you’re looking to save. This budget and eco-friendly loan comes with a competitive fixed interest rate and no ongoing monthly service fees. You’ll also have the flexibility to make weekly, fortnightly or monthly repayments, plus you can make extra repayments if you want to.

*WARNING: 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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.