Australia’s cheapest personal loans of 2021


Whether you’re redoing the bathroom or planning your wedding, taking out a personal loan can help make your dreams a reality.

But with over 330 personal loans in the market, it can seem like a pretty daunting task to find the most affordable option to suit your needs. That’s where the Mozo Experts Choice Awards for Personal Loans come in.

Each year, our expert analysts compare personal loans from Australia's big, small and online lenders to uncover the cheapest personal loans in the market.

For this year's awards, 334 personal loans from 88 financial institutions were compared head to head. Check out some of the standouts from this year’s awards below.

OurMoneyMarket Low Rate Personal Loan
  • Fixed rates from 5.45% (6.07% comparison rate*)
  • No exit or service fees
  • 2021 Mozo Experts Choice Award for Best Unsecured Personal Loan

If you’ve been working on keeping your credit score in tip top shape, then why not opt for a personal loan that will reward you. The OurMoneyMarket Low Rate Personal Loan does just that, with fixed rates for borrowers with excellent credit scores starting from 5.45% (6.07% comparison rate*). Though there is a one-off $150 upfront fee, you’ll pay no service or exit fees, plus have the flexibility to make additional repayments at no extra cost. It's no wonder it took out a 2021 Mozo Experts Choice Award for Best Unsecured Loan! 

NOW Finance Unsecured Personal Loan
  • Tailored interest rates based on creditworthiness
  • No fees for loans up to $40,000
  • 2021 Mozo Experts Choice Award for Best Unsecured Personal Loan

Taking out a personal loan shouldn’t cost an arm and a leg. That’s why 2021 Mozo Experts Choice Award winner, NOW Finance, ditches fees on loans up to $40,000. You’ll also be able to save on interest if your credit score is in the green, as NOW Finance awards customers with better credit scores with lower rates starting from 5.95% (5.95% comparison rate*). Repayments are made on a weekly or fortnightly basis, while free extra repayments are also welcome.

Alex Personal Loan
  • Online applications take three minutes
  • No upfront or ongoing fees
  • 2021 Mozo Experts Choice Award for Best New Loan Product

Going digital with your finances has never been easier, thanks to the Alex Personal Loan, winner of a 2021 Mozo Experts Choice Award. Alex is a neobank, so its services are 100% online. This means the lender is able to keep costs to a minimum, which is why the Alex Personal Loan features no upfront or ongoing fees. Fixed rates for creditworthy borrowers start from 4.99% (4.99% comparison rate*) and because the loan is unsecured, you won’t have to provide any collateral.

Cheapest unsecured personal loan winners

Unsecured personal loans typically edge on the pricier side, as there is no security to hold against the loan. Since rates and fees can vary between these products, our judges put in the work to identify the cheapest offers that deliver the best rates around and reasonable fees. 

Follow the review links to check out the Unsecured Personal Loan winners below:

Cheapest secured personal loan winners

If you don’t mind providing some form of security to your lender, our judges have also rounded up the cheapest secured personal loans in the Mozo database. 

Follow the review links to check out the Secured Personal Loan winners below:

Our judges also considered options with a green touch. These are personal loans that are designed to assist borrowers planning to make an environmentally friendly purchase, like solar panels. The winners included:

Want a better look at how are winers are chosen? Head on over to the 2021 Mozo Experts Choice Personal Loans Awards awards page to have a read of our personal loan awards methodology report

* 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.

^See information about the Mozo Experts Choice Personal Loan Awards

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