Excellent credit could save borrowers over $7k on a personal loan

By Kelly Emmerton · Thursday, 26 April 2018 · 3 min read

Fact Checked

It’s no secret that a rock solid credit score is one of the keys to scoring a great personal loan when you need it - but did you know that keeping your credit history squeaky clean can make a huge difference to how much interest you pay on your loan as well?

Mozo data shows that maintaining an excellent credit score could save you an average of $7,109 and in some cases up to $16,351 on a $30,000 personal loan paid back over 5 years.*

“Some lenders tend to reserve the best rates for borrowers with stellar credit, so if you’ve done the hard work of handling your finances responsibly and always meeting repayments, then why not reep the benefits with a personal loan that will reward you for that?” said Mozo Director Kirsty Lamont.

So if you’ve got top notch credit and you’re after a personal loan to match, check out our Editor’s hot picks below.

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Important disclosures and comparison rate warning*

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Comparison rate warning

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. 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.

How Initial Monthly Repayments figures are estimated

Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

Harmoney - Unsecured Personal Loan

Interest rates from 6.99% (7.69% comparison rate^^)
Borrow up to $70,000
No monthly service fee (upfront fee applies)

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If you’ve got excellent credit, then you deserve an excellent interest rate - and that’s just what's on offer with the Harmoney Unsecured Personal Loan. With super low rates up for grabs, and no monthly service fee to worry about, this one’s gentle on your wallet.

Plenti - Personal Loan

Interest rates from 8.42% (10.97% comparison rate^)
No exit or early repayment fees
Get a personalised rate estimate in 1 minute

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The RateSetter Unsecured Personal Loan comes with competitive fixed rates for borrowers with great credit, looking to borrow up to $45,000. There’s also the option to make extra repayments, and no fee for paying off your whole loan early.

Wisr - Unsecured Personal Loan

Interest rates from 8.50% (9.96% comparison rate^^)
No ongoing service fees (upfront fees apply)
Loan terms between 3 and 5 years available

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Fintech lender Wisr offers a super quick online application process, and super low rates for borrowers with an A grade credit history. You’ll be able to borrow up to $35,000 and there’s no ongoing fees to dent your budget.

Citi - Personal Loan Plus

Interest rates from 8.99% (9.60% comparison rate^^)
Borrow up to $75,000
Access an ongoing reusable credit facility

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With the Citi Personal Loan Plus, you’ll be able to borrow up to $75,000, so you can fund anything from a holiday to a renovation. The low interest rate applies to the amount you draw down from the reusable credit facility.

HSBC - Unsecured Personal Loan

Interest rates from 9.50% (10.06% comparison rate^^)
Borrow up to $50,000
Fixed monthly repayments to help you manage your budget

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The HSBC Unsecured Personal Loan is available for up to $50,000 with loan terms between 1 and 5 years on offer. With competitive low rates on offer to borrowers with squeaky clean credit history, it’s definitely worth a look.

*Based on 30 unsecured personal loans in the Mozo database that offer a range of interest rates depending on the applicant. Savings calculated as difference between the average of the lowest rates (11.07%) and the average of the highest rates (18.61%) and the biggest difference in a single product (13.99% to 29.99% depending on the applicant).

^* 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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