With summer just days away, Australians will be starting to plan their latest holiday project around the house or overseas trip with the family - but oftentimes these larger expenses require a bit of extra help.
Thankfully the judges here at Mozo have today announced the winners of the 2017 Mozo Expert Choice Personal Loan Awards after comparing 239 personal loans from 73 different providers in order to find the lowest cost personal loans across the country.
Mozo judges handed out awards to low cost loan providers in a number of categories, including for best Secured Personal Loan and best Unsecured Personal Loan, with recipients required to rank within the top 10% of cheapest loans in the Mozo database in order to be eligible. The judges also compared low cost loans for consumers with fantastic credit history in order to award winners in the Excellent Credit Score Category.
With figures showing a substantial 12.23% difference between the lowest (5.34%) and highest (17.57%) personal loans in the Mozo database, Mozo Director Kirsty Lamont stated that the awards proved just how much Australians could potentially save by shopping around.
“Whether you need some extra finance to renovate the back deck or book your flights to Europe, repayments can really begin to add up quickly if you opt for a more expensive loan option,” said Lamont.
“That’s why our Mozo Experts Choice Awards aim to determine some of the lowest cost personal loans on the market - so Australians can fork out less on repayments, and put more of that money they save towards their own projects and plans.”
The awards revealed that shopping around outside of the big banks can often pay off, with customer-owned institutions among the biggest winners in the Secured and Unsecured loan categories, while peer-to-peer and online lenders proved popular with the judges in the Excellent Credit category.
With three personal loans awards to add to its best Used Car Loan Award, customer-owned Police Bank was the standout performer taking out awards in both the Unsecured and Excellent Credit Loans categories.
The Police Bank’s Green Loan also took home the judges award for best Green Personal Loan. With an interest rate of just 6.49%, the Green Loan provides homeowners with a low cost option to fund eco-friendly projects such as installing solar panels or rainwater tanks.
Thinking of a summer project of your own which could do with a bit of extra funding? Compare all the Mozo Experts Choice winner here, or scroll down to start comparing top personal loan rates now: