Low-cost loans: 2017 Mozo Experts Choice Personal Loans Awards unveiled

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:

Personal Loans - last updated 19 May 2022

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.35% p.a.to 19.09% p.a.
    6.14% p.a.to 19.99% p.a.based on $30,000
    over 5 years

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.

    Details
  • Home Improvement Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.
    5.96% p.a.based on $30,000
    over 5 years

    Handypay offers flexible home improvement loans for Excellent Credit or better. Handypay is a specialist home improvement plan provider and offers loans up to $75,000.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $34,840.18 including fees.

    Details
  • Personal Loan

    Unsecured, Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.39% p.a.to 7.89% p.a.
    6.39% p.a.to 8.49% p.a.based on $30,000
    over 5 years

    With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. You could qualify by simply earning above $25,000 and you’ll be on the way to start spending (other eligibility criteria may apply).

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.

    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 17.45% p.a.
    6.79% p.a.to 17.86% p.a.based on $30,000
    over 5 years

    Wisr offers personal loans for any worthwhile purpose, tailored to your credit score to ensure you’re getting a fair deal. Plus, no ongoing or early exit fees. Loans from $5,000 to $79,000. Terms of either 3, 5 or 7 years. $595 establishment fee. Eligibility criteria applies.

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $35,352.21 including fees.

    Details

* 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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