Police Bank crowned Mozo’s Personal Loan Provider of the Year
Article by Ceyda Erem
Despite the name, member funded Police Bank have proven themselves to be a provider for every type of Aussie, proudly taking home the title of Personal Loan Provider of the Year in the 2018 Mozo Experts Choice Personal Loan Awards.
The provider took home four awards across the 10 categories, making it a clear winner in the eyes of our Experts Choice judges.
“Taking out the top gong of Provider of the Year is not easy, since we only give out awards to the top 10% in each category. By receiving more awards than any other lender, Police Bank has really proven itself to be a provider worth considering,” said Mozo Product Data Manager and Experts Choice judge, Peter Marshall.
Three of its loan products received awards in the Unsecured Personal Loan, Excellent Credit Unsecured Personal Loan, Used Car Loan and Green Personal Loan categories.
And according to Marshall, rewarding Australians with the incentive to make eco-friendly purchases for their homes, such as solar panels or solar powered batteries, are the actions of a winner.
“Very few providers in our database offer specialist Green loans like these - having access to a lower rate is a great incentive for people to make an environmentally friendly purchase,” said Marshall.
“This product also comes with no early repayment penalties and while this isn’t an uncommon loan feature, it can help you save on interest and pay off the loan faster.”
And in order to put Police Bank’s award-winning Used Car Loan to the test, we pulled out the Mozo car loan repayment calculator.
Say you borrowed $10,000 to be repaid over 3 years on the Police Bank Car Loan rate of 7.19% (7.33% comparison rate^^), you’d have a monthly repayment of $310, with the total interest paid clocking in at $1,147.
Now let’s say you borrowed the same amount on the same terms but on the average used car loan rate in the Mozo database, which is currently 7.99%. Your monthly repayments would increase to $312 and the total interest paid hitting $1,279 - a $2 and $132 difference, respectively.
“While a $132 difference might not be a massive deal breaker for many, over the life of the loan it’s an extra $396,” explained Marshall.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will results 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. ^ Based on $10,000 over 3 years ^^ Based on $30,000 over 5 years