The best personal loans in Australia for 2020


Whether you’re hungry for a new set of wheels, or you’ve decided to channel your inner Scott Cam and take on a full-scale Block-inspired home reno project, you’re probably on the hunt for a value-packed personal loan.

To help you out, check out the winners of the 2019 Mozo Experts Choice Personal Loan Awards. Our team of experts combed through 286 personal loans from 78 financial institutions, crowning the top 10% of products in a variety of categories in November 2019. Below we’ve compiled just a few winners for you to peruse.


Symple Loans Personal Loan
  • Variable interest rates from 5.75% p.a. (6.89% p.a. comparison rate*)

  • Borrow up to $50,000

  • No exit or early repayment fees

The details:

If you like to keep things simple when it comes to your finances, then you might want to check out the Symple Personal Loan. This loan features variable rates that start from 5.75% p.a. (6.89% p.a. comparison rate*) with a maximum borrowing capacity of $50,000. But what’s really great about Symple is its application process - if your application is approved, you’ll have the cash within 24 hours! Borrowers will also enjoy no exit or early repayment fees, so you can work to pay off your loan as fast as possible without being penalised.

OurMoneyMarket Low Rate Personal Loan
  • Fixed interest rates from 8.00% p.a. (8.21% p.a. comparison rate*)

  • No ongoing fees

  • Free extra repayments and redraw facility

The details:

With the Our Money Market Personal Loan, borrowers with a squeaky clean credit score could enjoy a fixed rate that’s as low as 8.00% p.a. (8.21% p.a. comparison rate*). Whether you’re looking to renovate, take a holiday or even pay for a cosmetic procedure, you’ll have access of up to $50,000 to be repaid over a maximum of seven years. And speaking of repayments, pay off your loan faster with the extra repayments option or redraw these additional funds at no extra cost.

CAR LOAN New Car Loan
  • Low fixed rate of 4.89% p.a. (5.44% p.a. comparison rate^)

  • Free extra repayments

  • Flexible repayment options

The details:

In the market for a new set of wheels and a car loan to go with it? Look no further than the Car Loan. This car loan features a sweet low fixed rate of 4.89% p.a. (5.44% p.a. comparison rate^) and flexible repayment options, so you can pay off your loan on a schedule that suits you best. Just watch out for those fees, which include a $400 upfront fee, a $700 early repayment fee and a $20 late payment fee.

GREEN CAR LOAN Clean Green Car Loan
  • Fixed rates from 4.19% p.a. (4.73% p.a. comparison rate^)

  • Make repayments weekly, fortnightly or monthly

  • Ability to make free extra repayments

The details:

The Clean Green Car Loan's fixed rates start at 4.19% p.a. (4.73% p.a. comparison rate^) on loans between $5,000 to $100,000, and if that’s not enough of an incentive to go out and buy an eco-friendly ride, then we don’t know what is! But, if you're still not sold, then we think you'll be happy to know that this loan gives you the choice of either weekly, fortnightly or monthly payments, and the ability to make fee-free extra repayments. Just remember that clearing your loan before the last year will incur a $700 fee.

^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 for the amounts and terms below, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: 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. ^Based on $10,000 over 3 years ^^Based on $30,000 over 5 years

^See information about the Mozo Experts Choice Personal loans Awards

Check out the Mozo Experts Choice Awards full winners list or if you’re after even more options, take a look at our personal loan comparison table.