Best Unsecured Personal Loan winners
For this particular awards category, Mozo’s research team compared interest rates and fees for general purpose loans.
Winners were determined in one of two ways:
For loans where rates and fees vary depending on customers’ credit scores, the experts looked at the overall cost of a loan for 80 different customer types. For loans where rates and fees are the same, no matter what someone’s credit score or employment status, the team calculated the total cost of a $10,000 loan, repaid over three years and ranked the results from cheapest to most expensive.
After doing all of this research, the lenders who were deemed worthy of an award were:
• Australian Military Bank - Unsecured Personal Loan
• Endeavour Mutual Bank - Unsecured Personal Loan
• G&C Mutual Bank - Fair Rate Personal Loan
• ING - Unsecured Personal Loan
• MOVE Bank - Personal Loan Special
• NOW Finance - Unsecured Personal Loan
• OurMoneyMarket - Low Rate Personal Loan
• Police Bank - Personal Loan Special
• Sydney Mutual Bank - Personal Loan
Newcomer Alex also scooped up the 2021 Mozo Experts Choice Award for best New Loan Product for its unsecured personal loan product.
Best Secured Personal Loans
This award is designed to recognise market-leading secured personal loans, that is general purpose loans that require you to put an asset up as security. These types of loans generally come with more competitive interest rates.
Similar to the unsecured loans award, to determine the winners the research team ranked contenders from highest to lowest total costs for a $10,000 loan, repaid over three years. The three secured personal loans that came out on top were:
• Credit Union SA - Special Fixed Rate Personal Loan
• Hume Bank - Secured Personal Loan
• Illawarra Credit Union - Online Personal Loan Package
Best Green Personal Loans
Lastly, as part of the awards, we looked at loans specifically designed to fund environmentally friendly home improvements. For example, the installation of solar panels, rainwater tanks and improved insulation.
Again the experts compared the total cost of a $10,000 loan, repaid over three years. After ranking from lowest to highest, the three loans that received an award were:
• Endeavour Mutual Bank - Green Loan
• Police Credit Union - Solar Eco Loan
• Sydney Mutual Bank - Green Loan
Head to our awards page to learn more about the Mozo Experts Choice Awards for Personal Loans. Or read through our methodology report, for a more in-depth understanding of how the awards are judged.