Australia’s Best Personal Loans for November 2024

By JP Pelosi · · 6 min read
Fact Checked
Advertiser disclosure
happy family using best loans in australia to fund home renovations or holidays

Table of contents:

Finding the right personal loan can be a game-changer, whether you're consolidating debt, funding a big purchase like a new car or wedding, or covering unexpected expenses.

Nowadays, many personal loan lenders use risk-based pricing, which means your rate could be determined by your credit score. So, if you’re after a better rate, you’ll need to get your credit score into shape first.

From big four bank loans to smaller mutual banks and credit unions, our Mozo Experts track personal loan products from more than 70 lenders. The current average unsecured personal loan interest rate in the Mozo database is 10.43% p.a. (and 9.07% p.a. for a secured multi-purpose loan).

With so many options available, knowing where to find the best personal loan can be a challenge. That’s why we’ve put together this guide to highlight some of Australia’s best personal loans as per the Mozo database, some of which were recognised in the Mozo Experts Choice Awards and Mozo People’s Choice Awards.

So, whether you’re after a loan with a competitive interest rate or flexible features, here are some standout loans that could be worth a look at:

Best personal loans for November 2024

Editor’s pick of the month: best personal loans on Mozo in November

Mozo Editor's Pick for Personal Loans

Here are some of the top personal loan deals from our partners at the moment. Our Mozo editors felt these options were worth highlighting for people wanting a great personal loan. You can visit our personal loan hub to explore our full database or read in-depth guides and detailed product reviews.

No additional fees Personal loans

Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
Now Finance Secured Personal Loan
  • Fixed interest rates starting at 6.75% p.a. (6.75% p.a. comparison rate*)
  • Borrow up to $50,000 unsecured
  • No establishment or service fees

Key details: With fixed interest rates starting at 6.75% p.a. (6.75% p.a. comparison*), online lender Now Finance’s Unsecured Personal Loan could be a top option to consider for borrowers with excellent credit looking to borrow between $5,000 and $50,000. The Now Finance loan has a maximum loan term of 7 years, no upfront application or ongoing fees, and flexible weekly and fortnightly repayment options. Plus, you can pay off the loan early without incurring a fee. This loan was recognised with an Excellent Credit Unsecured Loan Award in the 2024 Mozo Experts Choice Awards.

Low rates personal loans for excellent credit borrowers

Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
Our Money Market Low Rate Personal Loan
  • Rates from 6.57% p.a. (7.19% p.a. comparison rate*) for excellent credit borrowers
  • Free redraw facility and extra repayments
  • No service fee

Key details: OurMoneyMarket’s Low Rate Personal Loan (unsecured) offers competitive rates, starting at 6.57% p.a. (7.19% p.a. comparison rate*) for borrowers with excellent credit (800+ credit score). This loan provides lots of flexibility, with loan amounts ranging between $5,000 to $75,000 and 1 to 7-year loan terms. Other flexible features include a free redraw facility, the ability to pay the loan off early without penalty, plus no monthly fees.  Keep in mind that there's an establishment fee that starts from $250 based on your OurMoneyMarket loan grade and total loan amount (the fee is added to the principal amount and paid over the loan term). A minimum income of $25,000 after tax is required to apply.

Plenti Fixed Personal Loan
  • Unsecured fixed rates from just 6.57% p.a. (6.57% p.a. comparison rate*)
  • Free extra repayments
  • Easy 100% online application
Find out more

Key details: The unsecured Plenti Fixed Personal Loan offers competitive fixed rates starting from 6.57% p.a. fixed (6.57% p.a. comparison rate*) for customers with an exceptional credit history. Eligible borrowers can borrow between $5,000 and $65,000 with loan terms ranging from 3 to 7 years. The loan has a fast online application process, plus no monthly or early repayment fees – however, there are application fees that can vary between $0 and $345 depending on the loan amount.

Fast funding personal loans:

Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
Harmoney Unsecured Personal Loan
  • Rates from 5.76% p.a. (6.55% p.a. comparison rate)*
  • Funds available as quickly as 24 hours after loan acceptance
  • Borrow between $2,000 and $70,000 with no early repayment fees
Find out more

Key details: Online lender Harmoney has made a name for itself with its quick, low-cost personal loans. The Harmoney Unsecured Personal Loan offers competitive fixed rates, particularly for borrowers with strong credit scores. With an efficient 100% online application process, Harmoney claims customers could receive funds within just 24 hours of approval. With Harmoney’s Unsecured Personal Loan, borrowers can choose between either weekly, fortnightly or monthly flexible repayment options over loan terms of 3 to 7 years. Note that you'll need to earn above $30,000 a year to qualify, and there is a $575 establishment fee ($275 for loans under $5,000).

Expert picks: Mozo Experts Choice Award-winning best personal loans

Mozo Experts Choice Awards Badge 2024

Each year, Mozo’s data analysts conduct a thorough assessment of our comprehensive personal loans database to identify those that offer the best value for money for Australians as part of the Mozo Experts Choice Awards^. In 2024, our experts evaluated 350 personal loan products from 88 lenders, with only the top performers in each category receiving awards.

Below, you'll find some of the 2024 Mozo Experts Choice Award-winning personal loans, which present great value for the year ahead. To learn more about our selection process and explore other winners, visit the Mozo Experts Choice Awards for Personal Loans page.

Best Green Personal Loan

Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
Queensland Country Bank Green Reno Loan
  • Variable interest rates from 6.49% p.a. (6.49% p.a. comparison rate*)
  • Borrow between $3,000 and $60,000 for green home renovations
  • No establishment or service fees
Find out more

Why it won: Queensland Country Bank’s Green Reno Loan stood out as one of the top green personal loans in the 2024 Mozo Experts Choice Awards. With low variable interest rates starting at 6.49% p.a. (6.49% p.a. comparison rate*) on amounts between $3,000 and $60,000 and 1 to 10-year loan term options, this loan could be a competitive finance option for those looking to make sustainable home improvements. This unsecured loan comes with no establishment or monthly service fees, flexible repayment options and no limits on additional repayments. The Green Reno Loan can be used for various eco-friendly upgrades, including solar panels, EV charging stations, solar or heat pump hot water systems, double glazing, insulation and more. You do not have to hold your mortgage with Queensland Country Bank to apply.

Best Secured Personal Loan

Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
Illawarra Credit Union Online Personal Loan Package
  • Variable rates from 6.00% p.a. (6.64% p.a. comparison rate*)
  • 100% offset account included
  • Unlimited additional repayments with a free redraw facility
Find out more

Why it won: The Illawarra Credit Union Online Personal Loan Package was recognised in the 2024 Mozo Experts Choice Awards as one of the top picks for secured personal loans. This loan offers competitive variable rates starting from 6.00% p.a. (6.64% p.a. comparison rate*) and can be secured against a vehicle under 3 years old, such as a car, boat, bike, or caravan. A key feature of this package is the 100% offset account, where repayments are drawn from and where the balance is offset against the amount owing on your loan. The loan also comes with weekly, fortnightly and monthly repayment options, unlimited extra repayments and a free redraw facility. Be aware that there is a one-off $200 application fee and a $5 monthly service fee (no fee for the offset account).

Customer faves: Best personal loans from the Mozo People’s Choice Awards

Mozo People's Choice Awards Badge

When searching for a personal loan, it can be helpful to consider options that are rated highly by everyday Australians. The Mozo People’s Choice Banking Awards are based on a national survey that captures the opinions and experiences Australians have of their banks and lenders across a range of factors, including customer satisfaction, customer service, friendliness, trust and whether they’d recommend them to others. 

Here’s a personal loan option from a lender that received high praise in the 2024 Mozo People’s Choice Awards:

Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
Newcastle Permanent Secured Personal Loan
  • Loan amounts from $5,000 to $100,000
  • Extra repayments allowed
  • Flexible weekly, fortnightly & monthly repayment options
Find out more

What you need to know: Newcastle Permanent was recognised for having Excellent Customer Service, Outstanding Customer Satisfaction and being High Trustly and Most Recommended in the 2024 Mozo People’s Choice Awards for Banking. So, if you’re after a loan from an award-winning lender, the Newcastle Permanent Secured Personal Loan might be worth looking at. The Newcastle Permanent Secured Personal Loan offers fixed interest rates starting from 6.49% p.a. (6.84% p.a. comparison rate*) depending on your credit rating, with loan amounts from $5,000 to $100,000 and loan terms of up to seven years. The loan also comes with a choice of either weekly, fortnightly or monthly repayments, plus the ability to make extra payments and can be used for purchasing a car, debt consolidation, home improvements, and travel. The loan comes with a $250 application fee and a $35 late payment fee.

Compare more personal loans below:

See personal loan options

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 234 personal loans.
Last updated 24 November 2024 Important disclosures and comparison rate warning*
  • Low Rate Personal Loan

    Excellent Credit, $5,000 - $75,000

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 8.39% p.a.
    7.19% p.a.to 8.75% p.a.based on $30,000
    over 5 years

    Competitive low rates for borrowers with excellent credit on 1-7 year loans from $5,000 up to $75,000, plus free extra repayments. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Go to site
    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.to 26.95% p.a.
    6.75% p.a.to 26.95% p.a.based on $30,000
    over 5 years

    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,430.23 including fees.

    Compare
    Go to site
    Details
  • Debt Consolidation Loan

    $5,000-$75,000

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 19.39% p.a.based on $30,000
    over 5 years

    Competitive fixed rates on loans up to $75,000 depending on your credit score. Zero monthly account keeping fees, no exit fees and no early repayment fees. Make weekly, fortnightly or monthly repayments, over 1 to 7 years managed entirely online, at any time. Fast and easy, 100% online application.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Go to site
    Details
  • Unsecured Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    6.56% p.a.to 21.99% p.a.
    6.56% p.a.to 22.79% p.a.based on $30,000
    over 5 years

    Competitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, you'll receive your money into your Revolut account straight away.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.56% would cost $35,768.68 including fees.

    Compare
    Go to site
    Details
  • Express Personal Loan

    Secured

    interest rate
    comparison rate
    Monthly repayment
    16.95% p.a.to 29.95% p.a.
    32.99% p.a.to 45.5% p.a.based on $10,000
    over 3 years

    Access fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-36 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.

    Repayment terms from 2 years to 3 years. Representative example: a 3 year $10,000 loan at 16.95% would cost $14,952.03 including fees.

    Compare
    Go to site
    Details

FAQs about Personal Loans:

General personal loans FAQs

What can you use a personal loan for?

Personal loans are usually quite versatile and can be used for a variety of different purposes, such as:

  • Paying for a big purchase like a holiday, wedding, home renovations or buying a car
  • Debt consolidation loans
  • Green loans can be used to fund environmentally friendly home improvements 

Some loans, like green loans, may require funds to be used for specific eco-friendly purposes.

What is a secured loan?

A secured loan is a personal loan that is backed by an asset, like a car or property, which the lender can claim if you don’t repay the loan. 

  • Secured loan pros: Secured loans typically offer lower interest rates compared to unsecured loans due to the reduced risk for the lender.
  • Secured loan cons: If you default on a secured loan, you could risk having your security assets repossessed by the lender.
Which is the best personal loan for me?

The best personal loan for you will ultimately depend on your specific financial needs and situation. On this page, we’ve highlighted some top personal loan options worth considering. However, it’s important to review the product details on the lender’s website to help you make an informed decision as to whether that particular loan is suited to your individual circumstances.

Personal loan features & comparisons FAQs

What features do the best personal loans have?

Some important money-saving features to look for when comparing personal loans include:

  • Low interest rates: Lower interest rates mean smaller repayments. You'll usually need an excellent credit score to secure the best personal loan interest rates. Check out our guide on how to improve your credit score.
  • Low fees: Many loans charge a whole range of upfront and/or ongoing fees. So, it’s always wise to compare personal loans to try and find one with low or no fees. Some personal loan fees can be avoidable, like late fees. You could take precautions like setting up automatic payments or a direct debit to ensure you never miss a payment. 
  • Extra repayments: Having the ability to make extra repayments can help you pay your loan off faster and save on interest. Just make sure to check whether there is a penalty for paying your loan off early or not before doing so if you can afford to make extra repayments on your loan.
Which bank has the best personal loan rates?

It’s hard to say which lender has the best personal loan rates in Australia as several factors come into play. For example, many lenders use risk-based pricing for personal loans, so the rate you get will be personalised for you based on your credit history.

Fixed vs variable rate personal loans: Which is better

Fixed rates provide consistent repayments, making budgeting easier. Variable rates can fluctuate, meaning your repayments could potentially lower or rise. Ultimately, the type of interest rate that’s best for you will depend on your individual financial needs and circumstances.

Personal loan application & approval FAQs

How to get approved for a personal loan?

To increase your chances of getting approved for a personal loan, you should aim to meet the lender’s eligibility criteria before applying. This will typically mean:

  • Being at least 18 years old
  • Holding an Australian citizenship or eligible visa and residing in Australia
  • Meeting minimum income requirements
  • Passing a credit check
  • When applying for a personal loan, your credit history will be closely analysed by lenders, so make sure to do what you can to improve your credit history before applying.
How to apply for a personal loan

Applying for a personal loan can often be quite straightforward and done online. Here are some useful steps for applying for a personal loan:

  1. Compare personal loans: Start comparing personal loans on Mozo to look for options that offer low interest rates, minimal to no fees and flexible features.
  2. Check eligibility: Once you’ve shortlisted some options, you’ll want to check that you meet the lender’s eligibility criteria, including having your credit score up to scratch.
  3. Prepare documents: Gather any necessary documents to support your application, such as ID, proof of income and financial details.
  4. Submit your application: Once you’re ready to apply and think you’re in a good position to get approved, complete a loan application – this is usually done online or in a branch. 
  5. Review & make a decision: If your loan application is approved, you’ll want to carefully review the loan offer details and ensure you’re happy with the terms before accepting.
  6. Receive funds: After accepting your loan offer, the funds should appear in your account within a few business days, depending on the lender.

* 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

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.