Australia’s Best Personal Loans for July 2025

By Mozo Editorial · · 6 min read
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If you want to fund a big purchase such as a new car, cover an unexpected expense or consolidate your debt, finding the right personal loan can be a real game-changer.

Many personal loan providers now use risk-based pricing, which means that the interest rate of your loan can 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.

Here at Mozo we track personal loan products from more than 70 lenders including the Big Four banks, mutual banks and credit unions and specialist online loan providers. The current average unsecured personal loan interest rate in the Mozo database is 10.01% p.a. (and 8.98% p.a. for a secured multi-purpose loan) – on a $10,000 balance as at 1 July, 2025.

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.

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 July 2025

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

Mozo Experts Choice Awards Badge 2025

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 2025, our experts evaluated 347 personal loan products from 79 lenders, with only the top performers in each category receiving awards.

Below, you'll find some of the 2025 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.

Excellent Credit Unsecured Personal Loan Winner

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Important disclosures and comparison rate warning*
Our Money Market Low Rate Personal Loan
  • Rates from 6.28% p.a. (6.28% 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 6.28% p.a. (6.28% p.a. comparison rate*) for borrowers with excellent credit. This loan provides lots of flexibility, with loan amounts ranging between $5,000 to $75,000 (or up to $100,000 for home improvements and car loans) 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 an establishment may be applied to your account. This is calculated on your OurMoneyMarket 'loan grade' and be anywhere from 0% to 6% of your 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.

Now Finance Unsecured Personal Loan
  • Fixed interest rates starting at 6.45% p.a. (6.45% p.a. comparison rate*)
  • Borrow up to $50,000 unsecured
  • No establishment or service fees
Find out more

Key details: With fixed interest rates starting at 6.45% p.a. (6.45% 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.

Car Loan Award Winners

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Important disclosures and comparison rate warning*
Move Bank New Car Loan
  • 6.25% p.a. fixed rate (6.52% p.a. comparison)
  • Borrow from $10,000 up to $150,000
  • Free car buying service
Find out more

The Move Bank New Car Loan is available for all vehicles up to 3 years old. You get a competitive fixed rate and can borrow from $10,000 up to $150,000. Loan terms are from 1 to 7 years and you can make free extra repayments (and redraw) at any time without penalty. There are no monthly fees and but there is a $195 loan establishment fee. Move has a free no obligation car buying service that you can utilise. The online application is quick and easy and you get support from local lending specialists. 

IMB Secured Car Loan
  • Fixed interest rates from 5.99% p.a. (6.34% p.a. comparison rate*)
  • Fast online conditional approval
  • No monthly account fee

Hit the pedal to the metal with competitive fixed rates for borrowers on 1-7 year loans for cars up to four years old with borrowings up to 125,000. There are $0 monthly fees to pay and no early repayment fees if you choose to pay off your loan sooner. You’ll get fast conditional approval and according to IMB Bank applications take only 10 minutes. Eligibility criteria applies. T&Cs apply. Other fees may apply. No redraw facility.

Editor’s pick of the month: best personal loans in July

Mozo Editor's Pick for Personal Loans

Here are some of the top personal loan deals from our partners at the moment. You can also visit our personal loan hub to explore our full database or read in-depth guides and detailed product reviews.

Variable interest & free extra repayments

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Important disclosures and comparison rate warning*
Move Personal Loan
  • 13.74% p.a. variable rate (14.80% p.a. Comparison rate*)
  • Borrow from $5,000 - $25,000
  • Free extra repayments
Find out more

With this unsecured personal loan from member-owned Move Bank you can choose a loan term from as little as 1 year up to 7 years. There is a minimum loan amount of $5,000 with a maximum of $25,000 which could be perfect for consolidating debt or dealing with an unexpected expense. There is a $150 loan establishment fee but afterwards there are no monthly fees to contend with and you can also make extra repayments or pay off the loan early without penalty.  Easy online application and secure account access so you can manage your loan from anywhere, anytime.

Compare personal loan repayments below

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 233 personal loans.
Last updated 18 July 2025 Important disclosures and comparison rate warning*
  • Low Rate Personal Loan

    Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes

    interest rate
    comparison rate
    Monthly repayment
    6.28% p.a.to 18.99% p.a.
    6.28% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Competitive low rates for borrowers with exceptional credit on 1-7 year loans from $5,000 up to $75,000 (or up to $100K for home improvements or car loans); no monthly account keeping fees, no exit fees and no early repayment fees. 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 6.28% would cost $35,033.88 including fees.

    Compare
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    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
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    Details
  • Secured Personal Loan

    Exceptional Credit, $5,000-$75,000

    interest rate
    comparison rate
    Monthly repayment
    6.28% p.a.to 18.99% p.a.
    6.28% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a secured personal loan with competitive low rates for borrowers with exceptional credit. A simple fixed interest rate that can be repaid weekly, fortnightly or monthly, over 1 to 7 years (10 years for Green Loans). Managed entirely online, at any time. No monthly account keeping fees, no exit fees and no early repayment fees. Quick and easy, 100% online application. Establishment fees apply.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.28% would cost $35,033.88 including fees.

    Compare
    Go to site
    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.45% p.a.to 26.95% p.a.
    6.45% 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 6.45% would cost $35,176.93 including fees.

    Compare
    Find out more
    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.