Best personal loans in Australia – July 2025
Whether you're consolidating debt, buying a car, planning a wedding or covering unexpected costs, a personal loan can offer a flexible way to borrow money when you need it. But with so many lenders out there – banks, credit unions, digital lenders – how do you find the best personal loan for your needs?
At Mozo, we compare a wide range of personal loans to help you find competitive interest rates, low fees and flexible features. Our expert picks and award winners below highlight some of the top-performing loans in the market right now.
For a deeper dive into personal loans, including a full FAQ, keep scrolling.
Mozo Experts Choice Award-winning loans
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Each year, our research team analyses hundreds of loan products to uncover the best value options in the market. The following lenders were recognised in the 2025 Mozo Experts Choice Awards for Personal Loans:
Excellent Credit Unsecured Personal Loan Winner
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
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
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
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 picks: Top-rated personal loans
Our editors have selected a range of standout personal loans based on value, flexibility and customer benefits. These picks offer a strong mix of competitive rates, useful features, and transparent fees.
Variable interest & free extra repayments
Move Personal Loan
- 13.74% p.a. variable rate (14.80% p.a. Comparison rate*)
- Borrow from $5,000 - $25,000
- Free extra repayments
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
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Low Rate Personal Loan
Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes
interest rate
comparison rate
Monthly repayment6.28% p.a.to 18.99% p.a.6.28% p.a.to 21.78% p.a.based on $30,000
over 5 yearsCompetitive 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.
CompareCompare- interest rate
- 6.28% p.a.to 18.99% p.a.
- comparison rate
- 6.28% p.a.to 21.78% p.a.based on $30,000
over 5 years
- interest rate
- 6.28% p.a.to 18.99% p.a.
- comparison rate
- 6.28% p.a.to 21.78% p.a.based on $30,000
over 5 years
- Upfront fee
- On Application
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- Loan amounts up to $100,000 are available for vehicle purchase or home improvement purposes.
- Other restrictions
- Rate for Exceptional Credit. Upfront fee varies from $0 and is based on your OurMoneyMarket loan grade and total loan amount. The fee is added to the principal amount and paid over the loan term.
Read reviews and learn more about OurMoneyMarket personal loans
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Express Personal Loan
Secured
interest rate
comparison rate
Monthly repayment16.95% p.a.to 29.95% p.a.32.99% p.a.to 45.5% p.a.based on $10,000
over 3 yearsAccess 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.
CompareCompare- interest rate
- 16.95% p.a.to 29.95% p.a.
- comparison rate
- 32.99% p.a.to 45.5% p.a.based on $10,000
over 3 years
- interest rate
- 16.95% p.a.to 29.95% p.a.
- comparison rate
- 32.99% p.a.to 45.5% p.a.based on $10,000
over 3 years
- Upfront fee
- $1,190.00
- Monthly fee
- $26.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $3,000.00
- Maximum loan amount
- $25,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 3 Years
- Security required
- Various, Vehicle
- Other benefits
- -
- Other restrictions
- Application fee from $125 to $1,190. Additional Risk Fee of $0 to $995 applies. Minimum loan term is 25 months.
Read reviews and learn more about Jacaranda Finance personal loans
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Secured Personal Loan
Exceptional Credit, $5,000-$75,000
interest rate
comparison rate
Monthly repayment6.28% p.a.to 18.99% p.a.6.28% p.a.to 21.78% p.a.based on $30,000
over 5 yearsGet 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.
CompareCompare- interest rate
- 6.28% p.a.to 18.99% p.a.
- comparison rate
- 6.28% p.a.to 21.78% p.a.based on $30,000
over 5 years
- interest rate
- 6.28% p.a.to 18.99% p.a.
- comparison rate
- 6.28% p.a.to 21.78% p.a.based on $30,000
over 5 years
- Upfront fee
- On Application
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Vehicle
- Other benefits
- Loan amounts up to $100,000 are available for vehicle purchase or home improvement purposes.
- Other restrictions
- Interest rates may vary depending on assessment of application. Upfront fee varies from $0 and is based on your OurMoneyMarket loan grade and total loan amount. The fee is added to the principal amount and paid over the loan term.
Read reviews and learn more about OurMoneyMarket personal loans
Your selected bests
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PERSONAL LOANS INFORMATION
How to get a personal loan in Australia
Applying for a personal loan can be straightforward if you follow the right steps. Here's how the process typically works:
- Check your credit score – This can impact your eligibility and the interest rate you're offered.
- Compare lenders – Look at rates, fees, loan features and eligibility criteria.
- Decide on loan type – Choose between secured (uses an asset as collateral) or unsecured.
- Estimate your repayments – Use a personal loan calculator to see how much you’ll repay over time.
- Apply online – Submit your application and provide required documents (e.g. ID, income proof).
- Receive funds – If approved, funds are usually paid within 1-3 business days.
Types of personal loans
There are different types of personal loans to suit different borrowing needs:
- Secured vs unsecured: Secured loans use an asset as collateral; unsecured loans don’t.
- Fixed vs variable rate: Fixed rates stay the same over time; variable rates can change.
- Debt consolidation loans: Combine multiple debts into one loan with a single repayment.
- Car loans: Finance a new or used vehicle with fixed or variable rates.
- Home improvement loans: Fund renovations or upgrades around your house.
- Wedding or holiday loans: Borrow for one-off life events or getaways.
- Green loans: Special rates for sustainable purchases like solar panels or electric vehicles.
What to look for in a personal loan
When comparing personal loans, keep an eye out for these key factors:
- Interest rate vs comparison rate – The comparison rate includes most fees and gives a clearer picture of the true cost.
- Fees – Look for application, monthly or early repayment fees.
- Loan term – Typically ranges from 1 to 7 years. Shorter terms mean higher repayments but less interest overall.
- Repayment flexibility – Some lenders allow extra repayments or redraws.
- Funding speed – Some online lenders can approve and pay funds within 24 hours.
How much will a personal loan cost me?
Your total loan cost will depend on how much you borrow, your interest rate, loan term, and any fees charged.
Example: For a $10,000 loan over three years at 7.5% p.a. (comparison rate, which typically includes most fees), you’d repay around $311 per month and $11,200 in total.
Use our personal loan repayment calculator to see how your repayments change based on different rates and terms.
Personal loan FAQs
What is a personal loan?
A personal loan lets you borrow a fixed amount of money and repay it over a set period with interest. It's often used for large purchases or expenses.
What’s the difference between secured and unsecured loans?
A secured loan uses an asset (like a car) as collateral. Unsecured loans don’t require security but may have higher interest rates.
Can I get a personal loan with bad credit?
It may be possible, but expect higher rates and stricter terms. Some lenders specialise in loans for borrowers with poor credit.
How much can I borrow for a persona loan?
Personal loan amounts typically range from $2,000 to $75,000, depending on the lender and your financial situation.
How long does approval take?
Some personal loan lenders offer same-day approval, while others may take 1-3 business days.
Is the interest rate fixed or variable?
It depends on the lender and product. Fixed rates offer certainty; variable rates can change over time.
Are early repayments allowed?
Many loans allow extra repayments, but some charge early exit or break fees.
What’s the difference between interest rate and comparison rate?
The interest rate is the base charge for borrowing. The comparison rate includes most fees and better reflects the true cost.
Will applying affect my credit score?
Applying for multiple loans in a short time can negatively impact your credit score.
Why compare personal loans with Mozo?
We make it easy to compare interest rates, fees and features from a wide range of lenders. Our experts also highlight award-winning options to help you make smarter money moves.
* 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.