Best Access To Loan In Australia 2023

Best Access To Loan now with the Easter break and school holidays just around the corner, it can be difficult to keep costs down. Whether you’re looking for home renovations or a dream vacation, getting a personal loan could help make your plans become reality.
But with over 70 lenders to choose from, how do you know which one is best for you? The key features of great personal loans are low interest rates, minimal fees and flexibility when making extra repayments.
Many lenders use risk-based pricing when assessing borrowers’ applications – so if your credit score isn’t in top shape then this could affect what rate they offer you on the loan. According to Mozo’s database of unsecured personal loans in Australia, the average interest rate is 10.01%, while secured multi-purpose loans have an average rate of 8.62%.
Mozo’s money experts track all kinds of products from big banks as well as smaller providers – so no matter what kind of lender or product type that suits your needs best there will be something out there! With their help finding a great deal on a personal loan has never been easier – meaning those home renovations or dream vacations don’t need to remain just dreams any longer!

Editor’s pick of the month: best personal loan deals on Mozo in April

Here’s a selection of some of the top deals available right now from our partners as selected by our editors. These are options that we think are worth highlighting for people wanting a great personal loan. You can also visit our personal loan hub where you can do a full database search, read guides or more detailed product reviews.

No additional fees

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

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Key details: With fixed interest rates starting at 6.75% p.a. (6.75% p.a. comparison*), online lender Now Finance is a top choice for borrowers with excellent credit looking to borrow between $5,000 and $50,000. You won’t be up for any upfront application or ongoing fees either. There is a maximum loan term of 7 years, but if you’re borrowing less than $8,000, the maximum term is 3 years. You can also pay out the loan early without incurring a fee. This loan also has a choice between weekly and fortnightly payments. This loan won an Excellent Credit Unsecured Loan Award for the 2023 Mozo Experts Choice Awards.

Low rates for borrowers with excellent credit

Our Money Market Low Rate Personal Loan

  • Rates from 6.57% p.a. (7.19% p.a. comparison rate*) for excellent credit
  • Free redraw facility and extra repayments
  • No service fee

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Key details: OurMoneyMarket offers competitive rates, which start at 6.57% p.a. (7.19% p.a. comparison rate*) for borrowers with excellent credit. Available for loan amounts from $2,001 to $75,000 and loan terms of between 1 – 7 years, it has a lot of flexibility and no monthly fees. Keep in mind that there is a $250 establishment fee. You can pay out the loan early without penalty, have access to a free redraw and choose between weekly, monthly or fortnightly repayments.

Best personal loans for March 2023

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

Each year, our team of data analysts run a comprehensive assessment of every personal loan in our database to determine which ones offer Australians the best value for their money as part of our Mozo Experts Choice Awards^. Our experts compared 250 personal loan products from 86 lenders, with only the best few in each category making the final cut.

Below is a selection of some winners from the awards for 2023, which present great value for the year ahead. If you want to learn more about how we selected the best of the best personal loans, check out the Mozo Experts Choice Awards for Personal Loans page.

Best Green Personal Loan

Queensland Country Bank Green Reno Loan

  • Variable interest rates from 5.74% p.a. (5.74% p.a. comparison rate*)
  • Borrow from $3,000 to $50,000 for green home renovations
  • No establishment or service fees

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Why it won: One of two standout green personal awards, the experts were impressed with Queensland Country Bank’s Green Reno Loan. The low variable rate starts at 5.74% p.a. (5.74% p.a. comparison rate*) makes this a competitive choice for people looking to make sustainable changes to their homes. There is no establishment fee and no monthly service fees, and this loan allows you to borrow between $3,000 to $50,000 unsecured. Terms are between 1 and 10 years, with a flexible repayment schedule and no limits on additional repayments. The Green Reno Loan can be used on solar panels, solar or heat pump hot water systems, electric vehicle charging, double glazing, insulation and more, as well as for the installation of these features. You do not have to hold your mortgage with Queensland Country Bank to apply.

Best Secured Personal Loan

Illawarra Credit Union Online Personal Loan Package

  • Variable rate from 5.50% p.a. (6.14% p.a. comparison rate*)
  • 100% offset account included
  • Unlimited additional repayments with free redraw facility

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Why it won: The Online Personal Loan Package from Illawarra Credit Union was one of 5 loans highlighted in the Mozo Experts Choice Awards for Secured Personal Loan. Secured by a car, boat, bike, caravan or other vehicle under 3 years old, this loan offers a competitive variable rate starting at 5.50% p.a. (6.14% p.a. comparison rate*) This is packaged with a 100% offset account, where repayments are drawn from and where the balance is offset against the amount owing on your loan. With this loan, you can pay monthly, weekly or fortnightly, and you are able to make unlimited extra repayments. You can also access these repayments with the redraw facility available. You will however need to remember that this loan does have a one-off $200 establishment fee, and a $5 monthly service fee (no fee for the offset account).

Other standout personal loan winners

The providers above weren’t the only big winners in this year’s Mozo Experts Choice Awards for Personal Loans^. There were some other major winners for best person loans in a range of categories, no matter what you’re looking for.

Winning Personal Loan Provider of the Year, online lender MOVE Bank picked up awards for their Unsecured Personal Loan, Secured Personal Loan, and Green Car Loan. Their awards across different categories positioned them as an overall standout provider.

In the trending topic of green loans, there was much more competition this year. There were two winners for Best Green Loan, Australian Mutual Bank’s Green Loan and Queensland Country Bank’s Green Reno Loan. Queensland Country Bank’s Green Car Loan also won an award for the Best Green Car Loan, along with MOVE Bank’s Green Car Loan.

If you are specifically in the market for a personal loan to use on a car, you might want to check out our best car loans in Australia page for more top offers.

For the full list of this year’s winners and to find out more about how we select the best personal loans for the awards, read the Mozo Experts Choice Personal Loan Awards methodology report.

Customer favourites: Best personal loans from Mozo People’s Choice Award winners

And of course, what better way to start your search for loans than by seeing which options are loved by everyday Aussies.

The Mozo People’s Choice Awards for Banking are a national survey of what real Australians think of their banks and lenders. Providers are rated on a range of important factors, including customer satisfaction, customer service, friendliness, trust and whether they’d recommend them to others. 

Here’s a look at some of the personal loan options offered by some of the people’s choice award-winning banks and lenders:

Heritage Bank Standard Personal Loan (Unsecured)

  • Choice between variable or fixed rate
  • Borrow from $5,000 to $25,000
  • Redraw facility

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What you need to know: Heritage Bank won awards for Excellent Customer Service and Highly Trusted in the 2022 Mozo People’s Choice Awards. This loan offers you a fixed interest rate from 8.49% p.a. (9.12% p.a. comparison rate*), based on your credit rating and financial situation. You can borrow between $5,000 and $50,000 with terms up to seven years. Plus, you can choose to make your repayments weekly, fortnightly or monthly. While this loan allows you to make extra payments, keep in mind that you might incur an additional penalty fee for doing so. It does have a redraw facility though. The Heritage Bank Standard Personal Loan (Unsecured) charges a range of fees, including a $200 application fee and a $5 monthly service fee.

ING Unsecured Personal Loan

  • Fixed interest rates from 6.99% p.a. (7.20% p.a comparison rate*)
  • Borrow between $5,000 to $60,000
  • Extra repayments allowed and no completion fee

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What you need to know: ING won awards for Outstanding Customer Satisfaction and Excellent Customer Service in the 2022 People’s Choice Awards. The interest rate on the ING Unsecured Personal Loan is fixed from 6.99% p.a. (7.20% p.a.  comparison rate*) to 16.99% p.a. (17.22% p.a. comparison rate*), based on a credit assessment. You can borrow $5,000-$60,000, and it has flexible monthly or fortnightly repayments. For loans up to $30,000, terms are offered between 2-5 years, and for loans over $30,000, terms range between 2-7 years. You can make extra repayments and pay out the loan early without penalty, but there is no redraw facility. Additionally, there is a $150 loan establishment fee and a $20 late payment fee.

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