If you have already packed your refrigerator or have grand plans to remodel your house, a personal loan can help you fund your purchase. In this article, we’re explaining about some stand-out and best personal loans in Australia for 2021.
If you have an approximate loan amount, a personal loan may be cheaper than a credit card. This is because the interest rate of personal loans is usually lower than that of ordinary plastics.
Best personal loans in Australia for 2021
The selection range is large, how to narrow the selection range? Fortunately, the we choose from the Mozo’s Personal Loan Award to help you solve this mystery. Check out the stand-out and best personal loans in Australia for 2021 below!
Mozo’s data professional team evaluated secured and unsecured personal loans provided in Australia in the past five years. For the 2021 award, the team studied up to 334 personal loans from 88 Australian lenders to determine which loans are really suitable for their marketing activities.
Best Unsecured Personal Loan
For this particular premium category, we compared the interest rates and fees of general loans.
Determines the winners in two ways:
For loans with different interest rates and commissions based on the creditworthiness of customers, experts analyzed the total cost of loans for 80 different types of customers. Regardless of someone’s credit history or employment status, the team calculated the total cost of a $10,000 loan repaid in three years and ranked the results from the cheapest to the most expensive.
After doing all of this research, the lenders who were deemed worthy:
- 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
Best Secured Personal Loans
The award aims to recognize market-leading secured personal loans; general loan that requires you to deposit assets as collateral. These types of loans usually have more competitive interest rates.
Similar to unsecured loans, the research team ranks the total loan cost of $10,000 repayable in three years from highest to lowest to determine the winner.
- Credit Union SA – Special Fixed Rate Personal Loan
- Hume Bank – Secured Personal Loan
- Illawarra Credit Union – Online Personal Loan Package
Best Green Personal Loans
Finally, as part of the reward, we studied loans specifically used to fund environmentally friendly home improvements, such as solar panels, rainwater tanks, and improved insulation materials.
The experts again compared the total cost of the $10,000 loan repaid in three years. Ranked from low to high, the three loans that won the award are:
- Endeavour Mutual Bank – Green Loan
- Police Credit Union – Solar Eco Loan
- Sydney Mutual Bank – Green Loan
Some other stand-out personal loans for 2021
OurMoneyMarket Low Rate Personal Loan
If you are looking for a general loan, our OurMoneyMarket unsecured personal loan may be right for you.
Although you need to pay a deposit of 150 USD and a late fee of 35 USD, OurMoneyMarket will not charge you a service fee or an exit fee. There is no penalty for repaying the loan early. In fact, OurMoneyMarket allows additional payments, which means you can pay off your loan faster than you think.
The interest rate for the entire loan is fixed, starting at 6.75% per year. (6.96% annual comparison rate*) Based on the credibility of eligible customers. Loans range from US$2,001 to US$50,000, and the repayment period ranges from one to seven years.
NOW Finance No Fee Unsecured Personal Loan
As part of the unsecured personal loan evaluation process, our research team calculated and compared the total cost of a $10,000 loan that can be repaid in three years. Now, financial advice stands out because it does not require advance payments. There are also no service or exit fees. Interest rates are competitive, starting from 6.95% for eligible customers (compared to 6.95% *), depending on creditworthiness. The loan period is two to seven years.
You may like:
- Commonwealth Bank Personal Loan: An easy guide to taking out
- Best 5 Tips for getting your personal loan fast approval
- How much money can I borrow with a personal loan Australia?
Disclaimer: This article is intended to provide general information only for educational purpose. It does not consider the financial situation or needs of readers and should not be interpreted as a recommendation for any financial product. Before making a decision based on this information, you should consider seeking financial advice.