2024 Personal and Car Loans Awards

Canstar releases its
2024 Personal & Car Loans Awards and Green Personal & Green Car Loans Awards.

Released: 7 November, 2024

About this year’s awards

Canstar’s Personal and Car Loans Awards use our unique and sophisticated methodology, which leverages our Personal and Car Loans Star Ratings methodology combined with detailed pricing scenarios of everyday Australians.

There are three individual Awards that make up the Canstar Personal and Car Loans Awards:

• Outstanding Value Award — Personal Loans: awarded to outstanding value personal loan lenders across six unique scenarios

• Outstanding Value Award — Car Loans: awarded to outstanding value car loan lenders across six unique scenarios

• Outstanding Value Award — Excellent Credit Personal Loans: awarded to outstanding value lenders across two unique scenarios

For more information about our Award process, including each unique scenario assessed, you can read our Personal and Car Loans Award Methodology.

Our Outstanding Value Awards for green personal loans and green car loans single out specific products offering outstanding value when it comes to loans designed for purchases lenders consider to be environmentally friendly.

These Awards leverage Canstar’s established Personal and Car Loan Star Ratings methodology, which compares both price and features across personal loan products available to Australian consumers.

To be considered in the Award a product must be designed to fund the purchase of ‘green’ products — such as electric or hybrid vehicles, solar panels or rainwater tanks.

Canstar does not rate any ‘green’ or environmental claims made by the product provider, rather it rates the loan on its pricing and features as a financial product.

For more information about our Award process, including eligible ‘green’ products, you can read our Green Loan Award Methodology.

Congratulations to the Award winners

(Winners are listed alphabetically)

Australian Mutual Bank

Outstanding Value Award— Personal Loans

Australian Mutual Bank has secured the Outstanding Value – Personal Loans Award for 2024 due to its highly competitive interest rates and flexible loan terms. The bank’s personal loan offerings stand out for featuring no ongoing fees and allowing extra repayments without penalties, which can provide borrowers significant cost savings and repayment flexibility. One of the more unique features from Australian Mutual Bank is the ability to redraw additional funds at no additional cost.

Australian Mutual Bank was formed in 1953 and the registered company name Australia Mutual Bank Ltd was created after the 2019 merger between Endeavour Mutual Bank and Sydney Mutual Bank.

Bendigo Bank

Outstanding Value Award— Green Car Loans

Bendigo Bank has received the Outstanding Value – Green Car Loan Award in 2024 for its Secured Green Personal Loan. This is the second consecutive year that Bendigo Bank has received this Award. This product is available for borrowers seeking funding for an environmentally friendly vehicle at a competitive fixed rate, with low application and ongoing fees. This product also features the ability to choose between weekly, fortnightly and monthly repayments and a free online redraw facility, allowing borrowers complete autonomy to make repayments that fit their lifestyle and financial circumstances.

Established more than 160 years ago, Bendigo Bank claims to provide banking services to 1.9 million customers in Australia as part of the Bendigo and Adelaide Bank.

Beyond Bank

Outstanding Value Award— Car Loans

Beyond Bank has solidified its position as a frontrunner in the car loan market, receiving the Award for Outstanding Value – Car Loans due to its consistently competitive interest rates and minimal fees. Its ‘Low Rate Special Offer Car Loan’ stands out as one of the most attractive options in the current market.

Formed more than 60 years ago, Beyond Bank claims to be one of the largest customer owned banks in Australia, with branches in ACT, NSW, SA, Victoria and WA. Beyond Bank offers a wide range of financial services, including transaction and savings accounts, credit cards and home loans.

Greater Bank

Outstanding Value Award— Personal Loans
Outstanding Value Award— Car Loans

Greater Bank’s personal loan products have earned the Outstanding Value Award in 2024 by combining competitive interest rates with customer-friendly features. The bank’s commitment to providing great value is evident in its low-fee structure, as well as offering the ability for borrowers to make additional repayments without incurring charges. Greater Bank also offers free unlimited redraw facilities for customers.

Greater Bank also continues to show why they are a consistent leader in the car loan market by securing the Outstanding Value Award for Car Loans for another consecutive year. This is due in large part to its excellent interest rates, low fees and feature-rich platform.

Established in 1924, Greater Bank is a customer-owned bank that is part of the Newcastle Greater Mutual Group, which was formed in partnership with Newcastle Permanent in March 2023.

Heritage Bank

Outstanding Value Award— Personal Loans
Outstanding Value Award— Car Loans

Heritage Bank has secured the Outstanding Value – Personal Loans Award for 2024 by offering a compelling mix of competitive rates and customer-centric features. The bank’s personal loans stand out by having transparent fee structures and competitive interest rates.

Heritage Bank has also been awarded Outstanding Value for their exceptional Car Loan products in 2024. With a low fixed rate to help with budgeting, unlimited online redraw at no extra cost, and the ability to choose the repayment cycle, Heritage Bank provides borrowers with both stability and flexibility throughout the loan term.

Having roots dating back to 1875 in Toowoomba, Heritage Bank claims to be one of Australia’s largest customer-owned banks, and provides a range of banking products, including transaction and savings accounts, term deposits, home loans, personal loans and business loans.

Horizon Bank

Outstanding Value Award— Car Loans
Outstanding Value Award— Green Car Loans

Horizon Bank is a returning recipient of the Outstanding Value – Car Loans Award in 2024. Both its Used Car Loan (Special) and New Car Loan (Fixed) remain highly competitive across a variety of consumer scenarios, showcasing the bank’s versatility in servicing various consumer profiles.

Horizon Bank has also received the Outstanding Value – Green Personal Loan Award for its New Green Car Loan. This is the second consecutive year that Horizon Bank has received this Award. With its competitive interest rate and low fees, this product is an attractive option for those seeking to finance eco-friendly vehicles. Borrowers can also benefit from a free online redraw facility, and flexible loan terms.

Based in the NSW south coast, Horizon Bank is a customer-owned bank with history dating back to 1964 when it was first founded as a credit union.

ING

Outstanding Value Award— Excellent Credit Personal Loans

ING has secured the Outstanding Value Award for its Excellent Credit Personal Loans in 2024. The bank’s unsecured personal loan offering stands out for borrowers with ‘Super’ and ‘Outstanding’ credit profiles. ING’s personal loan excels in providing highly competitive rates for those with excellent credit histories, making it an attractive option for borrowers seeking cost-effective financing solutions.

ING is part of the Dutch-based ING Group. The bank first launched in Australia more than 20 years ago when it began offering Australia’s first high-interest and fee-free online savings account. Since then, ING has expanded its product offering to include home loans, transaction accounts, superannuation, credit cards, personal lending and insurance.

Liberty Financial

Outstanding Value Award— Excellent Credit Personal Loans

Liberty Financial has once again received the Outstanding Value Award for its Excellent Credit Personal Loans in 2024. The non-bank lender’s Unsecured Loan (Excellent Credit) stands out for its combination of competitive rates and zero fees, offering significant value to borrowers with strong credit scores. The loan’s flexibility in terms of repayments and access to funds further enhances its appeal.

Liberty Financial is a non-bank lender that has been providing financial loans to Australians for more than 25 years.

MoneyPlace

Outstanding Value Award— Excellent Credit Personal Loans

MoneyPlace has returned as an Outstanding Value – Excellent Credit Personal Loans Award recipient in 2024. MoneyPlace’s Unsecured Personal Loan offers a compelling proposition for borrowers who have excellent credit, combining low rates with flexible features. As part of the Liberty Financial group, it benefits from the broader organization’s expertise in personal lending while maintaining its distinct offering.

Launched in 2016, MoneyPlace is a fintech non-bank lender that was acquired by the Liberty Financial group in 2018.

Northern Inland Credit Union

Outstanding Value Award— Green Personal Loans

Northern Inland Credit Union has secured an Outstanding Value Award for Green Loans in 2024 following the introduction of its market leading Green Loan. This product offers borrowers one of the lowest rates available in the market with no establishment or ongoing fees, as well as the flexibility to choose their repayment schedule.

Founded in 1988 after the merger of three Tamworth based Credit Unions, Northern Inland Credit Union tailors its offerings for Australians looking for smart banking solutions.

OurMoneyMarket

Outstanding Value Award— Personal Loans
Outstanding Value Award— Car Loans
Outstanding Value Award— Excellent Credit Personal Loans

OurMoneyMarket’s personal loan offerings have been recognised with the 2024 Outstanding Value Award for both Personal Loans and Car Loans, as well as the Excellent Credit Personal Loans Award for another consecutive year. The credit can be attributed to OurMoneyMarket’s highly competitive interest rates, particularly for borrowers with strong credit histories. Its loans feature no monthly maintenance fees and allow for early repayments without penalties. This combination of low rates and borrower-friendly features solidifies its position as an outstanding value provider. OurMoneyMarket’s Secured Personal Loan also earned the Outstanding Value Award for Car Loans.

Founded in 2017, OurMoneyMarket is a financial technology company that provides financial services such as personal loans online. OurMoneyMarket states that it acts as an originator, underwriter, servicer and investor of loans provided through the OurMoneyMarket Investment Trust.

People’s Choice

Outstanding Value Award— Personal Loans
Outstanding Value Award— Green Car Loans

People’s Choice has earned the Outstanding Value – Personal Loans Award for 2024 by offering a range of personal loan products that cater to diverse borrower needs. Its loans feature competitive interest rates, flexible repayment options, and minimal fees.

People’s Choice also received the Outstanding Value – Green Personal Loan Award for its Green Car Loan. This product offers an exceptionally competitive interest rate with flexible repayment and term options, no monthly account fees and access to a redraw facility at no additional cost. This low cost lending facility provides borrowers with the features and flexibility to manage their loan in a way that best suits their needs.

Established in 1949 as a credit union, People’s Choice provides its members with modern banking solutions, insurance options and other financial services.

Plenti

Outstanding Value Award— Excellent Credit Personal Loans

Plenti retains its position at the top of the table, receiving yet another Outstanding Value Award for Excellent Credit Personal Loans. Plenti provides competitive interest rates starting at 6.57% per annum. Its offerings include both secured and unsecured loans, allowing borrowers to choose based on their needs. Plenti emphasizes a straightforward application process, enabling quick access to funds while maintaining transparency with no hidden fees.

Established in 2014, Plenti is a fintech non-bank lender that provides financial loans online.

Police Credit Union

Outstanding Value Award— Green Personal Loan

Police Credit Union’s Solar Eco Loan is a returning recipient of the Outstanding Value – Green Personal Loan Award, having previously received the accolade in 2022. Available for purchases of solar energy products, this low variable rate product includes zero application, annual, or early repayment fees and flexibility to make additional payments without penalty.

Police Credit Union was first established in 1970 to service South Australian police but now provides banking services to everyone as a credit union.

Queensland Country Bank

Outstanding Value Award— Green Personal Loan
Outstanding Value Award— Green Car Loan

Queensland Country Bank has secured the Outstanding Value – Green Personal Loans Award for its second consecutive year. At the time of writing, borrowers can receive up to $50,000 for energy efficient home improvements at an ultra-competitive rate and no additional fees. Its Green Reno Loan also offers the choice of weekly, fortnightly or monthly repayments, and the ability to stretch the term from one to 10 years, giving borrowers the flexibility to tailor their loan to their needs.

Queensland Country Bank has also once again received the Outstanding Value – Green Car Loan Award for its Green Car Loan. With this product, borrowers can access a competitive variable rate with flexible loan terms up to seven years. Other notable features of this loan include access to an online redraw facility, and the ability to borrow up to an additional 10% of the initial loan value to fund charging technology, including solar, battery storage or electric charging equipment.

Originating in Mount Isa as the Isa Mine Employee’s Credit Union Limited in 1971, Queensland Country Bank now operates as a member-owned bank and provides service across all of Queensland and beyond.

RACQ Bank

Outstanding Value Award— Car Loans
Outstanding Value Award— Green Car Loans

RACQ Bank received recognition as an Outstanding Value – Car Loans provider for 2024. Its car loan provides borrowers with a low interest rate, no annual or monthly fees, and unlimited additional repayments at no extra cost, enabling borrowers the flexibility to repay their debt ahead of time.

RACQ Bank has also received the Outstanding Value – Green Car Loan Award, marking it the second consecutive year that RACQ Bank has received this Award. Borrowers seeking to finance an eligible EV, PHEV, or FCEV are rewarded with a competitive interest rate, zero upfront fees and the flexibility to make unlimited additional repayments.

RACQ Bank is part of the Royal Automobile Club of Queensland (RACQ), a customer-owned institution that has been operating for over 117 years and claims to have over 1.7million members.

Revolut

Outstanding Value Award— Personal Loans
Outstanding Value Award— Excellent Credit Personal Loans

As a newcomer to the personal loans market, Revolut has quickly established itself as an outstanding value provider, earning itself both the Personal Loans Outstanding Value Award and the Excellent Credit Award for 2024. Its personal loans stand out for offering fixed rates below 7% for borrowers with exceptional credit, coupled with zero ongoing fees. Revolut’s strong digital banking features and user-friendly platform further enhances the value of its personal loan products.

Revolut is a global neobank and fintech company founded in 2015. It offers banking services, currency exchange, virtual credit and debit cards, personal loans and a variety of other financial services.

Teachers Mutual Bank

Outstanding Value Award— Personal Loans

Teachers Mutual Bank has secured the Outstanding Value – Personal Loans Award for 2024 by offering highly competitive interest rates and flexible loan terms tailored to the needs of education professionals and their families. Its personal loans feature low fees, the ability to make extra repayments, and options for both secured and unsecured borrowing.

First founded in 1966 as a credit union, Teachers Mutual Bank now operates as a customer-owned bank and is one division of Teachers Mutual Bank Limited.

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About Canstar

Canstar also has insights and information about financial products and services generally. You can find out about topics such as: interest rates, buy now pay later (BNPL), business products and tax. You may also be interested in discovering more about calculators and resources, such as our rate checker and free credit score tool, to help you with your financial decision-making.

About: Josh Sale, Group Manager, Research & Ratings

Bachelor of Commerce, Economics/Finance dual major, Griffith University. Master of Data Science, Strategy and Leadership, RMIT (ongoing studies)

Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products.

As one of Canstar’s company spokespeople, Joshua has participated in print, radio and broadcast interviews with the likes of the Australian Financial Review, news.com.au and Money magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends.

Joshua is known for his ability to simplify complex products and technical information, crunching the data into meaningful insights for consumers about finance. He has analysed several consumer markets across banking, insurance and wealth, and is keenly interested in various topics, ranging from how Australians interact with their superannuation funds, to the dynamic nature of the health insurance market, and collecting and redeeming credit card reward points.

Joshua believes that knowledge is the first step towards empowerment. Even while studying, he facilitated peer-assisted study sessions for economics, and represented his University’s Business School in an academic committee.

You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.