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Best of the Best 2017: Cheapest Personal Loans

GOLD WINNERS: POLICE BANK (BANK), LIBERTY (NON-BANK)

It feels good to reduce your debts, especially if you manage to get ahead of your repayments, and our two winners in the category of cheapest personal loans advertise zero penalties for paying out your loan early.

Also they both offer fixed loans, so over the term you don’t have to worry about your interest rate going higher.

Police Bank’s personal loan provides amounts over $5000 with the option to be financed 100% – just make sure you can afford the repayments.

The term for its competitive 9.99% fixed rate can range up to seven years.

Our non-bank winner, Liberty Financial, offers loans between $5000 and $50,000 for a maximum term of seven years. It has flexible payment options, allowing you to choose between weekly, fortnightly and monthly.

This account also has a free redraw facility that you can access using a debit card, so you can access extra repayments.

Read more from Best of the Best or grab the December issue of Money for full coverage.

2 Comments

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  1. How about Bank Australia’s variable personal loan? Currently 7.89% and it actually drops when the RBA Cash Rate drops too, was this considered in your awards?

    • Hi Grant,

      All personal loan products were considered for this category, although promotional rates were ignored.

      The winners were ranked by cost of repayment of an unsecured loan of $10,000 over three years, based on 50 per cent advertised fixed and variable rates and 50 per cent average six-month historical fixed and variable rates (average taken if range applied) and fees.

      – Money team

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