Harmoney named top risk-based personal loan product in Australia

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PHOTO: Ben Taylor, General Manager of Harmoney Australia.

Harmoney has been named Australia’s top risk-based personal loan at the 2019 Finder awards.

It is the first year a personal loans category has been included in the Finder product awards, which celebrate the best and most innovative businesses challenging the status quo on behalf of consumers.

Harmoney incoming CEO David Stevens says the award is a great validation of Harmoney’s business model and the fast, accurate service it provides consumers in Australia’s highly competitive personal loans market.

Finder.com's co-founder, Fred Schebesta says, “With its super low rates and no early repayment fees, Harmoney was the stand out winner for Finder’s risk-based personal loan category. Congratulations for a well-deserved win."

Harmoney operates an online consumer lending platform on which its approved borrowers have their loans funded by third party, wholesale lenders. Some key milestones this year for the company include announcing a first profit of $7.2M for FY19, reaching the milestone of more than $100M of settled loans in Australia and initiating a warehouse funding facility.

“The award is great recognition that we are trying to lead the way for the benefit of consumers. Our loan application process is fast and simple, but smart enough that we can offer borrowers competitive rates accurately matched to their individual circumstances," Mr Stevens says.

“Our core focus is being able to offer loans that are not just competitive on interest rates, but affordable for those who take them out.”

Finder product award winners are decided on independent data-led methodology, rather than submissions from companies. Judges obtained four quotes based on different theoretical customer profiles from each of the three finalist companies in the award. The award results were based on the average comparison interest rate offered to those four different customer profiles.

For queries please contact:


David Stevens
CEO & Managing Director


Courtney Howe
+61 404 310 364

About Harmoney

Harmoney is an online direct personal lender that operates across New Zealand and Australia providing customers with unsecured personal loans that are easy to access, competitively priced (using risk-adjusted interest rates) and accessed 100% online.

Harmoney’s purpose is to help people achieve their goals through financial products that are fair, friendly, and simple to use.

Harmoney’s proprietary digital lending platform, Stellare™, facilitates its personalised loan product with applications processed and loans typically funded within 24 hours of acceptance by the customer. Stellare™ applies a customer’s individual circumstance to its data-driven, machine learning credit scorecard to deliver automated credit decisioning and accurate risk-based pricing.

Business fundamentals

  • Harmoney provides unsecured personal loans of up to $70,000 for three, five or seven year periods to customers across New Zealand and Australia
  • Its direct-to-consumer and automated loan approval system is underpinned by Harmoney’s scalable Stellare™ proprietary technology platform
  • A significant percentage of Harmoney’s originations are “3R” (repeat) customers, with losses on repeat loans approximately 40% lower than first time loans
  • Harmoney is comprised of a team of 69 full-time employees across Australia and New Zealand, over half of whom comprise engineering, data science and product professionals
  • Harmoney is funded by a number of sources including two “Big-4” bank warehouse programs across Australia and New Zealand and a facility from M&G Investments