Alex Bank granted restricted banking licence
Alex Bank, also known as Alex, has become the latest Australian digital banking player to be approved by the Australian Prudential Regulation Authority (APRA) as a restricted authorised deposit-taking institution.
Announced last week, APRA’s decision means that Alex Bank will be able to conduct ‘limited banking business’ for up to two years under the restricted licence, and it’s a major step on the path to Alex becoming a fully-fledged digital bank.
Founded in 2018, the independent Brisbane-based bank launched its first product - the Alex Person Loan - in July last year.
Offering personalised rates fixed rates between 5.45% (5.45% comparison rate*) and 19.99% (19.99% comparison rate*) depending on a borrower's credit history, the Alex Personal Loan can be applied for entirely online and it (currently) doesn’t come with any establishment fee.
Alex’s loan was also named Best New Loan Product by our expert judges in the 2021 Mozo Experts Choice Personal Loan Awards.
Going forward it appears that a savings account will be the first deposit account launched by the bank, though Alex states on its website that: “The timing will depend on how long it takes for us to be fully accredited as an ADI by APRA.”
RELATED: What can we expect as non-major banks join the open banking party from July 1?
Interested in reading more about the latest digital banking and finance news? Keep up to date with our articles and guides on the Mozo fintech hub.
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Low Rate Personal Loan
Excellent Credit, $5,000 - $75,000
interest rate
comparison rate
Monthly repayment6.57% p.a.to 8.39% p.a.7.19% p.a.to 8.75% p.a.based on $30,000
over 5 yearsCompetitive low rates for borrowers with excellent credit on 1-7 year loans from $5,000 up to $75,000, plus free extra repayments. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
CompareCompare- interest rate
- 6.57% p.a.to 8.39% p.a.
- comparison rate
- 7.19% p.a.to 8.75% p.a.based on $30,000
over 5 years
- interest rate
- 6.57% p.a.to 8.39% p.a.
- comparison rate
- 7.19% p.a.to 8.75% p.a.based on $30,000
over 5 years
- Upfront fee
- $250.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Rate for Excellent Credit. Establishment fee varies from $250 and is based on your OurMoneyMarket loan grade and total loan amount. The fee is added to the principal amount and paid over the loan term.
Read reviews and learn more about OurMoneyMarket personal loans
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Unsecured Personal Loan
interest rate
comparison rate
Monthly repayment6.56% p.a.to 21.99% p.a.6.56% p.a.to 22.79% p.a.based on $30,000
over 5 yearsCompetitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, you'll receive your money into your Revolut account straight away.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.56% would cost $35,768.68 including fees.
CompareCompare- interest rate
- 6.56% p.a.to 21.99% p.a.
- comparison rate
- 6.56% p.a.to 22.79% p.a.based on $30,000
over 5 years
- interest rate
- 6.56% p.a.to 21.99% p.a.
- comparison rate
- 6.56% p.a.to 22.79% p.a.based on $30,000
over 5 years
- Upfront fee
- $499.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $0.00
- Repayment options
- Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- For 6 and 7 year loan terms, rates are available from Revolut on request. Establishment fees range from $0-$499, are quoted on application and added to the loan amount.
- Other restrictions
- -
Read reviews and learn more about Revolut personal loans
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Unsecured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment6.75% p.a.to 26.95% p.a.6.75% p.a.to 26.95% p.a.based on $30,000
over 5 yearsBorrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'
Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,430.23 including fees.
CompareCompare- interest rate
- 6.75% p.a.to 26.95% p.a.
- comparison rate
- 6.75% p.a.to 26.95% p.a.based on $30,000
over 5 years
- interest rate
- 6.75% p.a.to 26.95% p.a.
- comparison rate
- 6.75% p.a.to 26.95% p.a.based on $30,000
over 5 years
- Upfront fee
- $0.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $0.00
- Repayment options
- Weekly, Fortnightly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Rates based on borrower with excellent credit score. Maximum 3 year term for loan amounts $8,000 or less.
Read reviews and learn more about NOW Finance personal loans
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Debt Consolidation Loan
$5,000-$75,000
interest rate
comparison rate
Monthly repayment6.57% p.a.to 18.99% p.a.7.19% p.a.to 19.39% p.a.based on $30,000
over 5 yearsCompetitive fixed rates on loans up to $75,000 depending on your credit score. Zero monthly account keeping fees, no exit fees and no early repayment fees. Make weekly, fortnightly or monthly repayments, over 1 to 7 years managed entirely online, at any time. Fast and easy, 100% online application.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
CompareCompare- interest rate
- 6.57% p.a.to 18.99% p.a.
- comparison rate
- 7.19% p.a.to 19.39% p.a.based on $30,000
over 5 years
- interest rate
- 6.57% p.a.to 18.99% p.a.
- comparison rate
- 7.19% p.a.to 19.39% p.a.based on $30,000
over 5 years
- Upfront fee
- $250.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Interest rates may vary depending on assessment of application. Establishment fee varies from $250 and is based on your OurMoneyMarket loan grade and total loan amount. The fee is added to the principal amount and paid over the loan term.
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Home Improvement Loan
Excellent Credit, $5,000 - $100,000
interest rate
comparison rate
Monthly repayment6.57% p.a.to 8.39% p.a.7.19% p.a.to 8.75% p.a.based on $30,000
over 5 yearsGive your home a refresh with the 2025 Mozo award-winning provider OMM. Borrow up to $100,000 for loan terms 1-7 years. Flexible weekly, fortnightly or monthly repayment options. No monthly, early repayment or exit fees. Fast 100% online application.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,278.12 including fees.
CompareCompare- interest rate
- 6.57% p.a.to 8.39% p.a.
- comparison rate
- 7.19% p.a.to 8.75% p.a.based on $30,000
over 5 years
- interest rate
- 6.57% p.a.to 8.39% p.a.
- comparison rate
- 7.19% p.a.to 8.75% p.a.based on $30,000
over 5 years
- Upfront fee
- On Application
- Monthly fee
- -
- Exit fee
- -
- Late payment fee
- -
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- -
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $100,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- -
Read reviews and learn more about OurMoneyMarket personal loans
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Express Personal Loan
Secured
interest rate
comparison rate
Monthly repayment16.95% p.a.to 29.95% p.a.32.99% p.a.to 45.5% p.a.based on $10,000
over 3 yearsAccess fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-36 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.
Repayment terms from 2 years to 3 years. Representative example: a 3 year $10,000 loan at 16.95% would cost $14,952.03 including fees.
CompareCompare- interest rate
- 16.95% p.a.to 29.95% p.a.
- comparison rate
- 32.99% p.a.to 45.5% p.a.based on $10,000
over 3 years
- interest rate
- 16.95% p.a.to 29.95% p.a.
- comparison rate
- 32.99% p.a.to 45.5% p.a.based on $10,000
over 3 years
- Upfront fee
- $1,190.00
- Monthly fee
- $26.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $3,000.00
- Maximum loan amount
- $25,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 3 Years
- Security required
- Various, Vehicle
- Other benefits
- -
- Other restrictions
- Application fee from $125 to $1,190. Additional Risk Fee of $0 to $995 applies. Minimum loan term is 25 months.
Read reviews and learn more about Jacaranda Finance personal loans
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* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
^See information about the Mozo Experts Choice Personal Loan Awards
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