Been with your bank or insurer for over 3 years? You need to read this!

By Gabriella Margerison · Thursday, 17 October 2024 · 1 min read

Fact Checked

While it may only feel like yesterday since you last reviewed your home loan, personal loan or car insurance, if you’ve been with the same lender or insurer for more than three years, you may be missing out on some of the latest innovations and new players that have emerged that could save you time and money.

Fast online applications, efficient approval processes and killer low rates are just some of the benefits that new players are offering.

In the home loan game, the big entrant over the past few years has been Unloan, the digital home loan built and backed by CommBank, that has a rate of just 5.99% (5.99% comparison) and an automatic 0.01% rate discount for every year you hold the loan. Then there’s insurance giant NRMA, which has some of the most competitive 1 and 2 year fixed rates currently of the providers we track.

If you’re after a car or personal loan, online lenders like NOW Finance and OMM offer speedy, online applications and allow free extra repayments so you can save on interest and pay your loan back faster. Over in the car insurance arena, Rollin’ has even got in on the game with unique pay-as-you-go features and Australia Post with an online discount for buying online.

Don’t let outdated deals cost you any longer. Check out what’s on offer across home loans, personal loans, and car loans below. A quick comparison could be the difference between paying extra or pocketing savings.

HOME LOANS

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Important disclosures and comparison rate warning*

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Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.

Comparison rate warning

WARNING: 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. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

How Initial Monthly Repayments figures are estimated

Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

Unloan Variable Home Loan

5.99% p.a. variable rate (5.90% p.a. comparison rate*)
Zero upfront or ongoing fees
Low cost home loan winner - Mozo Experts Choice Awards 2023 & 2024^

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Unloan’s Variable Home Loan has taken out a low cost home loan award for the second year running in the Mozo Experts Choice Awards^. Built by CommBank, Unloan offers owner-occupiers a super low 5.99% p.a. variable rate (5.90% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for loans of up to $10M. Minimum 20% deposit.

Where do I get it? Head over to Unloan to find out more>>

NRMA Insurance 2 Year Fixed Home Loan

5.54% p.a. 2 year fixed rate (5.93% p.a. comparison rate*)
Zero application fees to pay
Free additional repayments up to $20,000 per year

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Secure a competitive interest rate on up to a 30 year loan term with the NRMA 2 year fixed home loan. There is no application fee to pay and you can make unlimited additional repayments for up to $20,000 per year. You’ll get free online redraw and have the option to add a 100% offset account for a small fee. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

Where do I get it? Head over to NRMA Insurance to find out more>>

PERSONAL LOANS

Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.

Important disclosures and comparison rate warning*

Advertiser disclosure

'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.

We provide only general advice

Comparison rate warning

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. 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.

How Initial Monthly Repayments figures are estimated

OurMoneyMarket Low Rate Personal Loan

Unsecured rates from just 6.57% fixed (7.19% comparison rate*)
Free extra repayments and fee-free redraw
Quick and easy 100% online application

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OurMoneyMarket offers low rate personal loans for borrowers with excellent credit, with a speedy online application process that guarantees you a decision in just 1 minute. You can borrow between $2,000 and $75,000 at a simple fixed interest rate that can be repaid weekly, fortnightly or monthly over 1 to 7 years. There are no monthly account keeping fees, no exit fees and no early repayment fees.

Where do I get it? Head over to OurMoneyMarket to find out more>>

NOW Finance No Fee Unsecured Personal Loan

Unsecured rates from 6.75% fixed (6.75% comparison rate*)
Zero upfront fees or ongoing fees – over the life of your loan

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NOW Finance is a popular choice with borrowers looking to avoid costly fees and high interest rates. This award-winning non-bank lender offers no-fee personal loans for up to $50,000, with super low rates for good credit borrowers. Apply online to get a personalised rate quote in 2 minutes without impacting your credit score, and NOW Finance offers funds as fast as 24-48 hours after you’re approved.

Where do I get it? Head over to NOW Finance to find out more>>

CAR INSURANCE

Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important information on terms, conditions and sub-limits.

Important disclosures

Advertiser disclosure

'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.

We provide only general advice

ROLLiN' Comprehensive Car Insurance*

Pay for insurance month-to-month with no cancellation fees
24/7 online claims support

Go to site

ROLLiN' is shaking up car insurance with a new pay-as-you-go approach that lets you pay month-to-month without any lock-ins or cancellation fees. So if you don't need to drive for a certain amount of time, you can simply cancel your cover without penalty and pick it back up when required. You'll enjoy 24/7 online claims support and a lifetime guarantee on authorised repairs, plus if you accidentally damage your windscreen, sunroof or window glass, ROLLiN' will fix them for free. The cherry on the cake? ROLLiN' scored to Mozo Experts Choice awards for Exception Value Car Insurance and Exceptional Value Young Driver Insurance.

Plus, get 10% off the base premium for the first 2 consecutive monthly policies and up to a 15% potential monthly discount from your 3rd month for being a safer driver. Minimum premiums may apply. Underwriting criteria, limits, exclusions, and T&Cs apply.

Where do I get it? Head over to ROLLiN' to find out more>>

Australia Post Comprehensive Car Insurance*

2024 Mozo Experts Choice Award Execeptional Value winner
$75 discount on your first year's premium when you buy online
Includes cover for anyone who drives your car

Go to site

Australia Post’s comprehensive car insurance offers generous benefits at competitive premiums. Benefits include cover for anyone who drives your vehicle, 14 days of hire car cover after a not at fault claim, up to $1,000 of personal property cover for items inside your car and up to $1,000 cover for emergency travel and accommodation if you’re more than 100km away from home. Plus, for a limited time you can save $75 when you buy online.

Where do I get it? Head over to Australia Post to find out more>>

^* WARNING: 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. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

^** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^*** 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.

^**** Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.

^See information about the Mozo Experts Choice Home Loan Awards

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