Meet the killer lenders stealing bank borrowers in droves


30 May 2021

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Aussie borrowers looking for lower rates, faster approval processes and flexible lending terms are deserting the big banks in earnest for more competitive smaller lenders, and a handful of non-bank lenders in particular stand out from the pack.

Aussie-owned is winning over fed-up bank borrowers in droves with a killer combination of ultra-low interest rates, hassle-free online applications and settlements within 30 days. Meanwhile mortgage challenger Athena is shaking up the market with a new 1.99% variable rate home loan (1.99% comparison rate*) for refinancers with at least 40% equity in their property.

On the personal and business loans front, Symple, OurMoneyMarket and Moula are taking on the banks with fast online loans and super low rates personalised to borrowers' credit ratings, while Buy Now Pay Later provider Zip is shaking up business loans with a new buy now pay later service for businesses called Zip Business Trade. 

"Many people are keen to leave the big banks and are surprised to discover how easy it is to refinance and the great deals that are out there with online lenders", says Managing Director Marie Mortimer. 

So if you're looking for a more flexible way to borrow at a low rate that could save you thousands, read on for our expert rundown of the killer home loans, personal loans and business loans on offer from these digital dynamos….

TOP HOME LOANS Smart Booster Home Loan
  • 1.85% discounted variable rate for 2 years

  • Rolls over to low ongoing 2.25% (2.21% comparison rate*)

  • Optional offset account plus free redraws and extra repayments

This low rate, low fee home loan could help you save thousands on your mortgage and is packed with useful features like unlimited free extra repayments and redraw, multiple loan split options and an optional offset account for 0.10%. With all this on offer the Smart Booster Home Loan really is a smart choice for borrowers who are looking to save money on interest and get mortgage free faster. You can borrow up to $1 million with this loan with a 30% deposit, and pay no ongoing monthly fees.

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

Athena Celebrate Variable Home Loan
  • New 1.99% variable rate (1.99% comparison rate*)

  • Zero Athena fees + free extra repayments and redraw

  • Available to borrowers with 40% deposit or equity

The Athena Celebrate Variable Home Loan boasts one of the lowest variable rates on the market for borrowers with at least 40% equity in their property, and charges zero fees to boot. What’s more, the automatic rate drop feature means the more you pay down your loan, the lower your rate becomes. It's available to refinancers and new borrowers purchasing in capital or major regional cities, with a minimum 40% deposit or equity.

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


Symple Loans Personal Loan
Symple Loans
  • Low variable rates from 5.75% p.a. (6.47% p.a. comparison rate^)

  • Borrow up to $50,000 with no early repayment fee, and earn up to 50,000 Qantas points

  • Get a personalised rate quote in just 2 minutes

The unsecured Symple Loans Personal Loan has super-low variable rates from 5.75% p.a. (6.47% p.a. comparison rate^) on loans between $5,000 and $50,000 with 1-7 year loan terms. Plus, once your online application has been approved, you could have the funds in your account by the very next business day! And if you’re keen to make some extra repayments to get you one step closer to being debt-free, you’ll be happy to know that this loan allows free extra repayments.

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

OurMoneyMarket Special Offer Low Rate Personal Loan
  • Unsecured rates from just 5.40% p.a. fixed (6.36% p.a. comparison rate^)

  • Free extra repayments and fee-free redraw

  • Quick and easy 100% online application

OurMoneyMarket offers low rate personal loans for borrowers with excellent credit, with a super fast online application process that guarantees you a decision in just 1 minute. This competitive unsecured loan lets you borrow between $2,000 and $50,000 at a discounted rate of 5.40% p.a. for the first 12 months (comparison rate 6.36%^) 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 >>


Zip Business Trade Zip Business Trade
Zip Business Trade
  • Apply online to get $1,000 to $3,000 fast and interest-free

  • $12 monthly account fee (waived if you have zero balance)

  • Fast and easy way to cover everyday and unexpected spending

If you’re looking for fast, interest-free finance to help cover your expenses, purchase inventory and grow your business, then Zip Business Trade could be just the solution you're after. Simply apply online for a Zip Business Trade buy now pay later account  and use it to cover everyday spending or unexpected costs up to $3,000. Minimum repayments are just $200 a month, there is no interest charged ever and the $12 monthly account fee is waived if you have zero balance.

Where do I get it? Head over to Zip Business Trade to find out more >>

Moula Business Loan
  • Borrow up to $250,000 with no asset required

  • Apply online in 7 minutes and get a credit decision within 24 hours

  • No early repayment penalty

Moula provides small and medium businesses with working capital through a unique platform that analyses business data to approve funding. The 7 minute online application process lets you enter a few details and link up your accounting or banking data to get credit approval within 24 hours. Interest rates start from 15% p.a. and there’s a 2% upfront fee, but no ongoing or early repayment fees. To be eligible, your business should have an ABN or ACN, been operating for at least 6 months, and a monthly turnover of $5,000.

Where do I get it? Head over to Moula 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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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.

^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 for the amounts and terms below, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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. ^Based on $10,000 over 3 years ^^Based on $30,000 over 5 years

^See information about the Mozo Experts Choice Home loans Awards

Want to check out other borrowing options? Head over to our home loan comparison table, our personal loans comparison tool or our business loan comparisons to get the ball rolling.

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