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 loans.com.au 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 loans front, Symple and OurMoneyMarket 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 loans.com.au 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….