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 in 2023 a handful of rival lenders in particular stand out from the pack.
Aussie-owned loans.com.au is winning over fed-up bank borrowers in droves with a stellar combination of competitive interest rates, hassle-free online applications and settlements within 30 days. Meanwhile ubank, which is backed by NAB, has discounted rate tiers for borrowers with lower LVRs and boasts quick application process and approvals.
On the personal loans front, Now Finance and OurMoneyMarket are taking on the banks with fast online loans and super low rates personalised to borrowers' credit ratings, while Lumi is shaking up business loans, and boasts funding as quickly as the same business day if all necessary documentation is provided and the loan is approved.
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
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Important disclosures and comparison rate warning*
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'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
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We provide only general advice
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 is a stellar digital home loan offering built by CommBank. Owner-occupier refinancers receive 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 refinance loans of up to $10M. Minimum 20% deposit. Awarded Best New Home Loan in the 2023 Mozo Experts Choice Awards.^
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
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
We provide only general advice
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 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
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.
OurMoneyMarket - Low Rate Personal Loan
Unsecured rates from just 6.57% fixed (7.19% comparison rate*)
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. Mozo Experts Choice Unsecured Personal Loan 2022 award winner.^
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.
Harmoney - Unsecured Personal Loan
Unsecured rates from just 5.76% p.a. fixed (6.55% p.a. comparison rate*)
Funds in as little as 24 hours after loan term acceptance
Online lender Harmoney has made a name for itself with its super fast, low cost, 100% online personal loans. The Harmoney Unsecured Personal Loan offers extremely low rates for borrowers with great credit and makes borrowing easy with an efficient online application and 24 hour cash turnaround. Note that you'll need to earn above $30,000 a year to qualify.
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
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
We provide only general advice
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 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
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.
Loans.com.au - New Car Loan Special
Variable rates from 6.24% p.a. (7.36% p.a. comparison rate*)
Get on the road with the New Car Loan Special from loans.com.au. This option for new and demo vehicles features a competitive 6.24% p.a. (7.36% p.a. comparison rate*), with early payout options. You can borrow between $5,000 and $150,000 with loan terms up to 7 years. Make sure to keep in mind the $400 one-off application fee and an $8 monthly service fee. Applications are 100% online, with assessments usually taking under 24 hours to complete.
OurMoneyMarket - Car Loan
Fixed rates from 6.57% p.a. (7.19% comparison rate*) for good credit borrowers
No monthly account fees and no early repayment fees
Looking for a low rate car loan to get behind the wheel of your dream car sooner? With OurMoneyMarket’s competitive fixed loan rates for borrowers with good credit, you'll be able to borrow between $5,000 and $75,000 and get on the road faster than ever. There are no monthly account fees and no early repayment fees to worry about. Plus, you can enjoy a quick and easy 100% online application.
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
Advertiser disclosure
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
We provide only general advice
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.
Get business loan funding in as little as three hours with Bizcap on loans from $5,000 to $2,000,000. Bizcap offers cash flow friendly repayments and a super-simple online application process that takes minutes. $120,000 minimum annual turnover required.
Prospa know that different businesses have diverse needs and goals, which is why they designed their business loan with some serious flexibility. Borrowers can apply for unsecured business loans from $150,000 all the way up to $500,000, with loan terms from 3 to 36 months. On top of that, with speedy applications and the ability to make extra repayments, you won’t just be able to get the loan fast, you’ll be able to pay it off as quickly as you want.
*
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.
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 PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
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Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
Important information on terms, conditions and sub-limits
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.