Meet the lenders the big banks hate

Kelly Emmerton

03 Dec 2018

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With so many different options for borrowing money out there on the market, Aussies really are spoilt for choice when it comes to getting a great deal on their home loans, personal loans and credit cards.

And with so many challengers to the big banks popping up - from online lenders, to customer-owned institutions and credit unions - there’s more reason than ever before to spend some time comparing your options to get the best value around.

So if you’re over high interest rates and steep fees, check out these killer lenders giving the big banks a run for their money.

HOME LOANS

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loans.com.au Essentials Variable 90
  • Rates from 3.64% (3.66% comparison rate*)

  • $0 application or ongoing fees

  • Free extra repayments and redraw facility

Popular online lender loans.com.au not only offers up a super low rate with its Essentials Variable home loan, but you can also make use of a few handy features, including free extra repayments, a redraw facility and the chance to split your loan between fixed and variable rates. Its no wonder loans.com.au is a multiple Mozo Experts Choice Awards winner. You can borrow up to $2 million with this loan, and pay no annual or application fee.

Where do I get it? Head over to loans.com.au to find out more >>

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Bank Australia Basic Home Loan Special
  • 3.65% variable rate (3.66% comparison rate*)

  • $0 annual fee plus establishment fee waived until 31 December

  • Free extra repayments and redraw facility

Bank Australia's mission is to be a responsible and sustainable alternative to the big banks, offering a winning combination of low cost products and ethical standards. With a special low rate and no big fees to budget for, the Bank Australia Basic Home Loan Special delivers real value. You can borrow amounts from $10,000 with a 20% deposit and choose from monthly, fortnightly or even weekly repayments. Plus, you’ll be able to pay off your balance quicker with free extra repayments.

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Aussie Select Basic Variable
  • Fixed rates from 3.69% (3.70% comparison rate*)

  • Borrow up to $5,000,000

  • Free extra repayments and redraw

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As a challenger lender keeping the big banks on their toes, Aussie offers up some seriously low home loan rates, to help you save on your mortgage. The Select Basic Variable Rate loan also comes with no upfront application or ongoing service fees, along with handy features like the chance to make fee-free extra repayments, and use a redraw facility ($100 minimum redraw applies).

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UBank UHomeLoan - Discount Offer
  • 3.59% variable interest rate (3.59% comparison rate*)

  • No annual or application fees

  • Free extra repayments and redraw facility

UBank is another online lender proving popular with Aussie borrowers for super low home loan rates, not to mention the fact that it's actually backed by NAB. The UHomeLoan Discount Offer comes with no annual or application fees, plus features like the ability to make unlimited free extra repayments and use a redraw facility.

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

PERSONAL LOANS

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ME Personal Loan
  • Fixed rates from 10.98% (11.35% comparison rate^^)

  • Borrow up to $50,000

  • Make free extra repayments to save on interest

Want a simple personal loan from a well-known online lender? Check out the ME Personal Loan. With competitive fixed rates on offer, plus no ongoing service fee to budget for, it’s easy on your wallet. You can choose a loan term of between 1 and 7 years, plus choose fortnightly or monthly repayments to suit your schedule. And if you’ve got spare cash at any point, you can make an extra repayment to pay your loan off quicker.

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

CREDIT CARD

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Woolworths Everyday Platinum Credit Card
  • $0 annual fee in the first year ($49 after)

  • 3 points for every $1 spent on Woolies ‘Select’ products

  • 19.99% purchase rate

Wondering if a supermarket rewards card could really rival a big bank credit card? Wonder no more. The Woolworths Everyday Platinum card offers you the chance to shave dollars off your supermarket spend, and it’s a 2018 Mozo Experts Choice Premium Rewards Card Award winner to boot - what’s not to like?

Where do I get it? Head over to Woolworths 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.

^ 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

Want to check out some other excellent borrowing options? Head over to our home loan comparison table, or our personal loan comparison tool to get started.

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