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.
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.
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).
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.
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.
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?
*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