Meet the lenders rivalling the big banks

Kelly Emmerton   |   09 Jul 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 80
  • 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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Aussie Select Basic Variable
  • Fixed rates from 3.69% (3.70% comparison rate*)

  • Borrow up to $5,000,000

  • Free extra repayments and redraw

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 >>

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State Custodians Low Rate Home Loan with Offset
  • 3.64% variable interest rate (comparison rate: 3.67%*)

  • No application or ongoing service fee (valuation fee applies)

  • Free extra repayments, redraw facility and offset account

State Custodians is one of Australia's most awarded non-bank lenders, and its Low Rate Loan with Offset is packed with money saving features. Not only does this home loan comes with a very competitive interest rate and very few fees, but you’ll also have access to a host of features including a full offset account, free extra repayments, a redraw facility and the option to split your rate between fixed and variable.

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

PERSONAL LOANS

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Bank Australia Lifestyle Personal Loan
  • 11.89% variable rate (12.94% comparison rate^)

  • Borrow from $1,000

  • Free extra repayments allowed

Bank Australia aims to do banking a little differently, with a strong commitment to socially conscious, responsible banking practices that mean you can feel good about being a member with them. With the Bank Australia Lifestyle Personal Loan, you can borrow without any big asset as security, and there are no service fees to budget for. You can pay your loan back over a term of up to ten years, with free extra repayments allowed.

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

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SocietyOne Unsecured Personal Loan - Excellent Credit
  • Fixed rates from 7.50% (9.51% comparison rate^)

  • No ongoing service fee

  • Free extra repayments allowed

Online lender SocietyOne rewards your great credit with great rates when it come to personal loans. This offer allows you to borrow up to $50,000 with a competitive rate, plus no ongoing fee, free extra repayments and the option to make repayments monthly or fortnightly. It’s available for terms of up to 5 years.

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

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HSBC Unsecured Personal Loan
  • Fixed rates from 9.50% (10.06% comparison rate^^)

  • Borrow up to $50,000

  • Free extra repayments allowed

If you’re looking to borrow up to $50,000 from a lender that’s challenging the big banks but is still a well-known name, check out HSBC’s Unsecured Personal Loan. With no need to have an asset as collateral, this loan leaves excellent credit borrowers free to borrow for terms of up to 5 years on a competitive low rate.

Where do I get it? Head over to HSBC 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

To see more great offers from a wide range of lenders, head over to Mozo’s banking comparison tables.

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