Mortgage shake up! Meet the lenders taking on the big banks in 2022
Aussie borrowers looking for lower rates, faster approval processes and flexible lending terms are deserting the big banks in earnest for more competitive lenders. But with so many different options available, which rival lenders really stand out from the pack?
Aussie-owned loans.com.au is winning over fed-up bank borrowers in droves with ultra-low interest rates, hassle-free online applications and settlements within 30 days. Meanwhile Athena is shaking up the market with a customer first approach and some of the lowest variable rates in town for borrowers with low LVRs.
For borrowers not quite ready to make the move to a non-bank lender, rival bank Macquarie is proving a popular alternative to the big 4, while Greater Bank took out the Mozo Experts Choice Award for Home Lender of the Year 2022^ for its competitive range of fixed and variable loans.
"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 top home loans on offer from these digital dynamos….
MORTGAGE CRUSHING HOME LOANS
loans.com.au - Smart Booster Home Loan
- New 2.10% discounted variable rate for 2 years
- Rolls over to low ongoing 2.50% (2.46% comparison rate*)
- Optional offset account plus free redraws and extra repayments
This low rate, low fee home loan could help you save thousands on your mortgage and is packed with useful features like unlimited free extra repayments and redraw, multiple loan split options and an optional offset account for 0.10%. With all this on offer the Smart Booster Home Loan really is a smart choice for borrowers who are looking to save money on interest and get mortgage free faster. You can borrow up to $1 million with this loan with a 20% deposit, and pay no ongoing monthly fees.
Where do I get it? Head over to loans.com.au to find out more >>
Macquarie - Offset Home Loan
- New variable rates from 2.39% (2.67% comparison rate*) - minimum 40% deposit
- 100% offset account, redraw facility and extra repayments
- No upfront fees ($248 annual package fee applies)
Macquarie is now Australia’s 5th largest home lender, and with offerings like this it’s not hard to see why. The Macquarie Offset Home Loan now has even lower variable rates along with a range of flexible features such as 100% offset (up to 10 free offset accounts per loan account), free extra repayments and online redraw and a split account option. To start the simple application process, simply request a call on the Macquarie website. Available for loans of up to $5 million.
Where do I get it? Head over to Macquarie to find out more >>
Nano - Variable Home Loan
- 2.24% variable and comparison rate* (refinancers only)
- Zero upfront or ongoing service fees
- Free 100% offset sub account
New digital lender Nano is winning over refinancers with an ultra low variable rate for borrowers with an 80% LVR plus unlimited additional repayments, free redraw and a free 100% offset account. There are no upfront or ongoing service fees to pay and applying online is fast and easy - in fact Nano claims to have the world's fastest online approval process! It's no wonder Nano took out the Mozo Experts Choice Award for Best New Home Loan of 2022.^
Where do I get it? Head over to Nano to find out more >>
Athena - Celebrate Variable Home Loan
- New 2.14% variable and comparison rate* effective 5 May
- Zero Athena fees + free offset account, extra repayments and redraw
- Available to borrowers with 40% deposit or equity
The Athena Celebrate Variable Home Loan boasts one of the lowest variable rates on the market for borrowers with at least 40% equity in their property, and charges zero fees to boot. What’s more, the automatic rate drop feature means the more you pay down your loan, the lower your rate becomes. It's available to refinancers and new borrowers purchasing in capital or major regional cities, with a minimum 40% deposit or equity.
Where do I get it? Head over to Athena to find out more >>
Greater Bank - Discount Great Rate Home Loan Fixed
- 2.59% fixed rate for 1 year (2.23% comparison rate*)
- Borrow with just a 10% deposit, guarantor option also available
- NSW, QLD and ACT residents only
Greater Bank took out the Home Lender Bank of the Year Award for 2022^ for their incredibly competitive home loans range. This ultra-low fixed home loan is a great option for borrowers looking to secure home loan repayment certainty and protect against future rate rises. There's a low upfront fee of $180 and no ongoing fees, but you can choose to make extra repayments during the fixed term for a small fee.
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Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.
* 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, loan amount and term entered. 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.
^See information about the Mozo Experts Choice Home Loan Awards
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