Mortgage shake up! Meet the lenders taking on the big banks in 2023

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 low cost home loans, hassle-free online applications and settlements within 30 days. 

For borrowers not quite ready to make the move to a non-bank lender, rival banks like UBank are proving to be popular alternatives to the big 4.

"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

Unloan - Variable Home Loan
  • 5.99% p.a. variable rate (5.90% p.a. comparison rate*)
  • Zero upfront or ongoing fees
  • Refinancers only

Unloan is a stellar new digital home loan offering built by CommBank. Owner-occupier refinancers receive a 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.^

Up – Variable Home Loan
  • 6.15% p.a. variable rate (6.15% p.a. comparison rate*)
  • No application, monthly, annual, redraw, or discharge fees
  • Free offset accounts available

With a competitive variable interest rate of 6.15% p.a. (6.15% p.a. comparison rate*), Up offers users a low-fee home loan, all accessed through their 2023 Mozo Experts Choice Award-winning app. This eye-catching home loan only needs a 10% deposit and offers free unlimited repayments with a redraw facility, and up to 50 offset accounts (T&Cs apply). They’ll also cover the first $400 of your property valuation. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank.

FIXED RATE HOME LOAN OFFER

UP Home fixed rate home loan
  • 4 year fixed rate of 5.80% p.a (6.02% p.a. comparison) *
  • Just 10% deposit required
  • No application, monthly or annual fees

With one of the lowest^^ 4 year fixed rates on the market at 5.80% (6.02% p.a. comp*), the Up Home fixed rate option is worth checking out if you like the idea of fixed monthly repayments. And if you hate paying fees, you’ll be happy to know there’s no application, monthly or discharge fees to pay. You’ll need a 10% deposit but the Up home loan is only available if you’re an owner-occupier buying or refinancing in a major Australian city.  Up will also cover the first $400 of your property valuation. Up is an app only bank so you will need to apply through the app (use code UPHOMEMOZO and you’ll get $10 by signing up (T&Cs apply). Up is backed by Bendigo Bank.

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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.

^^Based on owner-occupier 4 year fixed rate home loans (80% LVR) in the Mozo Database as at 24 Oct, 2023.

* 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.

^See information about the Mozo Experts Choice Home Loan Awards

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