Meet the lenders taking on the big banks in 2021

In case you missed the news, lending rates have gone off a cliff in the past two years in the wake of six Reserve Bank interest rate cuts, including one last November. And now that the dust has settled, Aussie borrowers have a real opportunity in 2021 to take advantage of some of the lowest rates on record.

Borrowers looking for the sharpest rates will need to look beyond the big banks though. Rival lenders have taken the spotlight: not only dishing up super low variable and fixed rates, but also new features and extra incentives.

It’s little wonder that rival lenders are seeing a spike in customers switching their home loans and other borrowings from the major banks, with some genuinely big savings now available for those who are prepared to shop around.

So, if you're sick of paying more than you need to on your home loan, personal loan or business loan, you’ll want to get acquainted with these killer lenders taking on the big banks in 2021.

  • 1.85% discounted variable rate for 2 years
  • Rolls over to low ongoing 2.25% (2.21% comparison rate*)
  • Optional offset account plus free redraws and extra repayments
Find out more

This headline stealing new home loan from popular online lender is designed to help you boost your savings, build your equity and own your own home, sooner. Flexible features include unlimited free extra repayments and redraw, multiple loan split options and an optional offset account for 0.10%. What's more, there are no ongoing monthly or annual fees. Available to borrowers with a 20% deposit for loans of up to $1 million.

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

Bank of Queensland - Discount Fixed Rate
  • 1.99% fixed rate for 2 years (3.07% comparison rate*
  • Free extra repayments up to $5,000 each year
  • Bonus $3,000 cashback for refinancers - Apply by 30 October
Find out more

BOQ is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. The BOQ Discounted Fixed Home Loan lets you lock in a super low rate for two years while still having the flexibility to pay down your mortgage faster with free extra repayments of up to $5,000 a year. Plus, you can enjoy a generous $3,000 cashback when you refinance to BOQ. Minimum loan size $250,000, 80% LVR or less.

UBank - UHomeLoan - Discount Offer
  • 2.34% p.a. variable and comparison rate*
  • Zero fees plus free extra repayments and redraw
  • Flexible repayment options
Find out more

UBank is the online bank created by NAB to disrupt borrowing and savings, and boy have they succeeded! Offering super competitive interest rates, zero upfront or ongoing fees and ultra-efficient online processes, it’s little wonder UBank has become such a success story. The UHomeLoan 2.34% variable and comparison rate* is available for loans of $200,000 or more with a minimum deposit or 20%.

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

Macquarie - Basic Home Loan
  • Rates starting from just 2.14% variable and comparison rate* (minimum 40% deposit)
  • No application or account management fees
  • Free extra repayments and redraw

Macquarie is now Australia's fifth largest lender, and with offerings like this its not hard to see why. The Macquarie Basic Home Loan now has even lower variable rates, plus zero upfront or ongoing fees and a range of flexible features such as free extra repayments, a free redraw facility 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 >>


OurMoneyMarket - Special Offer Low Rate Personal Loan
  • Unsecured rates from just 5.40% p.a. fixed (6.36% p.a. comparison rate^)
  • Free extra repayments and fee-free redraw
  • Quick and easy 100% online application
Find out more

OurMoneyMarket offers low rate personal loans for borrowers with excellent credit, with a super fast online application process that guarantees you a decision in just 1 minute. This competitive unsecured loan lets you borrow between $2,000 and $50,000 at a discounted rate of 5.40% p.a. for the first 12 months (comparison rate 6.36%^) that can be repaid weekly, fortnightly or monthly over 1 to 7 years. There are no monthly account keeping fees, no exit fees and no early repayment fees. 

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


Zip Business Trade - Zip Business Trade
  • Apply online to get $1,000 to $3,000 fast and interest-free
  • $12 monthly account fee (waived if you have zero balance)
  • Fast and easy way to cover everyday and unexpected spending
Find out more

If you’re looking for fast, interest-free finance to help cover your expenses, purchase inventory and grow your business, then Zip Business Trade could be just the solution you're after. Simply apply online for a Zip Business Trade buy now pay later account  and use it to cover everyday spending or unexpected costs up to $3,000. Minimum repayments are just $200 a month, there is no interest charged ever and the $12 monthly account fee is waived if you have zero balance.

Where do I get it? Head over to Zip Business Trade to find out more >>

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Like to see how these offers stack up against the competition? Head over to our home loan comparison tables, personal loan comparisons or business loans to compare loans from an even bigger range of lenders.

* 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.

*** WARNING: 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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

^See information about the Mozo Experts Choice Home Loan Awards

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