5 killer lenders that could save you a fortune

By Mozo · Last updated Thursday, 14 July 2022 · 4 min read

Fact Checked

Many Australians are focussing on reducing household costs right now, and saving on interest repayments by switching to a better value home loan or personal loan is a great place to start.

Borrowers looking for the sharpest rates will need to look beyond the big banks though. Rival lenders have taken the spotlight: wooing borrowers with super competitive rates and low fees. As a result, genuinely big savings are now available for those who shop around.

The big banks might be easy targets when it comes to offering better value, but rival lenders are also winning customers over with more efficient approval processes and fast online applications. And with so many challengers to the big banks popping up - from online lenders to rival banks and smart banks - 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 right now.

HOME LOANS

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Important disclosures and comparison rate warning*

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Comparison rate warning

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.

How Initial Monthly Repayments figures are estimated

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.

loans.com.au - Smart Booster Home Loan

3.10% discount variable rate for 2 years (3.46% comparison rate*)
Free redraws and extra repayments
Optional offset account

Find out more

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 >>

Athena - Celebrate Variable Home Loan

3.29% variable and comparison rate*
Zero Athena fees + free extra repayments and redraw
Free 100% offset account

Find out more

Online lender Athena is on a mission to save borrowers money, with some of the best value home loans around. The fee-free Athena Celebrate Variable Home Loan offers the same great rates to both new and existing borrowers, and as an added reward your rate will drop lower as you pay down your home loan. It's available to refinancers and new borrowers purchasing in capital or major regional cities. Minimum LVR 60%.

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

Unloan - Variable Home Loan

3.14% variable rate (3.06% comparison rate*)
Zero upfront or ongoing fees
Refinancers only

Go to site

Unloan is a stellar new digital home loan offering built by CommBank. Owner-occupier refinancers receive a super low 3.14% variable rate (3.06% 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 $3M. Minimum 80% LVR.

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

PERSONAL LOANS

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Important disclosures and comparison rate warning*

Important disclosures

Advertiser disclosure

'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.

We provide only general advice

Comparison rate warning

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. 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.

How Initial Monthly Repayments figures are estimated

OurMoneyMarket - Low Rate Personal Loan

Unsecured rates from just 6.25% fixed (6.87% comparison rate*)
Free extra repayments and fee-free redraw facility
Quick and easy 100% online application

Go to site

OurMoneyMarket offers low rate personal loans for borrowers with excellent credit, with an efficient online application process that guarantees you a decision in just 1 minute. This great value unsecured loan lets you borrow between $2,000 and $75,000 at a simple fixed interest rate 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 >>

NOW Finance - No Fee Unsecured Personal Loan

Unsecured rates from just 6.75% fixed (6.75% comparison rate*)
Zero upfront fees or ongoing fees – over the life of your loan
Mozo Experts Choice Unsecured Personal Loan Winner 2022^

Go to site

NOW Finance is a popular choice with borrowers looking to avoid costly fees and high interest rates. This award-winning non-bank lender offers no-fee personal loans for up to $50,000, with super low rates for good credit borrowers. Apply online to get a personalised rate quote in 2 minutes without impacting your credit score, and NOW Finance offers funds as fast as 24-48 hours after you’re approved.

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

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Want to check out some other excellent borrowing options? Head over to our home loan comparison table or our personal loan comparison tool to get started.

^* 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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