5 killer lenders everyone is talking about in 2020

Ceyda Erem

03 Apr 2020

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Many Australians are focussing on reducing household costs right now, and saving on interest repayments by switching to a better value home, personal or business loan is a great place to start. With so many different options for borrowing money out there on the market, there are some big savings available for those who are prepared to shop around.

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 in 2020.

HOME LOANS

Promoted

loans.com.au Smart Home Loan 80
  • 2.63% variable rate (2.65% comparison rate*)

  • Free extra repayments and redraw + no upfront or ongoing fees

  • Mozo Experts Choice Award 2020 - Low Cost Home Loan

Popular online lender loans.com.au not only offers up an ultra low rate with its Smart Home Loan, but you can also make use of a few handy features, including unlimited 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 perennial Mozo Experts Choice Awards winner for Best Low Cost Home Loan. You can borrow up to $1 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 >>

Promoted

UBank UHomeLoan - Discount Offer
  • 2.59% variable & comparison rate

  • No upfront or ongoing fees plus free extra repayments and redraw

  • Mozo Experts Choice Award 2020 - Low Cost Home Loan

As one of the top online banks in our database, UBank has our seal of approval when it comes to offering Aussie borrowers the best bang for their buck. Why? Well, for one, with no fees, an ultra low interest rate and plenty of flexible payment options, the UHomeLoan Discount Offer is pretty hard to argue with. Plus, UBank is backed by NAB so you get all of the savings an online lender can offer, as well as the security of big bank backing. It’s available for loans of $200,000 or more, with a 20% deposit.

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

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People's Choice Credit Union Fixed Rate Home Loan
  • 2.19% fixed rate for 2 years (3.80% comparison rate*)

  • Free extra repayments up to $10,000 a year

  • No upfront fees

As one of Australia's largest credit unions, People's Choice offers a genuine alternative to borrowers who are fed up with the big banks. The appeal of a home loan with People's Choice lies not just in its cutting edge rates and trusted brand, but also in its customer first approach which has seen it build a network of experienced home loan advisers throughout the country to help you with your loan. So if you're looking for a competitive lender who puts its members needs first, People's Choice could be just what you're looking for.

Where do I get it? Head over to People’s Choice to find out more >>

PERSONAL LOAN

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Wisr Unsecured Personal Loan
  • Fixed rates from 7.95% (8.78% comparison rate^)

  • No early repayment or ongoing fees

  • Apply online and receive a response in minutes

An online-only player shaking up the traditional personal loan market, Wisr offers low unsecured loan rates for borrowers with great credit. You can get a personalised loan for any worthwhile purpose, up to $50,000 over a 3 to 5 year term and you don’t need a big asset to put up as security against the loan. And as part of its mission to make personal loans fairer, Wisr also offers the option of making free extra repayments to pay your loan off faster, with no penalty for early loan repayment.

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

BUSINESS LOAN

Promoted

OnDeck Short Term Business Loan
  • Borrow $10,000 to $250,000

  • Same day approval available

  • 6 to 24 months loan terms

On Deck is a globally trusted online lender offering small businesses access to fast and flexible finance for most business needs. No matter what your business needs encompass, On Deck can make it super simple to find fast funding with its Short Term Business Loan. Business owners can access up to $250,000 over a 6-24 month term. Online applications can be as quick as 10 minutes and you'll know if you're approved within hours. 

Where do I get it? Head over to On Deck 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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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.

^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

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

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