5 killer lenders everyone is talking about in 2020

Ceyda Erem

03 Jul 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
  • Low 2.48% variable rate (2.50% p.a. 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
  • 2.49% 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 >>

Promoted

HSBC Fixed Rate Home Loan
  • 2.09% fixed rate for 2 years (2.98% comparison rate*)

  • Free extra repayments (up to $10,000 p.a.)

  • Mozo Experts Choice Fixed Home Loan 2020

If you like the idea of being rewarded for locking in an ultra low rate with a trusted bank lender, this fixed home loan from HSBC ticks all the right boxes. With one of the lowest fixed rates in the Mozo database, this home loan gives you the freedom to make extra repayments up to $10,000 per year with the added bonus of zero upfront or ongoing fees. Together with being crowned winner of the Mozo Experts Choice Award for Fixed Rate Home Loans, this is one contender that could be for you.

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

Promoted

Macquarie Offset Home Loan
  • 2.49% variable rate (2.76% comparison rate*)

  • Up to 10 offset accounts per loan

  • Free redraws and extra repayments

If you’re over the big banks but not quite ready to make the jump to a digital lender, then Macquarie could be the home loan solution you’re after. Proving that banks can offer great value, Macquarie is winning over borrowers with this Offset home loan. Featuring a great low rate, the ability to link up to 10 offset accounts to repay your loan faster, as well as free redraws and extra repayments, this is one home loan to have on your radar.

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

PERSONAL LOAN

Promoted

OurMoneyMarket Low Rate Personal Loan
  • Unsecured rates from just 6.75% fixed (6.96% comparison rate^)

  • Free extra repayments and fee-free redraw

  • Quick and easy 100% online application

OurMoneyMarket offers competitively low rate personal loans for borrowers with excellent credit, together with a super fast online application process that guarantees you a decision in just 1 minute. This unsecured loan lets you borrow between $2,000 and $50,000 at a simple fixed interest rate that can be repaid weekly, fortnightly or monthly over 1 to 7 years. What’s more, 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 >>

*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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