Meet the lenders taking on the big banks in 2020

Ceyda Erem

29 Jan 2020

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With so many different options for borrowing money out there on the market, Aussies really are spoilt for choice when it comes to getting a great deal on their home loans, not to mention personal and business loans as well.

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

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loans.com.au Smart Home Loan 80
  • 2.88% variable rate (2.90% comparison rate*)

  • $0 application or ongoing fees

  • Unlimited free extra repayments and redraw facility

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 >>

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ING Mortgage Simplifier
  • 3.03% variable rate (3.06% comparison rate*)

  • No service or application fees

  • Free extra repayments and redraw facility

Like the sound of a low cost home loan with some nifty features from Australia’s fifth largest and most recommended bank? ING’s Mortgage Simplifier has a competitive interest rate for owner-occupiers and features no monthly fees, annual service fees or upfront application fee. Combine this with free extra repayments and a free redraw facility, and it's no wonder that so many fed up big bank mortgage customers are switching to ING.

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

PERSONAL LOANS

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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 offes super competitive 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 LOANS

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Moula Business Loan
  • Interest rate from 1.00% per fortnight

  • Potential funding within 24 hours

  • $0 upfront fee

Keep your focus on your business and not on the hassle of complicated business loan applications with the Moula Business Loan. This business loan offers interest rates from 1.00% per fortnight and charges no upfront fee. Borrow up to $250,000 to purchase inventory, pay for overheads and pay off debt. You won't waste time waiting around to be approved either, as there's a quick 10 minute application process and if approved, you'll receive the funds within 24 hours!

Where do I get it? Head over to Moula 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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