Meet the lenders taking on the big banks in 2019

Ceyda Erem

29 Nov 2019

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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.

HOME LOANS

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loans.com.au Smart Home Loan
  • New 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 a killer new 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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Tic:Toc Variable Home Loan
  • 2.79% variable rate (2.80% comparison rate*)

  • Approvals in as little as 22 minutes

  • Mozo Experts Choice Online Lender of the Year 2019

Tic:Toc burst onto the Australian mortgage scene in 2017 with the world's first 'instant home loans', meaning you can have a fully approved home loan on the same day as you submit your application. What's more, Tic:Toc also offers award-winning low rates, zero application and ongoing fees, free extra repayments and an optional offset account for $10 a month. Switching your home loan can be done 100% online, and there's absolutely no paperwork (except for your home loan contract).

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

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Athena Variable Home Loan
  • 2.84% rate p.a. (2.80% p.a. comparison rate*)

  • Free extra repayments and redraw facility

  • No annual or application fees

Online lender, Athena, is on a mission to save borrowers money on their mortgage, with a customer first commitment and some of the lowest rates around. The Athena Variable Home Loan offers the same great rates to both new and existing borrowers, and you'll also get a loyalty bonus each year for 5 years just for making your repayments on time. It's available to refinancers and new borrowers purchasing in capital or major regional cities.

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

PERSONAL LOANS

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OurMoneyMarket Low Rate Personal Loan
  • Unsecured rates from just 8.00% fixed (8.21% comparison rate^)

  • Free extra repayments and fee-free redraw

  • Quick and easy 100% online application

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 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 >>

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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