5 killer lenders taking on the big banks in 2019

Ceyda Erem

22 May 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, personal loans and credit cards.

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
  • 3.48% variable rate (3.50% 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 amazingly low rate with its new 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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Bank Australia Basic Home Loan Special
  • 3.76% variable rate (3.77% comparison rate*)

  • $0 annual fee plus establishment fee waived until 30 June

  • Free extra repayments and redraw facility

Bank Australia's mission is to be a responsible and sustainable alternative to the big banks, offering a winning combination of low cost products and ethical standards. With a special low rate and no big fees to budget for, the Bank Australia Basic Home Loan Special delivers real value. You can borrow amounts from $10,000 with a 20% deposit and choose from monthly, fortnightly or even weekly repayments. Plus, you’ll be able to pay off your balance quicker with free extra repayments.

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

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UBank UHomeLoan - Discount Offer
  • 3.59% interest rate (3.59% comparison rate*)

  • No ongoing or upfront fees

  • Free extra repayments and redraw facility

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, a low interest rate and plenty of flexible payment options, the UHomeLoan Discount Offer is pretty hard to argue with. UBank has no bank branches, focusing instead on offering great value loans plus an ultra efficient online application process with support from local home loan experts. 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 >>

PERSONAL LOANS

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Latitude Low Rate Personal Loan
  • Low fixed rate from 10.99% (comparison rate* from 12.21%)

  • Choose your repayment frequency

  • No maximum loan amount

Latitude believe that personal finance should be all about choice by challenging the status quo and looking for ways to defy traditional banking. This personal loan comes with a competitive interest rate and flexible repayment features to offer all types of borrowers. With no maximum loan amount, this personal loan makes for a great starting point for funding big ticket purchases, renovations and more.

Where do I get it? Head over to Latitude 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 >> 

CREDIT CARDS

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ME frank Credit Card
  • Low 11.99% purchase rate

  • $0 annual fee

  • Up to 55 interest free days on purchases

Sick of paying outrageously high credit card interest rates? The ME frank Credit Card  is a low cost credit card with no strings attached. You'll enjoy a low 11.99% variable rate on purchases and be able to take advantage of up to 55 interest free days. Oh, and did we mention there is $0 annual fee, for good? 

Where do I get it? Head over to ME 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 $150,000 over 25 years.

^ 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 are our credit card comparison tool to get started.

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