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 2021.
Popular online lender loans.com.au not only offers up a crazy low introductory rate for one year with this home loan, but you can also make use of a few handy features, including an optional offset account, no application of service fees and a flexible redraw facility. With the Smart Booster Discount Variable Loan you’ll be able to borrow up to $1 million over a 15-30 year term with 20% deposit.
With a speedy and easy application process, a fab low rate for 3 years and the flexibility to make free additional repayments up to $20,000 a year, this little gem could be a great choice for borrowers who want the security of fixed repayments plus the freedom to pay the loan off faster. UBank is backed by NAB and has home loan experts on tap to help you through the online application process.
Online lender Athena is on a mission to win customers over from the big banks, and the Athena Celebrate Variable Home Loan is one of the best value home loans around. This mortgage features a killer variable rate that stays great from day one to day none and zero evaluation or ongoing fees. Plus, to reward borrowers for paying down their home loan, Athena will now automatically lower your rate as you pay down your loan. Available to borrowers with 40% deposit.
Suncorp has just dropped this ultra low 2 year fixed rate home loan for borrowers looking to lock in while rates are at record lows and secure peace of mind over their mortgage repayments. You can make up to $500 a month in extra repayments over the fixed term without penalty, but bear in mind that there is no redraw facility. There are no upfront fees to pay and for a limited time you can get a $2,000 cash bonus when refinancing an eligible home loan.
Whether you want to pay off high interest debt, take that dream holiday, or get on top of some bills, then Symple Loans Personal Loan might just be what you’re looking for. With Symple Loans personalised variable rate loan you can borrow up to $50,000 with a term of up to 7 years. Plus, you can have the money in your account the next business day. It’s really that Symple!
OurMoneyMarket offers low rate personal loans for borrowers with excellent credit, with an efficient online application process that guarantees you a decision in just 1 minute. This great value 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.
*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