5 killer lenders that could save you a fortune

Mozo

07 Sep 2021

Meet the lenders taking on the big banks in 2019 content

Many Australians are focussing on reducing household costs right now, and saving on interest repayments by switching to a better value home loan or personal loan is a great place to start. Since Covid-19 hit our shores, the number of Aussies refinancing their mortgage has spiked as rival lenders cut rates to woo borrowers from the major banks, with some genuinely big savings now available for those who are prepared to shop around.

The big banks might be easy targets when it comes to offering better value, but rival lenders are also winning customers over with more efficient approval processes and fast online applications. And with so many challengers to the big banks popping up - from online lenders to rival banks and smart banks - 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 right now.

HOME LOANS

loans.com.au Smart Booster Home Loan
loans.com.au
  • 1.85% discounted variable rate for 2 years

  • Rolls over to low ongoing 2.25% (2.21% comparison rate*)


  • Optional offset account plus free redraws and extra repayments

This low rate, low fee home loan could help you save thousands on your mortgage and is packed with useful features like unlimited free extra repayments and redraw, multiple loan split options and an optional offset account for 0.10%. With all this on offer the Smart Booster Home Loan really is a smart choice for borrowers who are looking to save money on interest and get mortgage free faster. You can borrow up to $1 million with this loan with a 20% deposit, and pay no ongoing monthly fees.

Where do I get it? Head over to loans.com.au to find out more >>

Athena Celebrate Variable Home Loan
Athena
  • 1.99% variable and comparison rate*

  • Zero Athena fees + free extra repayments and redraw

  • Available to borrowers with 40% deposit or equity

Online lender Athena is on a mission to save borrowers money on their mortgage, with some of the lowest rates in town. The fee-free Athena Celebrate Variable Home Loan offers the same great rates to both new and existing borrowers, and as an added reward your rate will drop lower as you pay down your home loan. It's available to refinancers and new borrowers purchasing in capital or major regional cities. Minimum LVR 60%.

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

Macquarie Offset Home Loan
Macquarie
  • Variable rates from just 2.14% (2.42% comparison rate*) - minimum 40% deposit

  • 100% offset account, redraw facility and extra repayments

  • Repayment holidays available

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 delivers great rates, low fees and loads of flexibility, including 100% offset (up to 10 free offset accounts per loan account), free extra repayments and online redraws, a split loan option and even repayment holidays for those times in life when you need to hit pause. There's a $248 annual package fee but no upfront fees to worry about.

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

Nano Variable Home Loan
Nano
  • 1.99% variable and comparison rate* (refinancers only)

  • Zero upfront or ongoing service fees

  • Free 100% offset sub account

New digital lender Nano is winning over refinancers with an ultra low variable rate for borrowers with a 75% LVR plus unlimited additional repayments, free redraw and a free 100% offset account. There are no upfront or ongoing service fees to pay and Nano's simple online application makes it easy to apply and refinance in a matter of minutes, not weeks. What's more, if you refinance by 29 October you can enter the draw to win your home loan interest free.

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

PERSONAL LOANS

Alex Bank Personal Loan
Alex Bank
  • Unsecured rates from just 4.99% fixed (4.99% comparison rate^)

  • Mozo's Experts Choice Best New Loan Product 2021^

  • 100% online approval

Alex is Australia's new digital bank, and this award-winning unsecured personal loan boasts one of the lowest rates on the market for borrowers with excellent credit. There are no upfront fees, monthly fees or early repayment penalties and you can borrow up to $30,000 with flexible repayment terms of 6 months to 5 years. Borrowers must be over 18 with a regular income to apply.

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

OurMoneyMarket Low Rate Personal Loan
OurMoneyMarket
  • Unsecured rates from just 5.45% fixed (6.07% comparison rate^)

  • Free extra repayments and fee-free redraw facility

  • Quick and easy 100% online application

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 $75,000 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. Mozo Experts Choice Unsecured Personal Loan 2021 award winner.^

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

^See information about the Mozo Experts Choice Home loans Awards

Want to check out some other excellent borrowing options? Head over to our home loan comparison table or our personal loan comparison tool to get started.

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