Bank slayers: These killer lenders want you!

Ceyda Erem

14 Aug 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
  • 3.03% variable rate (3.05% 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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Bank Australia Basic Home Loan Special
  • 3.35% variable rate (3.36% comparison rate*)

  • One of Australia's most ethical banks

  • Mozo Experts Choice Winner 2019

Bank Australia is all about responsible and ethical banking, along with a promise to return profits to customers through better rates and fees. Its Variable Home Loan delivers on this promise with a competitive rate, no ongoing account fees, the ability to redraw funds fee-free and the option to pause repayments while on maternity or paternity leave. Plus, for a limited time Bank Australia is waiving the establishment fee. Apply by 30 September.

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

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ME Flexible Home Loan
  • 3.34% variable rate (3.78% comparison rate*)

  • No valuation fees, fixed or split loan fees or top up fees

  • Free 100% offset account

This low rate loan from ME Bank offers all of the flexible features you'd expect from a bank without the premium cost. You'll enjoy a discounted rate for the life of your loan, the ability to split your loan between variable and fixed rates, free redraw and a 100% offset account to help you save even more, for a small fee. Rivalling the big banks since 1994, ME doesn’t skimp on service; so if you need help with the loan process, you can arrange an appointment with an ME home loan specialists at a time and place that suits you.

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

PERSONAL LOANS

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Symple Loans Personal Loan
  • Unsecured rates from 5.99% (7.55% comparison rate^)

  • Apply in minutes and get a response in 60 seconds

  • Funding within 24 hours

Symple is a new kind of lender aiming to dramatically improve the personal loans experience for Aussie borrowers. This 100% online lender is setting a new standard for personal lending in Australia with simple, speedy, low rate personal loans backed by some pretty serious digital innovation.  Customers with high credit scores are rewarded with low interest rates, and the efficient online loan process can see funds transferred to your account by the next business day.

Where do I get it? Head over to Symple 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 are our credit card comparison tool to get started.

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