Meet the lenders taking on the big banks in 2020

redactor/hero-images/1450/HomeLoanSavers_Article_Image_content.jpg

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 in 2020.

HOME LOANS

Promoted

loans.com.au Smart Home Loan 80
  • New low 2.63% variable rate (2.65% p.a. comparison rate*)

  • No ongoing fees plus free extra repayments and redraw

  • Borrow up to 80% of your property's value

Popular online lender loans.com.au not only offers up a super low rate with its Smart home loan, but you can also make use of a few handy features, including free extra repayments, a redraw facility and the chance to split your loan between fixed and variable rates. It's no wonder loans.com.au is a multiple Mozo Experts Choice Awards winner. 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 >>

Promoted

HSBC Discounted Home Value Loan
  • New 2.65% variable rate (2.66% comparison rate*)

  • Relationship manager to guide you through the application process

  • Borrow with 20% deposit

If you’ve had enough of the big banks, but are not quite ready to make the jump to a digital lender, then HSBC could be the home loan lender you’re after. Proving that banks can offer great value, HSBC is winning over borrowers with competitive rates and value-added features like free online redraw and unlimited extra repayments. If you're finding the home loan application process a bit too stressful, HSBC will provide you with a relationship manager to help you along the way. Plus, enjoy no on-going fees when you apply by the 30th April 2020.

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

Promoted

Athena Variable Home Loan
  • New 2.59% rate p.a. (2.55% 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

Promoted

Wisr Unsecured Personal Loan
  • Fixed rates from 7.95% (8.78% comparison rate^)

  • No early repayment or ongoing fees

  • Apply online and receive a response in minutes

An online-only player shaking up the traditional personal loan market, Wisr offes super competitive unsecured loan rates for borrowers with great credit. You can get a personalised loan for any worthwhile purpose, up to $50,000 over a 3 to 5 year term and you don’t need a big asset to put up as security against the loan. And as part of its mission to make personal loans fairer, Wisr also offers the option of making free extra repayments to pay your loan off faster, with no penalty for early loan repayment.

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

BUSINESS LOANS

Promoted

OnDeck Short Term Business Loan
  • Borrow $10,000 to $250,000

  • Same-day approval available

  • 6 to 24 months loan terms

On Deck empowers Aussie small businesses, offering speedy and flexible loans for a multitude of business needs. No matter what your business needs are, On Deck makes it easier than ever to source fast funding with its Short Term Business Loan. Business owners can access up to $250,000 over a 6-24 month term of your choice. Online application is fast and can take as little as 10 minutes, plus you'll know if you're approved within hours. 

Where do I get it? Head over to On Deck 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 other borrowing options? Head over to our home loan comparison table, our business loan comparison tool or our personal loan comparison tool to get the ball rolling

Calculate your home loan repayments

We can show you the monthly repayment amount for a range of loans

I want to borrow
for years

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.