5 rival lenders taking on the big banks and winning

Meet the lenders taking on the big banks in 2020 content

Many Australians are focussing on reducing household costs right now, and saving on interest repayments by switching to a better value home 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 challenger banks to online lenders and customer-owned institutions - 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.


loans.com.au Smart Booster Home Loan
  • 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 headline stealing new home loan from popular online lender loans.com.au is designed to help you boost your savings, build your equity and own your own home, sooner. Flexible features include unlimited free extra repayments and redraw, multiple loan split options and an optional offset account for 0.10%. What's more, there are no ongoing monthly or annual fees. Available to borrowers with a 20% deposit for loans of up to $1 million.

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

Bank of Queensland Discount Fixed Rate
Bank of Queensland
  • 1.99% fixed rate for 2 years (3.07% comparison rate*)

  • Bonus $3,000 cashback for refinancers - Apply by 29th August

  • Mozo Experts Choice Fixed Rate Home Loan 2021

BOQ is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. The BOQ Discounted Fixed Home Loan lets you lock in a super low rate for four years while still having the flexibility to pay down your mortgage faster with free extra repayments of up to $5,000 a year. Plus, refinancers who apply before the 29th of August can score a bonus $3,000 cashback. Minimum loan size $250,000, 80% LVR or less.

ING Fixed Rate Loan with Orange Advantage
  • 1.84% fixed rate for 3 years (3.73% comparison rate*)

  • No monthly, annual fee or transaction fees

  • Mozo Experts Choice Home Lender Bank of the Year

This 3 year fixed rate home loan is packed with great value, which is exactly what you'd expect from Australia's most recommended bank. With a competitive 3 year fixed rate, no ongoing fees, and the ability to make free extra repayments of up to $10,000 a year during the fixed term, it’s little wonder this loan took out a Mozo Experts Choice Best Fixed Home Loan Award 2021. 20% minimum deposit required.

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

UBank UHomeLoan - Discount Offer
  • 2.34% p.a. variable and comparison rate*

  • Zero fees plus free extra repayments and redraw

  • Flexible repayment options

UBank is the online bank created by NAB to disrupt borrowing and savings, and boy have they succeeded! Offering super competitive interest rates, zero upfront or ongoing fees and ultra-efficient online processes, it’s little wonder UBank has become such a success story. The UHomeLoan 2.34% variable and comparison rate* is available for loans of $200,000 or more with a minimum deposit or 20%.

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

Suncorp Fixed Home Loan Special Offer
  • 1.89% fixed rate for 2 years (2.85% comparison rate*)

  • Free extra repayments up to $500/month during fixed term

  • Money Magazine Bank of the Year 2020, 2019, and 2018

Like the idea of a lender who has a familiar name and won’t make you compromise on rates? Well Suncorp’s Fixed Home Loan Special Offer could fit the bill, as it comes with a rock bottom 2-year fixed rate of 1.89% (2.85% comparison rate*) - one of the lowest in our database. While there is a $375 annual fee to weigh up, Suncorp will actually waive it for borrowers in the first year, plus the loan also allows extra repayments during the fixed term (free up to $500 per month). 

Where do I get it? Head over to Suncorp 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.

^See information about the Mozo Experts Choice Home loans Awards

Want to check out other borrowing options? Head over to our home loan comparison table to get the ball rolling.

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