Meet the neo-lenders set to save Aussies millions

Digital home loans are on the rise in Australia, and as borrowers seek out faster, easier ways to control their finances, neo-lenders are emerging as real challengers to the banks in 2023.

6 in 10 borrowers would now consider neo-lenders over banks according to a Mozo survey^^, and why not? On a $400,000 home loan, digital lenders offer an average saving of $83,800 vs the big banks over 30 years. But when it comes to that killer combo of low cost loans and high tech efficiency, which neo-lenders really stand out from the rest?

Neo lender Unloan (built by CommBank) has made waves with an Australian-first digital home loan that rewards refinancers with low variable rates, zero fees and a discount that increases every year up to 30 years.

Online lending pioneer has been taking on the big banks for years with a winning combination of low cost loans, hassle-free online applications and settlements within 30 days.

And as digital home loans continue to grow in popularity, the pace of innovation is growing with demand. So if you're looking for a faster way to borrow at a low rate that could save you thousands, read on for our expert rundown of the top home loans on offer from these digital dynamos….


Unloan - Variable Home Loan
  • 5.59% p.a. variable rate (5.50% p.a. comparison rate*)
  • Zero upfront or ongoing fees
  • Refinancers only

Our verdict:
Unloan is a stellar new digital home loan offering built by CommBank. Owner-occupier refinancers receive a super low 5.59% p.a. variable rate (5.50% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for refinance loans of up to $3M. Minimum 20% deposit. Awarded Best New Home Loan in the 2023 Mozo Experts Choice Awards.^ - Variable Home Loan 70
  • 5.85% p.a. variable rate (5.87% p.a. comparison rate*)
  • Optional offset account plus free redraws and extra repayments
  • Available to borrowers with 70% LVR
Find out more
Our verdict:

Aussie owned has been taking on the banks with low rate online loans since 2011, and this new variable home loan is guaranteed to get borrowers switching. It's packed with useful features like free extra repayments, unlimited redraw, multiple loan split options and even an optional offset account for 0.10%. There are no ongoing fees and its available to borrowers with 70% LVR for loans of up to $2 million.

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

^^ To read more about Mozo's 2021 Online Lenders Research Study, read our detailed report here.

* 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 $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. 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 Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.