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 2022.

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?

New neo lender Unloan (built by CommBank) is making 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. Athena and OneTwo reward customers for paying down their home loans with rate discounts, while OneTwo also matches extra repayments up to $2,500 in the first 6 months.

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
  • 3.14% variable rate (3.06% 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 3.14% variable rate (3.06% 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 80% LVR.6

Where do I get it? Head over to Unloan to find out more >> - Variable Home Loan 70
  • 3.10% variable rate (3.12% comparison rate*)
  • Optional offset account plus free redraws and extra repayments
  • Available to borrowers with 70% LVR
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.

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

UBank - Neat Home Loan
  • Variable rates from 3.64% (3.66% comparison rate*) - min 40% deposit
  • Free extra repayments and redraw facility
  • Fast and paperless online application process
Our verdict:

UBank ticks all the boxes with this low rate, low fee digital home loan for borrowers looking to keep their costs to a minimum. The Neat Home Loan rewards borrowers with lower loan-to-value-ratios (LVRs) with its most competitive rates, while also being light on fees. There's a $250 settlement fee but no application fees or ongoing fees. Features include free extra repayments and redraw, and repayments can be made weekly, fortnightly or monthly.

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

Athena - Celebrate Variable Home Loan
  • New 3.79% variable and comparison rate*
  • Zero Athena fees + free offset account, extra repayments and redraw
  • Available to borrowers with 60% LVR
Our verdict:

Online lender Athena is on a mission to save borrowers money, with a customer first commitment and some of the best value home loans around. The Athena Celebrate Variable Home Loan offers the same great rates to new and existing borrowers and charges zero fees. What’s more, the automatic rate drop feature means the more you pay down your loan, the lower your rate becomes. It's available to refinancers and new borrowers purchasing in capital or major regional cities, with a minimum 40% deposit or equity.

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

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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, loan amount and term entered. 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

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