As Aussie borrowers search for faster and cheaper ways to control their finances, online lenders are emerging as real challengers in the home loan, credit card and personal lending markets.
There’s a lot to love about these digital go-getters, including speedy online applications, efficient approval processes and some killer low rates that can mean thousands of dollars in savings every year. Mozo’s experts crunched the numbers on online lenders versus the big 4 banks and the results are eye-opening: on a typical $400,000 home loan, online lenders offer an average saving of $83,800 over 25 years.
Whether you’re looking to save money on your mortgage, buy a property, renovate your kitchen or purchase a new car, there’s an online lender to suit that has what you’re looking for.
Take a peek at the Mozo money editor's pick of some of the best for home loans, personal loans and car loans right now...
BANK BEATING HOME LOANS
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*)
Mozo Experts Choice Award 2021 - Low Cost Home Loan^
Aussie owned loans.com.au has been taking on the banks with low rate online loans since 2011, and this headline-stealing home loan is guaranteed to get borrowers switching. Designed to help you boost your savings and get mortgage-free faster, the Smart Booster Home Loan is jam-packed with flexible features like unlimited free extra repayments, free redraw and an optional offset account for 0.10%. There are no ongoing fees and its available to borrowers with a 20% deposit for loans of up to $1 million.
As one of Australia's top-rated online banks, UBank has our seal of approval when it comes to bringing Aussies top value on their home loans. Borrowers looking to lock in while rates are low can snap up this ultra-low 3 year fixed home loan now. It's available to owner occupiers with 20% deposit for loans of up to $2 million, and while there is an initial $395 application fee there are no other fees to worry about. UBank even lets customers make extra repayments towards the loan of up to $20k per year, for free!
Macquarie is all about using smart online technology to make the process of applying for, and managing, your home loan a breeze. This competitive variable rate home loan now has even lower rates, zero fees and the flexibility to create up to six loan accounts with different rate and repayment types, and enjoy free redraws using Macquarie Online. You can also use Macquarie's state-of-the-art app to manage your accounts in one place. Available to borrowers with at least 40% deposit or equity.
OurMoneyMarket offers low rate personal loans for borrowers with excellent credit, with a speedy online application process that guarantees you a decision in just 1 minute. You can borrow between $2,000 and $75,000 at a simple fixed interest rate that can be repaid weekly, fortnightly or monthly over 1 to 7 years. There are no monthly account keeping fees, no exit fees and no early repayment fees. Mozo Experts Choice Unsecured Personal Loan 2021 award winner.^
The unsecured Symple Loans Personal Loan has super-low variable rates from 5.75% p.a. (6.47% p.a. comparison rate^) on loans between $5,000 and $50,000 with 1-7 year loan terms. Plus, once your online application has been approved, you could have the funds in your account by the very next business day! And if you’re keen to make some extra repayments to get you one step closer to being debt-free, you’ll be happy to know that this loan allows free extra repayments.
After a low rate car loan to get behind the wheel of your dream car sooner? With Wisr’s competitive fixed loan rates for borrowers with good credit, you'll have the freedom to borrow between $5,000 and $50,000 and get on the road faster than ever. There are no monthly account fees and no early repayment fees, plus for a limited time Wisr is waiving the loan establishment fee. Apply online and get approval within 24-48 hours.
*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