Meet the online lenders saving Aussies millions

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These days, Aussies have more choice than ever before when it comes to borrowing money, and as everyone searches for faster, easier ways to control their finances, online lenders are emerging as real challengers to the big banks.

Consumer confidence in digital lenders is surging in 2021, with a recent Mozo survey revealing that a whopping six in ten home borrowers are now considering online lenders instead of the banks.*

There’s a lot to love about these digital dynamos, including fast online applications, efficient approval processes and some killer low rates that can mean thousands of dollars in savings every year. On a typical $400,000 home loan, online lenders offer an average saving of $83,800 vs the big banks over 30 years.

Whether you’re looking to save money on your mortgage, buy a property, renovate your kitchen or buy a new set of wheels, there’s an online lender to suit your needs. So check out the Mozo money editor's pick of some of the best for home loans, personal loans and business loans...

  • 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^

Our verdict

Aussie owned 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.

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

UBank UHomeLoan - Discount Offer
  • New 2.19% p.a. variable and comparison rate*

  • No upfront or ongoing fees plus free extra repayments and redraw

  • Low Cost Home Loan Winner - Mozo Experts Choice Awards 2021^

Our verdict

As one of the top online banks in our database, UBank has our seal of approval when it comes to offering Aussie borrowers the best bang for their buck. Why? Well, for one, with no fees, an ultra low interest rate and plenty of flexible payment options, the UHomeLoan Discount Offer is pretty hard to argue with. Plus, UBank is backed by NAB so you get all of the savings an online lender can offer, as well as the security of big bank backing. It’s available for loans of $200,000 or more, with a 20% deposit.

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

Macquarie Basic Home Loan
  • Rates starting from just 2.14% variable and comparison rate* (minimum 40% deposit)

  • Save on fees with $0 upfront and monthly fees

  • Free redraws and extra repayments

Our verdict

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.

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


OurMoneyMarket Low Rate Personal Loan
  • Unsecured rates from just 5.45% fixed (6.07% comparison rate^)

  • Free extra repayments and fee-free redraw

  • Quick and easy 100% online application

Our verdict

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.^

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

NOW Finance No Fee Unsecured Personal Loan
NOW Finance
  • Unsecured rates from just 5.95% fixed (5.95% comparison rate*)

  • Extra repayments allowed

  • No upfront application fee

Our verdict

Reap the rewards of paying absolutely no fees on loans up to $50,000 with NOW Finance. This award winning unsecured personal loan comes together with no establishment fee, ongoing fees or early payout fee. Plus, you can get your guaranteed, tailored interest rate in two minutes with no impact on your credit score.

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


Wisr Secured Car Loan
  • Fixed rates from just 4.74% (5.01% comparison rate*) for good credit borrowers

  • No monthly account fees and no early repayment fee

  • Fast approval between 24-48hrs

Our verdict

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 to worry about. Plus, if you apply online, you could get approval within 24-48 hours.

Where do I get it? Head over to Wisr 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

^See information about the Mozo Experts Choice Home loans Awards

Want to check out some other excellent borrowing options? Head over to our home loan comparison table, or our personal loan comparison tool or are our car loan comparison hub to get started.

* To read more about Mozo's online lender research, read our detailed report here.

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