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, digital lenders are emerging as real challengers to the big banks.
Consumer confidence in online lenders is surging in 2022, with a recent Mozo survey revealing that a whopping six in ten home borrowers are now considering digital 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 a digital 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...
BANK BEATING HOME LOANS
Important disclosures and comparison rate warning*
Important disclosures
Advertiser disclosure
This table shows a range of products, and we may receive payment if you use the links provided. It does not show all providers or all products from the providers. Mozo is paid a fee by the product issuer if you use a link on our site to go to their site from ours, make an inquiry, or you take out a product with them. 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. You do not pay any extra for using our service.
We may also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not. While we pride ourselves on covering a wide range of products, we don't cover every product in the market.
Sometimes we may choose to advertise certain products more prominently, either by showing them as ‘Promoted’ at the top of a table or by selecting a set of specific products to feature on a page. Otherwise our comparison tables typically sort according to estimated repayments for loans and interest rates for deposits, and they show products that meet the criteria in the filters. You can change the filter settings to see other products.
We provide only general advice
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 Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
Comparison rate warning
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.
How Initial Monthly Repayments figures are estimated
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.
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
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 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.
Online lender Athena is on a mission to save borrowers money on their mortgage, with a customer first commitment and some of the lowest rates 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.
Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
Important disclosures
Advertiser disclosure
This table shows a range of products, and we may receive payment if you use the links provided. It does not show all providers or all products from the providers. Mozo is paid a fee by the product issuer if you use a link on our site to go to their site from ours, make an inquiry, or you take out a product with them. 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. You do not pay any extra for using our service.
We may also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not. While we pride ourselves on covering a wide range of products, we don't cover every product in the market.
Sometimes we may choose to advertise certain products more prominently, either by showing them as ‘Promoted’ at the top of a table or by selecting a set of specific products to feature on a page. Otherwise our comparison tables typically sort according to estimated repayments for loans and interest rates for deposits, and they show products that meet the criteria in the filters. You can change the filter settings to see other products.
We provide only general advice
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 Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
Comparison rate warning
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments.
How Initial Monthly Repayments figures are estimated
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.
OurMoneyMarket - Low Rate Personal Loan
Unsecured rates from just 5.45% fixed (6.07% comparison rate^)
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.^
NOW Finance is a popular choice with borrowers looking to avoid costly fees and high interest rates. This award-winning non-bank lender offers no-fee personal loans for up to $50,000, with super low rates for good credit borrowers. Apply online to get a personalised rate quote in just 2 minutes without impacting your credit score, and receive funds as fast as 24-48 hours after you’re approved.
Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
Important disclosures
Advertiser disclosure
This table shows a range of products, and we may receive payment if you use the links provided. It does not show all providers or all products from the providers. Mozo is paid a fee by the product issuer if you use a link on our site to go to their site from ours, make an inquiry, or you take out a product with them. 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. You do not pay any extra for using our service.
We may also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not. While we pride ourselves on covering a wide range of products, we don't cover every product in the market.
Sometimes we may choose to advertise certain products more prominently, either by showing them as ‘Promoted’ at the top of a table or by selecting a set of specific products to feature on a page. Otherwise our comparison tables typically sort according to estimated repayments for loans and interest rates for deposits, and they show products that meet the criteria in the filters. You can change the filter settings to see other products.
We provide only general advice
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 Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
Comparison rate warning
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments.
How Initial Monthly Repayments figures are estimated
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.
Wisr - Secured Car Loan
Fixed rates from just 4.49% p.a. (5.31% comparison rate*) for good credit borrowers
No monthly account fees and no early repayment fee
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 $79,000 and get on the road faster than ever. There are no monthly account fees and no early repayment fees. Apply online and get approval within 24-48 hours.
Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.
Important disclosures
Important disclosures
Advertiser disclosure
This table shows a range of products, and we may receive payment if you use the links provided. It does not show all providers or all products from the providers. Mozo is paid a fee by the product issuer if you use a link on our site to go to their site from ours, make an inquiry, or you take out a product with them. 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. You do not pay any extra for using our service.
We may also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not. While we pride ourselves on covering a wide range of products, we don't cover every product in the market.
Sometimes we may choose to advertise certain products more prominently, either by showing them as ‘Promoted’ at the top of a table or by selecting a set of specific products to feature on a page. Otherwise our comparison tables typically sort according to estimated repayments for loans and interest rates for deposits, and they show products that meet the criteria in the filters. You can change the filter settings to see other products.
We provide only general advice
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 Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
Zip Business Capital
Line of credit offering unsecured business funding up to $500K
Interest charged only on what you draw down, with interest rate determined by your risk profile
Repayment terms of between 6 months and 5 years
Our verdict
Zip Business has pioneered an online lending platform to help Australian businesses get the funding they need. This innovative system provides access to a line of credit that converts into an unsecured loan when you draw down. The online application process can be completed in just 5 minutes, and once approved you can access funds within 1 working day. To qualify, businesses must be GST registered with an annual turnover of $200K or more and 18+ months trading history.
* To read more about Mozo's online lender research, 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.
***
WARNING: 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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.
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.
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Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
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Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
