Meet the online lenders saving Aussies millions in 2022

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 - 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
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
  • 2.09% p.a. variable and comparison rate*
  • No upfront or ongoing fees plus free extra repayments and redraw
  • Mozo Experts Choice Award 2022 - Best Split Home Loan^
Find out more
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 >>

Athena - Celebrate Variable Home Loan
  • New 1.89% 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 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.

Where do I get it? Head over to Athena 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
  • Unsecured rates from just 5.95% fixed (5.95% comparison rate*)
  • Zero upfront fees or ongoing fees – over the life of your loan
  • Mozo Experts Choice Winner - 2020 & 2021
Our verdict

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.

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


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
  • 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 $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.

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


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.

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

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We can show you the monthly repayment amount for a range of loans

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

* 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, 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.

*** 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.

^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.