Meet the online lenders saving Aussies millions

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Distrust of the nation's big banks and mortgage brokers has swelled in the wake of the banking royal commission wreckage, and 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. 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...

  • 1.99% intro variable rate for 1 year

  • Rolls over to low ongoing 2.48% (2.47% comparison rate*)

  • Optional offset account plus free redraws and extra repayments

Our verdict

Popular online lender has been taking on the banks since 2011, and the Smart Booster Home Loan is really getting borrowers switching. The low variable rate is a bona fide mortgage crusher, and they've done away with pesky ongoing fees as well. Flexible features include unlimited free extra repayments, free redraw and an optional offset account for 0.10%. If you’re borrowing $1 million or less and have at least a 20% deposit saved up, the Smart Booster really is a smart choice.

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

UBank UHomeLoan
  • 1.75% fixed rate for 3 years (2.22% comparison rate*)

  • No ongoing fees + free extra repayments up to $20,000 p.a.

  • Mozo Experts Choice Award 2021 - Best Fixed Rate Home Loan

Our verdict

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 market-leading 3 year fixed home loan by applying before 29 April. 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!

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

Macquarie Basic Home Loan
  • 2.09% fixed rate for 3 years (2.43% comparison rate*) for borrowers with 30% 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 fixed rate home loan offers 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 30% 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 6.75% fixed (6.96% 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 super fast online application process that guarantees you a decision in just 1 minute. This competitive unsecured loan lets you borrow between $2,000 and $50,000 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. 

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

Symple Loans Personal Loan
Symple Loans
  • Unsecured rates from just 5.75% (6.89% comparison rate^)

  • Borrow up to $50,000 with no early repayment fee

  • Get a personalised rate quote in just 2 minutes

Our verdict

Whether you want to pay off existing debt, tick that holiday off your bucket list or get on top of some bills, then new digital lender Symple Loans might be just the ticket. With a Symple Loans personalised variable rate loan you can borrow up to $50,000 and access ultra low rates that reward good credit borrowers. Plus, you can apply online in minutes, get a response in 60 seconds and have the money in your account the next business day. Symple makes it super simple!

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


Wisr Secured Car Loan
  • 5.19% fixed interest rate (5.46% comparison rate*)

  • No early repayment or ongoing fees

  • 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 to get you on the road faster than ever. Complete with no early repayment fees and no ongoing fees, the Wisr Secured Car Loan could be just the loan you have been searching for.

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.

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