Meet the online lenders saving Aussies millions

Kirsty Lamont

17 Aug 2020

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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.

There’s a lot to love about these digital dynamos, including fast online applications, super 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 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 car loans...

TOP HOME LOANS

Promoted

ING Mortgage Simplifier
  • 2.59% variable rate (2.62% comparison rate*)

  • No service or application fees

  • Free extra repayments and redraw facility

Our verdict

Not only is ING one of Australia’s largest direct lenders, they are also Australia’s most recommended bank, and for good reason. An original pioneer of low cost online lending, ING is changing the way Aussies borrow with simple, great value loans direct to customers. The ING Mortgage Simplifier has a great low interest rate for owner-occupiers and charges no ongoing or upfront application fees. Together with free extra repayments and a free redraw facility, it's little wonder that so many borrowers are switching to ING.

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

Promoted

UBank UHomeLoan - Discount Offer
  • New 2.49% variable & comparison rate*

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

  • Mozo Experts Choice Award 2020 - Low Cost Home Loan

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 >>

Promoted

loans.com.au Smart Home Loan 80
  • New 2.48% variable rate (2.50% comparison rate*)

  • Free extra repayments and redraw + no upfront or ongoing fees

  • Mozo Experts Choice Award 2020 - Low Cost Home Loan

Our verdict

Aussie owned loans.com.au has been taking on the banks with low rate online home loans since 2011, and the Smart Home Loan is guaranteed to get borrowers switching. This no-fuss mortgage has all the features you want and none you don’t - you can make unlimited extra repayments and access a free redraw facility, without paying a premium for bells and whistles like an offset account. Plus, they've done away with pesky fees as well. If you’re borrowing $1 million or less and have at least a 20% deposit saved up, the Smart Home Loan really is a smart choice.

Where do I get it? Head over to loans.com.au to find out more >>

Promoted

Macquarie Basic Home Loan
  • New 2.19% fixed rate for 2 years (2.65% comparison rate*)

  • No application or account management fees

  • Free redraw using Macquarie Online

Macquarie's smart online technology is designed to make it easier to apply for, and manage, your home loan. Macquarie has also upped the ante on the value front, with a competitive new fixed rate that lets you lock in at close to 2 percent for 2 years without sacrificing flexibility. You can access free redraws via Macquarie Online, create up to six loan accounts with different rate and repayment types, and mange your accounts all in the one place using the state-of-the-art Macquarie app. Available to borrowers with a minimum 70% LVR.

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

PERSONAL LOANS

Promoted

OurMoneyMarket Low Rate Personal Loan
  • Unsecured rates from just 7.99% fixed (8.20% 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 >>

CAR LOANS

Promoted

Wisr Secured Car Loan
  • 5.19% fixed interest rate (6.08% comparison rate*)

  • No early repayment or ongoing fees

  • Fast approval between 24-48hrs

Our verdict

Are you in the market for a car loan to get you behind the wheel of your dream car? With Wisr’s competitive fixed loan rates for borrowers with good credit, you’ll be able to borrow between $5,000 and $50,000 to get you on the road sooner. Together with no early repayment fees and no ongoing fees, the Wisr Secured Car Loan could be just what you have been looking 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

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