Meet the online lenders saving Aussies millions
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 rival lenders is surging in 2022, 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...
TOP HOME LOANS
loans.com.au - Variable Home Loan 70
- 3.10% variable rate (3.12% comparison rate*)
- Free extra repayments and redraw + optional offset account
- Available to borrowers with 70% LVR
Our verdict
Aussie owned loans.com.au has been taking on the banks with low rate online loans since 2011, and this new variable home loan is guaranteed to get borrowers switching. It's packed with useful features like free extra repayments, unlimited redraw, multiple loan split options and even an optional offset account for 0.10%. There are no ongoing fees and its available to borrowers with 70% LVR for loans of up to $2 million.
Where do I get it? Head over to loans.com.au to find out more >>
Unloan - Variable Home Loan
- 3.14% variable rate (3.06% comparison rate*)
- Zero upfront or ongoing fees
- Refinancers only
Our verdict
Unloan is a stellar new digital home loan offering built by CommBank. Owner-occupier refinancers receive a low 3.14% variable rate (3.06% comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for refinance loans of up to $3M. Minimum 80% LVR.
Where do I get it? Head over to Unloan to find out more >>
UBank - Neat Home Loan
- Variable rates from 3.64% (3.66% comparison rate*) - min 40% deposit
- Free extra repayments and redraw facility
- Fast and paperless online application process
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 bang for their buck. This low cost digital home loan rewards borrowers with lower loan-to-value-ratios (LVRs) with super sharp rates, while also being light on fees. Features include free extra repayments and redraw, and repayments can be made weekly, fortnightly or monthly. 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.
Where do I get it? Head over to UBank to find out more >>
LOW RATE PERSONAL LOANS
OurMoneyMarket - Low Rate Personal Loan
- Unsecured rates from just 6.25% fixed (6.87% 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.
Where do I get it? Head over to OurMoneyMarket to find out more >>
NOW Finance - No Fee Unsecured Personal Loan
- Unsecured rates from 6.75% fixed (6.75% comparison rate*)
- Zero upfront fees or ongoing fees – over the life of your loan
- Mozo Experts Choice Unsecured Personal Loan Winner 2022^
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 2 minutes without impacting your credit score, and NOW Finance offers 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 >>
ONLINE CAR LOANS
Wisr - Secured Car Loan
- Fixed rates from just 6.34% p.a. (7.18% comparison rate*) for good credit borrowers
- No monthly account fees and no early repayment 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 $79,000 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 >>
KILLER BUSINESS LOANS
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 >>
Calculate your home loan repayments
We can show you the monthly repayment amount for a range of loans
Want to check out other borrowing options? Head over to our home loan comparison table, our personal loans comparison tool or our car loan comparisons to get the ball rolling.
* To read more about Mozo's online lender research, read our detailed report here.
^ Find out more about the Mozo Experts Choice Personal loans Awards and Mozo Experts Choice Home loans Awards.
* 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.