Meet the online lenders saving Aussies millions
Kelly Emmerton | 25 Jun 2018
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 buying a home, renovating your kitchen, planning an overseas trip or managing your business expenses, 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, credit cards and business loans...
HOME LOANS
Promoted
loans.com.au Essentials Variable 80
3.64% variable rate (comparison rate: 3.66%*)
No ongoing fees (upfront fees apply)
Flexible features including split rate option, free extra repayments and redraw facility
Mozo Experts Choice Best Low Cost Home Loan winner 2018
Our verdict
Aussie owned loans.com.au has been offering up simple, low rate home loans since 2011. This wallet-friendly option is the perfect no-fuss mortgage, with all the features you want and none you don’t - you can make unlimited extra repayments and make use of the redraw facility, without paying a premium for bells and whistles like an offset account. If you’re borrowing $2 million or less and have at least a 20% deposit saved up, the Essentials Variable 80 might be the mortgage for you.
Where do I get it? Head over to loans.com.au to find out more >>
Promoted
UBank UHomeLoan - Discount Offer
3.59% interest rate (comparison rate: 3.59%*)
No ongoing or upfront fees
Free extra repayments and redraw facility
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, a low interest rate and plenty of flexible payment options, the UHomeLoan Discount Offer is pretty hard to argue with. It’s available for amounts up to $700,000 with a maximum LVR of 80%.
Where do I get it? Head over to UBank to find out >>
Promoted
State Custodians Low Rate Home Loan with Offset
3.64% variable interest rate (comparison rate: 3.67%*)
No application or ongoing service fee (valuation fee applies)
Free extra repayments, redraw facility and offset account
Looking for a home loan jam packed with plenty of money saving features? The Low Rate Loan with Offset from State Custodians not only comes with a very competitive interest rate and very few fees, but you’ll also have access to a host of features including free extra repayments, a redraw facility, the option to split your rate between fixed and variable and, of course, a full offset account.
Where do I get it? Head over to State Custodians to find out more >>
PERSONAL LOANS
Promoted
Harmoney Unsecured Personal Loan
Fixed interest rates from 6.99% (7.69% comparison rate, based on $30,000 over 5 years*)
No ongoing fees ($500 upfront fee applies)
Free extra repayments allowed and no early repayment fee
Our verdict
Harmoney is a peer-to-peer lender sourcing funding from its online marketplace to provide you with a low rate, low fee personal loan. You can borrow up to $70,000, to fund your spending goals, and the better your credit history, the better your rate will be. This is an unsecured loan, available for terms 3-5 years. Although there is a fee for being listed on the P2P platform, you’ll only pay this once your loan has been approved.
Where do I get it? Head over to Harmoney to find out more >>
CREDIT CARDS
Promoted
Woolworths Everyday Platinum Credit Card
$0 first year annual fee ($49 thereafter)
3 points per $1 spent on Woolworths branded ‘Select’ products
Multiple Mozo Experts Choice winner
This award-winning credit card from Woolworths is a great option for regular shoppers at Woolies, with a eGift card, pus 3 points per $1 spent on Woolies branded products on offer. These point are converted into Everyday Money Shopping Cards to help you shave dollars off your grocery spend. Plus with no annual fee in the first year, and a 19.99% interest rate this one’s definitely worth a look for savvy spenders.
BUSINESS LOANS
Promoted
Moula Business Loan
Interest rates start at just 1.00% per fortnight
No upfront or ongoing fees
Approval for up to $250,000 in 24 hours
Our verdict
Moula is dedicated to providing small and medium Aussie businesses with working capital through a unique platform that analyses business data to approve funding. The process is all online and hassle free - enter a few details and link up your accounting or banking data, and you could be approved for up to $250,000 within 24 hours. Plus, with no upfront, ongoing or break fees, what’s not to like? To be eligible, your business should have an ABN or ACN, been operating for at least 6 months, and a monthly turnover of $5,000.
Where do I get it? Head over to Moula to find out more >>
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