Meet the online lenders saving Aussies millions
17 Jun 2021
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 2021, with a new 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 Smart Booster Home Loan
1.85% discounted variable rate for 2 years
Rolls over to low ongoing 2.25% (2.21% comparison rate*)
Mozo Experts Choice Award 2021 - Low Cost Home Loan^
Our verdict
Aussie owned loans.com.au 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 loans.com.au to find out more >>
UBank UHomeLoan
1.95% fixed rate for 3 years (2.27% 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 now. 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 >>
Athena Celebrate Variable Home Loan
New 1.99% variable rate (1.99% comparison rate*)
Zero Athena fees + free extra repayments and redraw
Available to borrowers with 40% deposit or equity
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 >>
LOW RATE PERSONAL LOANS
NOW Finance No Fee Unsecured Personal Loan
Unsecured rates from just 5.95% fixed (5.95% comparison rate*)
Extra repayments allowed
No upfront application fee
Our verdict
Reap the rewards of paying absolutely no fees on loans up to $50,000 with NOW Finance. This award winning unsecured personal loan comes together with no establishment fee, ongoing fees or early payout fee. Plus, you can get your guaranteed, tailored interest rate in two minutes with no impact on your credit score.
Where do I get it? Head over to NOW Finance 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 facility
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 >>
ONLINE CAR LOANS
Wisr Secured Car Loan
Fixed rates from just 4.74% (4.75% 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 $50,000 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
Moula Business Loan
Borrow up to $250,000 with no asset required
Apply online in 7 minutes and get a credit decision within 24 hours
No early repayment penalty
Our verdict
Moula provides small and medium businesses with working capital through a unique platform that analyses business data to approve funding. The 7 minute online application process lets you enter a few details and link up your accounting or banking data to get credit approval within 24 hours. Interest rates start from 15% p.a. and there’s a 2% upfront fee, but no ongoing or early repayment fees. 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 >>
^See information about the Mozo Experts Choice Home loans Awards
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