Meet the online lenders saving Aussies millions

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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...

HOME LOANS

loans.com.au Smart Home Loan 80
  • Low 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 >>

UBank UHomeLoan - Discount Offer
  • New 2.34% p.a. variable and 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 >>

Athena Celebrate Variable Home Loan
  • New 2.19% variable rate (2.19% comparison rate*)

  • Free extra repayments and redraw facility

  • Double Mozo Experts Choice Award winner for 2020

Our verdict

Online lender Athena is on a mission to win customers over from the big banks, and the Athena Celebrate Variable Home Loan is a great reason why. This home loan features a killer variable rate that stays great from day one and it also comes with no evaluation or ongoing fees. What’s more, to reward borrowers for paying down their home loan, Athena will now automatically lower your rate as you pay down your loan. Initially available only to refinancers, this Athena Home Loan is now available to home buyers buying an established property in a  capital or major regional city.

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

PERSONAL LOANS

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 >>

Plenti Unsecured Personal Loan
  • Unsecured rates from just 6.49% fixed (6.84% comparison rate^)

  • No monthly or early repayment fees

  • Make free extra repayments

Our verdict

Plenti brings you competitively low rate personal loans for borrowers with good credit history on a tiered basis - the better your credit, the better your rate! Complete with a speedy online application process that guarantees you a rate in just 1 minute, this unsecured loan lets you borrow between $2,000 and $45,000 at a simple fixed interest rate that can be repaid weekly, fortnightly or monthly over 3 to 5 years. Plus, there are no monthly fees, no exit fees and no early repayment fees so you can pay your loan off faster. 

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

CAR LOANS

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

^See information about the Mozo Experts Choice Home loans Awards

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