Meet the online lenders saving Aussies millions
06 Jun 2019
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, credit cards and business loans...
HOME LOANS
Promoted
UBank UHomeLoan - Discount Offer
3.59% interest rate (3.59% comparison rate*)
No upfront or ongoing fees plus free extra repayments and redraw
Mozo Experts Choice Low Cost Home Loan Winner 2019
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, a 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 >>
Promoted
loans.com.au Smart Home Loan
3.28% variable rate (3.30% comparison rate*)
No application or ongoing fees
Unlimited additional repayments and free redraws
Our verdict
Aussie owned loans.com.au has been taking on the banks with low rate online home loans since 2011, and the new Smart Home Loan is guaranteed to get borrowers switching. The 3.28% variable rate is a bona fide mortgage crusher, and they've done away with pesky fees as well. This no-fuss mortgage has 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 $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
Athena Variable Home Loan
3.34% rate p.a. (3.30% p.a. comparison rate*)
Free extra repayments and redraw facility
No annual application fees
Our verdict
Athena's Variable Home Loan is a competitive refinance mortgage with one of the lowest rates around at 3.34% p.a. (3.30% p.a. comparison rate*) and no application or ongoing fees. But don’t think the value ends there, the great value loan also offers free extra repayments and a free redraw facility. Just keep in mind, if you’re a first home buyer, you won’t be able to get this loan as it’s only for refinancers, living in capital or major regional cities.
Where do I get it? Head over to Athena to find out more >>
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 >>
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 2018
Our verdict
This award-winning credit card from Woolworths is a great option for regular shoppers at Woolies, with an eGift card, plus 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.
Where do I get it? Head over to Woolworths to find out more >>
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