Meet the online lenders saving Aussies millions

Kelly Emmerton

03 Jan 2020


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...


Promoted Smart Home Loan
  • New 2.88% variable rate (2.90% comparison rate*)

  • No application or ongoing fees

  • Unlimited additional repayments and free redraws

Our verdict

Aussie owned 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 super low 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 access a 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 to find out more >>


UBank UHomeLoan - Discount Offer
  • 2.84% variable rate (2.84% 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, 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 >>


Homestar Star Essentials Home Loan
  • 2.74% p.a. variable rate (2.77% p.a. comparison rate*)

  • Unrestricted extra repayments and free online redraw

  • No monthly or ongoing account fees

Our verdict

A pioneer of low cost online home loans in Australia, Homestar cuts out branches and brokers and passes on the cost savings to borrowers in the form of lower rates and fees. The new Star Essentials home loan for refinancers steps up the big bank challenge with one of the lowest variable rates on the market plus $0 account fees and plenty of flexible features like unrestricted extra repayments and free online redraws.

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



Symple Loans Personal Loan
  • Unsecured rates from just 5.75% (6.89% comparison rate^)

  • Borrow up to $50,000 with no early repayment fee

  • Get a personalised rate quote in just 2 minutes

Our verdict

Whether you want to pay off existing debt, tick that holiday off your bucket list or get on top of some bills, then new digital lender Symple Loans might be just the ticket. With a Symple Loans personalised variable rate loan you can borrow up to $50,000 and access ultra low rates that reward good credit borrowers. Plus, you can apply online in minutes, get a response in 60 seconds and have the money in your account the next business day. Symple makes it super simple!

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



Moula Business Loan
  • Interest rates start at just 1.00% per fortnight

  • No upfront or ongoing fees

  • Approval for up to $500,000 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 $500,000 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 and been operating for at least 6 months, with a monthly turnover of $5,000. 

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



Qantas Money Qantas Premier Platinum
  • Receive up to 120,000 bonus Qantas points (t&cs apply)​

  • 0% on balance transfers for 18 months

  • $50 discount on Qantas Wine purchases

Our verdict

Qantas frequent flyers are going crazy about the new Qantas Premier Platinum offer from Qantas Money, which rewards you with a bonus 20,000 Qantas Frequent Flyer points each month for the first 6 months when spending more than $1.5k monthly. That's a massive 120,000 Qantas points in only 6 months. There's also a generous earn rate of 1 Qantas point per dollar for the first $10,000 of spend on the card each month, dropping down to 0.5 points uncapped.

How do I apply for the card? Online of course!

*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

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