Meet the online lenders saving Aussies millions
05 May 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 looking to save money on your mortgage, buy a property, renovate your kitchen or pay down your credit card, 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 credit cards...
TOP HOME LOANS
Promoted
loans.com.au Smart Home Loan 80
2.57% variable rate (2.59% 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 >>
Promoted
UBank UHomeLoan - Discount Offer
2.59% variable & 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 >>
Promoted
Homestar Star Essentials Home Loan
2.39% p.a. variable rate (2.39% p.a. comparison rate*)
Free extra repayments and redraw facility
No monthly or ongoing account fees
Our verdict
One of the oldest non-bank lenders nationwide, Homestar has been providing affordable home loans since 2004. By dealing direct with borrowers and cutting out branches and brokers, Homestar can put more effort into providing better rates and creating more flexible loans. The Star Essentials Home Loan has one of the lowest variable rates in town plus a number of handy features - including unrestricted extra repayments and free online redraws - to give owner occupiers plenty to get excited about.
Where do I get it? Head over to Homestar to find out more >>
PERSONAL LOANS
Promoted
Wisr Unsecured Personal Loan
Fixed rates from 7.95% (8.78% comparison rate^)
No early repayment or ongoing fees
Apply online and receive a response in minutes
Our verdict
If you’re after bang for your buck, then take a look at this Unsecured Personal Loan from Wisr, an online player offering super competitive rates for borrowers with great credit. It’s available for up to $50,000 over a 3 to 5 year term and you don’t need a big asset to put up as security against the loan. You also have the option of making free extra repayments to pay your loan off faster, with no penalty for early loan repayment.
Where do I get it? Head over to Wisr to find out more >>
Promoted
OurMoneyMarket Low Rate Personal Loan
Unsecured rates from just 8.00% fixed (8.21% 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 >>
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