Meet the online lenders saving Aussies millions
17 Oct 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
loans.com.au 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 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 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 loans.com.au to find out more >>
Promoted
UBank UHomeLoan - Discount Offer
New 2.84% variable rate (2.84% comparison rate*) - Apply now to get this rate from 29 Oct
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 >>
LOW RATE PERSONAL LOANS
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
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 >>
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
Qantas Money Qantas Premier Platinum
Receive up to 120,000 bonus Qantas points (t&cs apply)
0% on balance transfers for 18 months
$50 wine voucher
Our verdict
Qantas frequent flyers will love the new Qantas Premier Platinum offer from Qantas Money, which gives you 20,000 Qantas Frequent Flyer points each month for the first 6 months when spending more than $1.5k each month. That's a whopping 120,000 Qantas points in just 6 months. There's 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!
^ 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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