Meet the online lenders saving Aussies millions
17 Sep 2021
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.
Consumer confidence in rival lenders is surging in 2021, with a new Mozo survey revealing that a whopping six in ten home borrowers are now considering online lenders instead of the banks.*
There’s a lot to love about these digital dynamos, including fast online applications, efficient approval processes and some killer low rates that can mean thousands of dollars in savings every year. On a typical $400,000 home loan, online lenders offer an average saving of $83,800 vs the big banks over 30 years.
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 business loans...
TOP HOME LOANS
loans.com.au Smart Booster Home Loan
1.85% discounted variable rate for 2 years
Rolls over to low ongoing 2.25% (2.21% comparison rate*)
Mozo Experts Choice Award 2021 - Low Cost Home Loan^
Our verdict
Aussie owned loans.com.au has been taking on the banks with low rate online loans since 2011, and this headline-stealing home loan is guaranteed to get borrowers switching. Designed to help you boost your savings and get mortgage-free faster, the Smart Booster Home Loan is jam-packed with flexible features like unlimited free extra repayments, free redraw and an optional offset account for 0.10%. There are no ongoing fees and its available to borrowers with a 20% deposit for loans of up to $1 million.
Where do I get it? Head over to loans.com.au to find out more >>
UBank UHomeLoan - Discount Offer
New 2.19% p.a. variable and comparison rate*
No upfront or ongoing fees plus free extra repayments and redraw
Mozo Experts Choice Award 2021 - Best 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 1.99% variable rate (1.99% comparison rate*)
Zero Athena fees + free extra repayments and redraw
Available to borrowers with 40% deposit or equity
Our verdict
Online lender Athena is on a mission to save borrowers money on their mortgage, with a customer first commitment and some of the lowest rates around. The Athena Celebrate Variable Home Loan offers the same great rates to new and existing borrowers and charges zero fees. What’s more, the automatic rate drop feature means the more you pay down your loan, the lower your rate becomes. It's available to refinancers and new borrowers purchasing in capital or major regional cities, with a minimum 40% deposit or equity.
Where do I get it? Head over to Athena to find out more >>
LOW RATE PERSONAL LOANS
NOW Finance No Fee Unsecured Personal Loan
Unsecured rates from just 5.95% fixed (5.95% comparison rate*)
Extra repayments allowed
No upfront application fee
Our verdict
Reap the rewards of paying absolutely no fees on loans up to $50,000 with NOW Finance. This award winning unsecured personal loan comes together with no establishment fee, ongoing fees or early payout fee. Plus, you can get your guaranteed, tailored interest rate in two minutes with no impact on your credit score.
Where do I get it? Head over to NOW Finance to find out more >>
OurMoneyMarket Low Rate Personal Loan
Unsecured rates from just 5.45% fixed (6.07% comparison rate^)
Free extra repayments and fee-free redraw facility
Quick and easy 100% online application
Our verdict
OurMoneyMarket offers low rate personal loans for borrowers with excellent credit, with a speedy online application process that guarantees you a decision in just 1 minute. You can borrow between $2,000 and $75,000 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. Mozo Experts Choice Unsecured Personal Loan 2021 award winner.^
Where do I get it? Head over to OurMoneyMarket to find out more >>
ONLINE CAR LOANS
Wisr Secured Car Loan
Fixed rates from just 4.74% (5.01% comparison rate*) for good credit borrowers
No monthly account fees and no early repayment fees
Fast approval between 24-48hrs
Our verdict
After a low rate car loan to get behind the wheel of your dream car sooner? With Wisr’s competitive fixed loan rates for borrowers with good credit, you'll have the freedom to borrow between $5,000 and $50,000 and get on the road faster than ever. There are no monthly account fees and no early repayment fees to worry about. Plus, if you apply online, you could get approval within 24-48 hours.
Where do I get it? Head over to Wisr to find out more >>
KILLER BUSINESS LOANS
Zip Business Trade Zip Business Trade
Apply online to get $1,000 to $3,000 fast and interest-free
$20 monthly account fee (waived if you have zero balance)
Fast and easy way to cover everyday and unexpected spending
Our verdict
If you’re looking for fast, interest-free finance to help cover your expenses, purchase inventory and grow your business, then Zip Business Trade could be just the solution you're after. Simply apply online for a Zip Business Trade buy now pay later account and use it to cover everyday spending or unexpected costs up to $3,000. Minimum repayments are just $200 a month, there is no interest charged ever and the $20 monthly account fee is waived if you have zero balance.
Where do I get it? Head over to Zip Business Trade 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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