Meet the online lenders saving Aussies millions

Mozo

19 Sep 2021

Woman outside house with piggybank article image content

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 digital 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...

BANK BEATING HOME LOANS

loans.com.au Smart Booster Home Loan
loans.com.au
  • 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
UBank
  • 1.85% fixed rate for 3 years (2.13% comparison rate*)

  • No ongoing fees + free extra repayments up to $20,000 p.a.

  • Mozo Experts Choice Award 2021 - Best Fixed Rate Home Loan

Our verdict

As one of Australia's top-rated online banks, UBank has our seal of approval when it comes to bringing Aussies top value on their home loans. Borrowers looking to lock in while rates are low can snap up this market-leading 3 year fixed home loan now. It's available to owner occupiers with 20% deposit for loans of up to $2 million, and while there is an initial $395 application fee there are no other fees to worry about. UBank even lets customers make extra repayments towards the loan of up to $20k per year, for free!

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

Athena Celebrate Variable Home Loan
Athena
  • New 1.99% variable rate (1.99% comparison rate*)

  • Zero Athena fees + free extra repayments and redraw

  • Available to borrowers with 60% LVR

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 >>

PERSONAL LOANS

OurMoneyMarket Low Rate Personal Loan
OurMoneyMarket
  • Unsecured rates from just 5.45% fixed (6.07% 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 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 >>

Symple Loans Personal Loan
Symple Loans
  • Low variable rates from 5.75% p.a. (6.47% p.a. comparison rate^^)

  • Receive funds in 1 business day

  • Extra repayments allowed

Our verdict

The unsecured Symple Loans Personal Loan has super-low variable rates from 5.75% p.a. (6.89% p.a. comparison rate^^) on loans between $5,000 and $50,000 with 1-7 year loan terms. Plus, once your online application has been approved, you could have the funds in your account by the very next business day! And if you’re keen to make some extra repayments to get you one step closer to being debt-free, you’ll be happy to know that this loan allows free extra repayments.

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

CAR LOANS

Wisr Secured Car Loan
Wisr
  • Fixed rates from just 4.74% (4.75% 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 >>

BUSINESS LOANS

Zip Business Trade 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

Want to check out other borrowing options? Head over to our home loan comparison table, our personal loans comparison tool or our car loan comparisons to get the ball rolling.

* To read more about Mozo's online lender research, read our detailed report here.

Calculate your home loan repayments

We can show you the monthly repayment amount for a range of loans

I want to borrow
for years