Aussie borrowers looking for lower rates, faster approval processes and flexible lending terms are deserting the big banks in earnest for more competitive smaller lenders, and a handful of non-bank and challenger lenders in particular stand out from the pack.
Aussie-owned loans.com.au is winning over fed-up bank borrowers in droves with a killer combination of ultra-low interest rates, hassle-free online applications and settlements within 30 days. Meanwhile mortgage challenger Athena is shaking up the market with a 1.99% variable rate home loan (1.99% comparison rate*) for refinancers with at least 40% equity in their property.
For borrowers not quite ready to make the move to a non-bank lender, rival banks Macquarie and HSBC are proving to be popular alternatives to the big 4 banks right now, thanks to recent rate cuts and a customer first focus that have made their home loans even more competitive.
"Many people are keen to leave the big banks and are surprised to discover how easy it is to refinance and the great deals that are out there with online lenders", says loans.com.au Managing Director Marie Mortimer.
So if you're looking for a more flexible way to borrow at a low rate that could save you thousands, read on for our expert rundown of the killer home loans on offer from these digital dynamos….