Meet the rival lenders stealing bank borrowers in droves

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 in 2022 a handful of non-bank lenders in particular stand out from the pack.

Aussie-owned is winning over fed-up bank borrowers in droves with a stellar combination of low interest rates, hassle-free online applications and settlements within 30 days. Meanwhile mortgage challenger Athena is rewarding borrowers with zero Athena fees and rate discounts as you pay down your loan.

On the personal loans front, Now Finance and OurMoneyMarket are taking on the banks with fast online loans and super low rates personalised to borrowers' credit ratings, while Buy Now Pay Later provider Zip is shaking up business loans with a new no-lock line of credit called Zip Business Capital. 

"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 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 stellar home loans, personal loans and business loans on offer from these digital dynamos….


UBank - Neat Home Loan
  • Variable rates from 3.14% (3.16% comparison rate*) - min 40% deposit
  • Free extra repayments and redraw facility
  • Fast and paperless online application process

UBank ticks all the boxes with this low rate, low fee digital home loan for borrowers looking to keep their costs to a minimum. The Neat Home Loan rewards borrowers with lower loan-to-value-ratios (LVRs) with its most competitive rates, while also being light on fees. There's a $250 settlement fee but no application fees or ongoing fees. Features include free extra repayments and redraw, and repayments can be made weekly, fortnightly or monthly.

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

Athena - Celebrate Variable Home Loan
  • New 3.79% variable and comparison rate*
  • Zero Athena fees + free offset account, extra repayments and redraw
  • Available to borrowers with 40% deposit or equity

The Athena Celebrate Variable Home Loan boasts one of the lowest variable rates on the market for borrowers with at least 40% equity in their property, and charges zero fees to boot. 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 purchasers 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 >> - Smart Booster Home Loan
  • New 3.60% discount variable rate for 2 years (3.96% comparison rate*)
  • Rolls over to low ongoing 2.50% (2.46% comparison rate*)

  • Optional offset account plus free redraws and extra repayments

This low rate, low fee home loan could help you save thousands on your mortgage and is packed with useful features like unlimited free extra repayments and redraw, multiple loan split options and an optional offset account for 0.10%. With all this on offer the Smart Booster Home Loan really is a smart choice for borrowers who are looking to save money on interest and get mortgage free faster. You can borrow up to $1 million with this loan with a 20% deposit, and pay no ongoing monthly fees.

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


OurMoneyMarket - Low Rate Personal Loan
  • Unsecured rates from just 5.85% fixed (6.47% 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 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 >>

NOW Finance - No Fee Unsecured Personal Loan
  • Unsecured rates from just 5.95% fixed (5.95% comparison rate*)
  • Zero upfront fees or ongoing fees – over the life of your loan
  • Mozo Experts Choice Winner - 2020 & 2021^

NOW Finance is a popular choice with borrowers looking to avoid costly fees and high interest rates. This award-winning non-bank lender offers no-fee personal loans for up to $50,000, with super low rates for good credit borrowers. Apply online to get a personalised rate quote in 2 minutes without impacting your credit score, and NOW Finance offers funds as fast as 24-48 hours after you’re approved.

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


Zip Business Capital
  • Line of credit offering unsecured business funding up to $500K
  • Interest charged only on what you draw down, with interest rate determined by your risk profile
  • Repayment terms of between 6 months and 5 years

Zip Business has pioneered an online lending platform to help Australian businesses get the funding they need. This innovative system provides access to a line of credit that converts into an unsecured loan when you draw down. The online application process can be completed in just 5 minutes, and once approved you can access funds within 1 working day. To qualify, businesses must be GST registered with an annual turnover of $200K or more and 18+ months trading history.

Where do I get it? Head over to Zip Business Capital to find out more >>

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Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.

* 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 $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. 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.

*** WARNING: 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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

^See information about the Mozo Experts Choice Home Loan Awards

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