Mozo Experts Choice Awards announced as Aussies flock to online lenders

Whether you’re buying your first home or your next investment, having the right home loan is essential.

And for many Aussies, picking the right home loan is almost as tricky as finding the perfect home.

But it doesn’t have to be, as we’ve just announced the winners of our annual 2019 Mozo Experts Choice Home Loan Awards.

Our expert judges searched high and low to highlight the products in the market they felt delivered exceptional value to Aussie homeowners, working through 436 home loans from 85 lenders before selecting the winners.

Some of our categories included Fixed Rate Home Loan, Low Cost Home Loan and Best New Feature.

But while all of our winners deserve their moment in the sun, it was Greater Bank who took out the title of Home Lender Bank of the Year, which according to Mozo Product Data Manager and Experts Choice Judge, Peter Marshall is no easy task.

“We only award the top 10% in each category, which means many lenders miss out. So for Greater Bank to receive eight awards across our range of categories, it made sense to award them Home Lender Bank of the Year,” he said.

Other major winners included Well Home Loans, which took home five awards, including the title of Best New Home Loan for its Well Balanced Home Loan.

UBank, MOVE Bank, RACQ Bank and Newcastle Permanent - a Mozo Experts Choice Home Loan Award veteran - were also multiple winners. While were awarded Best New Feature for its ZIP Debit Card.

The rise of online lenders

These days, it’s hard to come across a product that isn’t available online and home loans are no exception, especially with recent Mozo research revealing that 85% of Aussies are considering to apply for a home loan with an online lender, rather than a bank or credit union.

And 75% said that they’d chosen an online lender because the interest rates were cheaper.

“For the typical $400,000 home loan, people could be saving up to $2800 a year by switching,” said Mozo Director, Kirsty Lamont.

“It’s a substantial amount of money - you’re talking over $70,000 over 25 years. That’s a new car, or renovations or a lot of very nice overseas holidays.”

So with that, our judges felt it was time to acknowledge the online lender who gets it right, which this year was Tic:Toc - the 2019 Online Lender of the Year Award winner.

“This year, Tic:Toc took home five awards and that’s not including its win for Online Lender of the Year,” explained Marshall.

“Aside from offering great rates, Tic:Toc have really played a part in changing the way customers apply for home loans, like offering 20 minute applications.”

But these are just a handful of our winners. You can check out our full winners list or compare even more lenders by heading over to our home loan comparison tool.

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^See information about the Mozo Experts Choice Home Loan Awards

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