New way to borrow takes Australia by storm


As distrust of the nation's big banks and mortgage brokers swells amongst the wreckage of the banking royal commission, online lenders are emerging as real challengers in the home loan, business loan and personal lending markets.

There’s a lot to love about these digital go-getters, including speedy online applications, efficient approval processes and some killer low rates that can mean thousands of dollars in savings every year. Whether you’re buying a home, renovating your bathroom, planning an overseas holiday or managing your business expenses, there’s an online lender to suit that has what you’re looking for.

Take a peek at the Mozo money editor's pick of some of the best for home loans, business loans, personal loans and credit cards...


Promoted Smart Home Loan
  • 3.03% variable rate (3.05% comparison rate*)

  • No application or ongoing fees

  • Unlimited additional repayments and free redraws

Our verdict

Aussie owned has been taking on the banks with low rate online home loans since 2011, and the new Smart Home Loan is guaranteed to get borrowers switching. The low variable rate is a bona fide mortgage crusher, and they've done away with pesky fees as well. This no-fuss mortgage has all the features you want and none you don’t - you can make unlimited extra repayments and make use of the redraw facility, without paying a premium for bells and whistles like an offset account. If you’re borrowing $1 million or less and have at least a 20% deposit saved up, the Smart Home Loan really is a smart choice.

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


UBank UHomeLoan - Discount Offer
  • 3.09% interest rate (3.09% comparison rate*)

  • No ongoing or upfront fees

  • Mozo Experts Choice Low Cost Home Loan 2019

Our verdict

As one of Australia's top-rated online banks, UBank has our seal of approval when it comes to bringing Aussies the best value when it comes to their mortgage. Just how do they do this? With no fees, a super-low interest rate and plenty of flexible payment options to suit you, the UHomeLoan Discount Offer is pretty hard to miss. Plus, UBank is backed by NAB so you score all of the savings an online lender can offer, together with the security of a big bank behind it. This loan is available for loans of $200,000 or more, with a 20% deposit.

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


Homestar Star Essentials Home Loan
  • 2.99% p.a. variable rate (3.02% p.a. comparison rate*)

  • Unrestricted extra repayments and free online redraw

  • No monthly or ongoing account fees

Our verdict

Homestar has been providing affordable home loans since 2004, cutting out branches and brokers to deliver better rates and award-winning mortgages. The new Star Essentials home loan is no exception, offering refinancers the chance to save thousands on their home loan with one of the lowest rates in town. You'll also enjoy $0 account fees and features such as unrestricted extra repayments and free online redraws.

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



Moula Business Loan
  • Interest rates start at just 1.00% per fortnight

  • No upfront or ongoing fees

  • Approval for up to $250,000 in 24 hours

Our verdict

Moula is dedicated to providing small and medium Aussie businesses with working capital through a unique platform that analyses business data to approve funding. The process is all online and hassle free - enter a few details and link up your accounting or banking data, and you could be approved for up to $250,000 within 24 hours. Plus, with no upfront, ongoing or break fees, what’s not to like? To be eligible, your business should have an ABN or ACN, been operating for at least 6 months, and a monthly turnover of $5,000.

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



OurMoneyMarket Low Rate Personal Loan
  • Unsecured rates from just 8.00% fixed (8.21% 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 super fast online application process that guarantees you a decision in just 1 minute. This competitive unsecured loan lets you borrow between $2,000 and $50,000 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. 

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



Qantas Money Qantas Premier Platinum
  • Receive up to 120,000 bonus points (t&cs apply)

  • 0% on balance transfers for 18 months

  • $50 wine voucher

Our verdict

Qantas frequent flyers will love the new Qantas Premier Platinum offer from Qantas Money, which gives you 20,000 Qantas Frequent Flyer points each month for the first 6 months when spending more than $1.5k each month. That's a whopping 120,000 Qantas points in just 6 months. There's a generous earn rate of 1 Qantas point per dollar for the first $10,000 of spend on the card each month, dropping down to 0.5 points uncapped.

How do I apply for the card? Online of course!

*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

Want to check out other borrowing options? Head over to our home loan comparison table, our business loan comparison tool or our credit card comparison tool to get the ball rolling

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