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 and credit cards...



UBank UHomeLoan - Discount Offer
  • 3.59% interest rate (3.59% comparison rate*)

  • No ongoing or upfront fees

  • Free extra repayments and redraw facility

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 >>

Promoted Smart Home Loan
  • 3.48% variable rate (3.50% comparison rate*)

  • No application or ongoing fees

  • Unlimited additional repayments and free redraws

  • Mozo Experts Choice Winner

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 3.48% 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 >>


Athena Variable Home Loan
  • 3.59% variable rate (3.55% comparison rate*)

  • No application or ongoing fees

  • Unlimited additional repayments and free redraws

Our verdict

The new Athena Variable Home Loan is a competitive refinance mortgage with a super sharp 3.59% variable rate (3.55% comparison rate*), no upfront or ongoing fees, free extra repayments and a free redraw facility. What's more, you'll also get a loyalty discount of 0.01% on your rate each year for the first five years of your loan, adding up to 0.05% off your loan just for being a loyal customer. Plus, Athena's Automatic Rate-Match means that if a lower rate is ever on offer for new Athena customers, it will apply to your existing loan too. No rate bait here folks! Keep in mind this home loan is for refinancers only, living in capital or major regional cities.

Where do I get it? Head over to Athena 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 >>



Woolworths Everyday Platinum Credit Card
  • $0 first year annual fee ($49 thereafter)

  • $50 Woolies eGift Card when you spend $150 a month for 3 months

  • Multiple Mozo Experts Choice winner

Our verdict

This award-winning credit card from Woolworths is a great option for regular shoppers at Woolies, with a $50 eGift card when you spend $150 a month in store for the first 3 months, 3 points per $1 spent on Woolies branded products and 10% off your first Woolies shop on a selected weekend each month on offer. Points are converted into Everyday Money Shopping Cards to help you shave dollars off your grocery spend, plus with no annual fee in the first year, and a 19.99% interest rate this one’s definitely worth a look for savvy spenders.

Where do I get it? Head over to Woolworths 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 $150,000 over 25 years.

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

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