New way to borrow takes Australia by storm

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Distrust of the nation's big banks and mortgage brokers has swelled in the wake of the banking royal commission wreckage, and online lenders are emerging as real challengers in the home loan, credit card 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 looking to save money on your mortgage, buy a property, renovate your kitchen or purchase a new car, 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, personal loans and car loans right now...

  • 1.99% intro variable rate for 1 year

  • Rolls over to low ongoing 2.48% (2.47% comparison rate*)

  • Optional offset account plus free redraws and extra repayments

Our verdict

Aussie owned has been taking on the banks with low rate online home loans since 2011, and this headline-stealing home loan is guaranteed to get borrowers switching. Winner of the Mozo Experts Choice Award for Best Low Cost Home Loan 2021, the Smart Booster Home Loan is designed to help you boost your savings and get mortgage-free faster. Flexible features include unlimited free extra repayments, free redraw and an optional offset account for 0.10%. There are no monthly or annual fees and its available to borrowers with a 20% deposit for loans of up to $1 million.

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

UBank UHomeLoan
  • 1.75% fixed rate for 3 years (2.22% comparison rate*)

  • No ongoing fees + free extra repayments up to $20,000 p.a.

  • Mozo Experts Choice Award 2021 - Best Fixed Rate Home Loan

Our verdict

As one of Australia's top-rated online banks, UBank has our seal of approval when it comes to bringing Aussies top value on their home loans. Borrowers looking to lock in while rates are low can snap up this market-leading 3 year fixed home loan by applying before 29 April. It's available to owner occupiers with 20% deposit for loans of up to $2 million, and while there is an initial $395 application fee there are no other fees to worry about. UBank even lets customers make extra repayments towards the loan of up to $20k per year, for free!

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

Athena Celebrate Variable Home Loan
  • 2.19% variable rate (2.19% comparison rate*)

  • Zero Athena fees + free extra repayments and redraw

  • Available to borrowers with 40% deposit or equity

Our verdict

Online lender Athena is on a mission to save borrowers money on their mortgage, with some of the lowest rates in town. The fee-free Athena Celebrate Variable Home Loan offers the same great rates to both new and existing borrowers, and as an added reward your rate will drop lower as you pay down your home loan. It's available to refinancers and new borrowers purchasing in capital or major regional cities. Minimum LVR 60%.

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


Symple Loans Personal Loan
Symple Loans
  • Unsecured rates from just 5.75% (6.47% comparison rate^)

  • Borrow up to $50,000 with no early repayment fee

  • Get a personalised rate quote in just 2 minutes

Our verdict

Whether you want to pay off existing debt, tick that holiday off your bucket list or get on top of some bills, then new digital lender Symple Loans might be just the ticket. With a Symple Loans personalised variable rate loan you can borrow up to $50,000 and access ultra low rates that reward good credit borrowers. Plus, you can apply online in minutes, get a response in 60 seconds and have the money in your account the next business day. Symple makes it super simple!

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

OurMoneyMarket Low Rate Personal Loan
  • Unsecured rates from just 6.75% fixed (6.96% 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 >>


Wisr Secured Car Loan
  • 5.19% fixed interest rate (5.46% comparison rate*)

  • No early repayment or ongoing fees

  • Fast approval between 24-48hrs

Our verdict

After a low rate car loan to get behind the wheel of your dream car sooner? With Wisr’s competitive fixed loan rates for borrowers with good credit, you’ll have the freedom to borrow between $5,000 and $50,000 to get you on the road faster than ever. Complete with no early repayment fees and no ongoing fees, the Wisr Secured Car Loan could be just the loan you have been searching for.

Where do I get it? Head over to Wisr 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 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

^See information about the Mozo Experts Choice Home loans Awards

Want to check out other borrowing options? Head over to our home loan comparison table, our personal loans comparison tool or our car loan comparisons to get the ball rolling

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