New way to borrow takes Australia by storm

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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...

BANK BEATING HOME LOANS

Promoted

loans.com.au Smart Home Loan
  • New 2.88% variable rate (2.90% comparison rate*)

  • No application or ongoing fees

  • Unlimited additional repayments and free redraws

Our verdict

Aussie owned loans.com.au 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 loans.com.au to find out more >>

Promoted

Athena Variable Home Loan
  • 2.84% variable rate (2.80% comparison rate*)

  • No application or ongoing fees

  • Unlimited additional repayments and free redraws

Our verdict

Athena is on a mission to shake up mortgage lending in Australia, and the new Athena Variable Home Loan is a competitive refinance mortgage with one of the lowest rates around and no application or ongoing fees. But, don’t think the value ends there. Initially available only to refinancers, the Athena Home Loan is now also on offer to home buyers buying an established property in a  capital or major regional city.

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

Promoted

Homestar Star Essentials Home Loan
  • 2.74% p.a. variable rate (2.77% p.a. comparison rate*)

  • Free extra repayments and redraw facility

  • No monthly or ongoing account fees

Our verdict

One of the oldest non-bank lenders nationwide, Homestar has been providing affordable home loans since 2004. With a number of handy features - including unrestricted extra repayments and  free online redraws - plus an ultra low variable rate, the Star Essentials Home Loan gives owner occupiers plenty to get excited about. 

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

SHARP BUSINESS LOANS

Promoted

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

  • No upfront or ongoing fees

  • Approval for up to $500,000 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 $500,000 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 >>

LOW RATE PERSONAL LOANS

Promoted

Symple Loans Personal Loan
  • Fixed rates from 5.75% (6.89% comparison rate)

  • Borrow up to $50,000

  • No early repayment fee

Our verdict

Whether you want to pay off high interest debt, take that long overdue holiday or get on top of some expenses, then Symple Loans Personal Loan might just be what you’re looking for. With Symple Loans personalised variable rate loan you can borrow up to $50,000 with a term of up to 7 years. Plus, you can have the money in your account the next business day. It’s really that Symple!

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

TOP CREDIT CARDS

Promoted

Latitude Low Rate Mastercard
  • Low 9.89% purchase rate

  • Low $69 annual fee

  • Price protection and extended warranty

Our verdict

The Latitude Low Rate Mastercard is the ideal card for everyday spenders. Aside from its low 9.89% purchase rate, the card also features some pretty handy features, like price and purchase protection. Complete with a competitive annual fee of $69 this might just be the card for you.

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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