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 and personal loans in 2020...

BANK BEATING HOME LOANS

Promoted

loans.com.au Smart Home Loan
  • 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

UBank UHomeLoan - Discount Offer
  • 2.84% variable rate (2.84% 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

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

New online lender Athena is on a mission to save borrowers money on their mortgage, with a customer first commitment and some of the lowest rates around. The Athena Variable Home Loan offers the same great rates to both new and existing borrowers, and you'll also get a loyalty bonus each year for 5 years just for making your repayments on time. It's available to refinancers and new borrowers purchasing in capital or major regional cities.

Where do I get it? Head over to Athena 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 new digital lender Symple Loans might just be what you’re looking for. With a Symple personal loan you can borrow up to $50,000 and access super low rates if you're a good credit borrower. Plus, you can apply online in minutes and 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 >>

Promoted

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 a great credit history, together with a super fast online application process that guarantees you a decision in a speedy 1 minute. This competitive unsecured loan lets you borrow between $2,000 and $50,000 at a handy fixed interest rate that can be repaid weekly, fortnightly or monthly over 1 to 7 years. This personal loan is also free from monthly account keeping fees, exit fees and there are no early repayment fees. 

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

*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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