Meet the record breaking lenders winning Aussie borrowers
Australia's home loan market is in the midst of a massive shake up, with a tidal wave of new lenders taking on the big banks and breaking records left, right and centre as they fight it out to win borrowers over.
In recent weeks, smaller lenders have broken new records on the rate front by introducing home loan rates with a '1' in front. And it's not just rates where records are being broken. Industry data shows that growing numbers of Australians are taking out home loans with non-major lenders*, as banks lose out to innovative new players intent on changing the game on everything from the speed of your loan approval to the time it takes you to pay off your mortgage.
So who are these lending dynamos who are breaking new records and winning over savvy borrowers? Read on for our low down of the game changing lenders who are shaking up the mortgage market right now....
RECORD BREAKING RATE
loans.com.au - Smart Booster Home Loan
- 1.99% discount variable rate for 1 year
- Rolls over to low ongoing 2.57% (2.55% comparison rate*)
- No monthly fees plus unlimited free redraws and extra repayments
Known for its ultra competitive home loans, top online lender loans.com.au is making new waves as one of the first lenders in Australia to offer a home loan rate under 2.00%. Available to borrowers with a 20% deposit, this headline-stealing home loan is designed to help you boost your savings, build your equity and own your own home, sooner. Flexible features include free extra repayments and redraw, and there are no ongoing monthly or annual fees.
Where do I get it? Head over to loans.com.au to find out more >>
RECORD BREAKING RATE CUTS
Homestar - Star Essentials Home Loan
- 2.39% p.a. variable rate (2.42% p.a. comparison rate*)
- No ongoing fees plus free extra repayments and redraws
- No monthly or ongoing account fees
HomeStar is the only lender in the Mozo comparison database to pass on all six of the RBA's most recent rate cuts in full, breaking records as Australia's most generous lender. In addition to an ultra low variable rate, the Star Essentials Home Loan also offers $0 ongoing fees plus a range of flexible features like unrestricted extra repayments and free online redraw. Plus for a limited time refinancers can get $1,500 cashback. Apply by 30 September.
Where do I get it? Head over to Homestar to find out more >>
RECORD BREAKING LOAN APPROVALS
Tic:Toc - Variable Home Loan
- 2.39% variable rate (2.40% comparison rate*)
- Approvals in as little as 22 minutes
- Mozo Experts Choice Online Lender of the Year 2020
Tic:Toc burst onto the Australian mortgage scene in 2017 with the world's first 'instant home loans', meaning you can have a fully approved home loan on the same day as you submit your application. What's more, Tic:Toc also offers award-winning low rates, zero application and ongoing fees, free extra repayments and an optional offset account for $10 a month. Switching your home loan can be done 100% online, and there's absolutely no paperwork (except for your home loan contract).
Where do I get it? Head over to Tic:Toc to find out more >>
GAME CHANGING APPROACH
Athena - Liberate Variable Home Loan
- The new mortgage lender that's trying to get RID of customers
- New 2.59% variable rate (2.55% comparison rate*)
- Zero Athena fees
Introducing itself as the 'home loan wrecker', Athena is a game changing new online lender that wants customers to love them and leave them. Athena's mission is to encourage borrowers to pay off their home loan quickly, so that you can have a home not a loan. To help you do just that, the new Athena Variable Home Loan offers a super competitive rate, zero Athena fees, an interest rate discount each year for 5 years just for making your repayments on time, plus flexible features like free extra repayments and redraw.
Where do I get it? Head over to Athena to find out more >>
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* 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.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. 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.
^See information about the Mozo Experts Choice Home Loan Awards
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