Rival lenders take centre stage in the new decade

Online lenders have thrown down the gauntlet and proven themselves serious challengers to the big four banks. And this goes beyond attractive new branding.

With lower interest rates promising to save Aussies thousands of dollars, it’s no wonder borrowers are gravitating towards these new virtual providers. The reason these digital lenders can afford to offer such competitive pricing? Well, they have no actual branches, which means that unlike traditional lenders they’re not bogged down with heavy costs. This fact alone could save you a lot in repayments.

Besides passing on savings to customers, these online lenders are also directly meeting the needs of the new digitally-savvy generation. From financing a family home to buying a car, you can get a loan for almost anything these days without having to step outside your front door. Applications are usually fully online, fast and efficient.

So, without further ado, here are the Mozo expert picks for 2021's top home loans, personal loans and car loans from the new breed of rival lenders...


loans.com.au - Smart Home Loan 80
  • 2.48% variable rate (2.50% comparison rate*)
  • Free extra repayments and redraw + no upfront or ongoing fees
  • Mozo Experts Choice Award 2020 - Low Cost Home Loan
Find out more
Our verdict

Popular online lender loans.com.au has been taking on the banks since 2011, and the Smart Home Loan is really getting 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 free redraws 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 >>

Macquarie - Basic Home Loan
  • 2.09% fixed rate for 2 years (2.56% comparison rate*)
  • Save on fees with $0 upfront and monthly fees
  • Free redraws and extra repayments
Our verdict

Macquarie is all about using smart online technology to make the process of applying for, and managing, your home loan a breeze. This competitive fixed rate home loan offers the flexibility to create up to six loan accounts with different rate and repayment types, and enjoy free redraws using Macquarie Online. You can also use Macquarie's state-of-the-art app to manage your accounts in one place. Available to borrowers with at least 20% deposit or equity.

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

UBank - UHomeLoan - Discount Offer
  • New 2.34% p.a. variable and comparison rate*
  • No upfront or ongoing fees plus free extra repayments and redraw
  • Mozo Experts Choice Award 2020 - Low Cost Home Loan
Find out more
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 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
Find out more
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 >>

Symple Loans - Personal Loan
  • 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
Find out more
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 >>


Wisr - Secured Car Loan
  • 5.19% fixed interest rate (5.46% comparison rate*)
  • No early repayment or ongoing fees
  • Fast approval between 24-48hrs
Find out more
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 >

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Like to see how these offers stack up against the competition? Click through to Mozo’s comparison pages for car loans, home loans and personal loans to compare more lenders.

* 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.

*** WARNING: 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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

^See information about the Mozo Experts Choice Home Loan Awards

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