Australian borrowers chasing lower rates and more flexible lending terms are starting to desert the big banks in droves in favour of more competitive smaller lenders.
Mozo has seen a surge in home loan comparison activity for smaller lenders recently and industry data* suggests that growing numbers of borrowers are switching away from the big banks in search of more competitive rates and terms.
With big banks cracking down on lending criteria while simultaneously hiking rates for many borrowers, it's hardly surprising that so many Aussies are turning to smaller lenders for a better deal. If you're looking for a more flexible way to borrow at a low rate, check out these great value home loan, personal loan and business loan options from rival lenders:
BANK BEATING HOME LOANS
loans.com.au Smart Home Loan 80
New 2.88% variable rate (2.90% comparison rate*)
No ongoing fees, fee free redraw and extra repayment facilities
Loans.com.au is a popular online lender offering some of the lowest rates around. This home loan comes with a super sharp variable interest rate, no ongoing fees and money-saving features like unlimited additional repayments. The 100% online application and approvals will suit borrowers who like to do their banking digitally. Plus, this loan has consistently featured on the Mozo Experts Choice Awards winners list year on year - what’s not to like?
UBank is another online lender proving popular with Aussie borrowers for super low home loan rates, not to mention the fact that it's actually backed by NAB. The UHomeLoan Discount Offer comes with no annual or application fees, plus features like the ability to make unlimited free extra repayments and use a redraw facility. You'll also get 100% online support to guide you through the application and approval process from start to finish.
Don’t settle for a mediocre home loan - instead, lock in a super competitive fixed rate with Mozo Experts Choice Award winning lender, loans.com.au. This loan comes with the option to make free extra repayments, a flexible repayment schedule, and the chance to split your loan between fixed and variable rates. Plus, there are no ongoing service or upfront application fees to dent your budget.
OurMoneyMarket offers low rate personal loans for borrowers with a great credit history, complete 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 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.
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.
*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