Why smart Aussies are dumping old bank loans

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
Multiple Mozo Experts Choice Award Winner
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?
Where do I get it? Head over to loans.com.au to find out more >>
UBank UHomeLoan - Discount Offer

New 2.84% variable rate (2.84% comparison rate*)
$0 application fee or ongoing fees
Free extra repayments and redraw facility
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.
Where do I get it? Head over to UBank to find out more >>
loans.com.au Special Offer Fixed Rate Home Loan

2.99% fixed rate for 3 years (3.27% comparison rate*)
No ongoing service fees
Free extra repayments up to $10,000 p.a.
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.
Where do I get it? Head over to loans.com.au to find out more >>
LOW RATE PERSONAL LOANS
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
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.
Where do I get it? Head over to OurMoneyMarket to find out more >>
SHARP BUSINESS LOANS
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
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 >>
^See information about the Mozo Experts Choice Home loans Awards
Want to check out some other excellent borrowing options? Head over to our home loan comparison table, or our personal loan or business loan comparison tools to get started.
*https://www.afr.com/business/b...
Which home loan rates would you like to compare?