5 killer lenders that could save you a fortune
Many Australians are focussing on reducing household costs right now, and saving on interest repayments and fees on your home loan, personal loan, credit card or car loan is a great place to start.
Borrowers looking for the sharpest rates will need to look beyond the big banks though. Rival lenders have taken the spotlight: wooing borrowers with super competitive rates and low fees. As a result, genuinely big savings are now available for those who shop around.
The big banks might be easy targets when it comes to offering better value, but rival lenders are also winning customers over with more efficient approval processes and fast online applications. And with so many challengers to the big banks popping up - from online lenders to rival banks and smart banks - there’s more reason than ever before to spend some time comparing your options to get the best value around.
So if you’re over high interest rates and steep fees, check out these killer lenders giving the big banks a run for their money right now.
TOP HOME LOANS
loans.com.au - Smart Booster Home Loan
- 3.10% discount variable rate for 2 years (3.46% comparison rate*)
- Free redraws and extra repayments
- Optional offset account
This low rate, low fee home loan could help you save thousands on your mortgage and is packed with useful features like unlimited free extra repayments and redraw, multiple loan split options and an optional offset account for 0.10%. With all this on offer the Smart Booster Home Loan really is a smart choice for borrowers who are looking to save money on interest and get mortgage free faster. You can borrow up to $1 million with this loan with a 20% deposit, and pay no ongoing monthly fees.
UBank - Neat Home Loan
- Variable rates from 3.14% (3.16% comparison rate*) - min 40% deposit
- Free extra repayments and redraw facility
- Fast and paperless online application process
UBank has made a name for itself as one of Australia's best value online lenders, and its new Neat Home Loan is a case in point. This low cost variable home loan rewards borrowers with lower loan-to-value-ratios (LVRs) with its best rates, while also being light on fees. Features include free extra repayments and redraw. Plus, UBank is backed by NAB so you get all of the savings an online lender can offer, as well as the security of big bank backing.
Unloan - Variable Home Loan
- 2.64% variable rate (2.56% comparison rate*)
- Zero upfront or ongoing fees
- Refinancers only
Unloan is a stellar new digital home loan offering built by CommBank. Owner-occupier refinancers receive a super low 2.64% variable rate (2.56% comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for refinance loans of up to $3M. Minimum 80% LVR.6
LOW RATE PERSONAL LOANS
OurMoneyMarket - Low Rate Personal Loan
- Unsecured rates from just 5.45% fixed (6.07% comparison rate^)
- Free extra repayments and fee-free redraw
- Quick and easy 100% online application
OurMoneyMarket offers low rate personal loans for borrowers with excellent credit, with a speedy online application process that guarantees you a decision in just 1 minute. You can borrow between $2,000 and $75,000 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.
NOW Finance - No Fee Unsecured Personal Loan
- Unsecured rates from just 6.75% fixed (6.75% comparison rate*)
- Zero upfront fees or ongoing fees – over the life of your loan
- Mozo Experts Choice Unsecured Personal Loan Winner 2022^
NOW Finance is a popular choice with borrowers looking to avoid costly fees and high interest rates. This award-winning non-bank lender offers no-fee personal loans for up to $50,000, with super low rates for good credit borrowers. Apply online to get a personalised rate quote in 2 minutes without impacting your credit score, and NOW Finance offers funds as fast as 24-48 hours after you’re approved..
TOP ONLINE CAR LOANS
Wisr - Secured Car Loan
- Fixed rates from just 6.34% p.a. (7.18% comparison rate*) for good credit borrowers
- No monthly account fees and no early repayment fees
- Fast approval between 24-48hrs
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 $79,000 and get on the road faster than ever. There are no monthly account fees and no early repayment fees. Apply online and get approval within 24-48 hours.
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Like to see how these loans stack up against the competition? Head over to our home loan comparison table, our personal loans comparison tool or our car loan comparisons to compare loans from an even bigger range of lenders.
* 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.
** 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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