2021 is shaping up as the year of the online lender, with record low rates driving borrowers away from the big banks and a whopping six in ten borrowers in Australia now considering online lenders instead.
The big banks have long held the lion’s share of the lending market, but a new Mozo survey of 1,266 borrowers* suggests that’s about to change. For those considering online lenders, cheap interest rates are seen as the biggest benefit, along with lower fees, easy application processes and faster loan approvals.
With interest rates from top online lenders like UBank, loans.com.au and Athena dropping to crazy new lows, the savings on offer are substantial. On a typical $400,000 home loan, borrowers could save $4,024 a year by going with an online lender over a big bank.
Whether you’re looking to save money on your mortgage, buy a property, renovate your kitchen or purchase a new car, there’s an online lender to suit. Here are the Mozo money editor's picks of some of the best for home loans, personal loans and business loans in 2021...