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Online home loans and lenders

Online home loan lenders offer super-low interest rates and quick loan processing times. Compare the latest offers today.

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Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Principal & Interest20% min. depositOwner-occupier
Interest Rate
5.99%
Comparison Rate
5.90%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$900
Go to site
Principal & Interest10% min. depositOwner-occupier
Interest Rate
6.04%
Comparison Rate
6.06%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$905
Go to site
Principal & Interest20% min. depositOwner-occupierOffset account$150,000+
Interest Rate
6.14%
Comparison Rate
6.43%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$914
Finder AwardPrincipal & Interest10% min. depositOwner-occupierOffset accountwith offset
Interest Rate
5.94%
Comparison Rate
6.05%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$895
Principal & Interest 1Y Fixed5% min. depositOwner-occupierOffset account
Interest Rate
6.14%
Comparison Rate
6.15%
Fees
Application: $500
Ongoing: $0 p.a.
Monthly Payment
$914
Principal & Interest10% min. depositOwner-occupierOffset account
Interest Rate
7.09%
Comparison Rate
7.09%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$1,008
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Are online home loans safe?

Just because you haven't heard of a small online lender, doesn't mean it's unreliable.

You can get online lenders that just offer you loans or you can get online banks, which also provide bank accounts. Many online banks, also known as neobanks, are owned or funded by a larger lender, and even the smallest lender is bound by Australian financial regulations.

If you are concerned, you can check that an individual lender has an Australian Credit Licence (ACL). Lenders should list their ACL number at the bottom of their webpage. This number can be cross-referenced with ASIC Connect's databases.

In the extremely unlikely event that an online lender closes up shop, your home loan is likely to be sold to another lender. This should have little to no effect on your repayments or overall loan, and the only change will be the company servicing your loan.

What are the benefits of using an online home loan lender?

  • Lower rates. Because they don't have the overhead of operating branches, online lenders can pass their savings onto you in the form of much lower interest rates. Many online lenders also offer innovative products and have a wide product range to suit a variety of borrowers.
  • Convenience. Online lenders also often have easy-to-use platforms that can help you speed through the application process. They also offer the ease and convenience of completing the mortgage application process from home rather than having to visit a bank branch.
  • Faster processing. Online lenders are innovating at a fast pace, and many of them offer super swift loan processing times – including the ability to assess, review and approve your home loan within hours.

Are there any downsides to going with a digital lender?

There are a few things worth noting if you're considering a digital lender.

  • Location. Some of the smaller online lenders aren't able to lend money for properties in regional areas. In the mortgage world, rural areas are regarded as riskier security, and many online lenders don't have the size or expertise to handle these types of loans. When purchasing a rural property, it is worth asking around for the lenders that permit home loans for regional areas.
  • Not in person. If you're uncomfortable with using the Internet for your banking, or you'd prefer face-to-face communication with your lender, then an online home loan probably isn't right for you.
  • Vanilla loans. While it is improving, the speed and convenience of an online lender are typically only for those lenders who tick all the right boxes. If you're anything other than PAYG employed or you don't have a perfect credit score, even online lenders will still need more time to process your application.

How do I apply for an online home loan?

Unsurprisingly, applying for a home loan with an online lender is done online. You will usually find an online application form on the lender's website. Simply follow the steps to enter all your information. Often, the online lender will assess your application in real-time as you fill out the fields.

Online home loan applications require much of the same documentation as with any home loan lender. They will still want to know your income and expenses to make sure you can meet your repayments.

Documents you will need include the following:

  • Proof of identity
  • Income documents (e.g. payslips or business activity statements)
  • Property details
  • Bank statements

Some borrowers may need to provide additional information, such as self-employed borrowers or those with poorer credit scores – this can slow down the application process.

Learn more about online lenders

Here's a little more information about some of the online lenders in our table, including which organisations fund or support them, and the digital innovations they offer:

  • Athena. This digital fintech lender offers low-rate mortgages and an entirely online service.
  • Unloan. This digital lender is owned by the Commonwealth Bank and offers fast loan applications for refinancers.
  • Homestar. A 100% online lender, Homestar has been providing mortgages to Australian borrowers since 2004.
  • ING. This online bank is part of the global, Dutch-based financial group of the same name.
  • AMP. While AMP is a large, traditional financial services company its lending business is fully online.
  • Loans.com.au. A Brisbane-based online lender, Loans.com.au is backed by Firstmac, Australia's largest non-bank lender.
  • ME Bank. Member's Equity was established back in 1994 and went fully digital in 2012. It's owned by the Bank of Queensland.
  • Nano Home Loans. Nano is an online lender with low rates and a fast approval process, currently only available to refinancers.
  • Tic:Toc. This lender boasts a fast online application tool, and it's backed by the Bendigo and Adelaide Bank.
  • UBank. This entirely digital lender is backed by NAB, one of the nation's largest banks.
  • Yard. A 100% online lender with a wide range of home loan products.

Why you can trust Finder's home loan experts

free
We're free
You won't pay any more by taking out a home loan with us. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare loans.
expert advice
We're experts
We've researched and rated dozens of home loans as part of our Finder Awards. We provide unique insights and our in-house experts regularly appear on Sunrise, 7News and SBS News.
independent
We're independent
Unlike other comparison sites, we're not owned by a third party. That means our opinions are our own and we work with lots of home loan lenders, making it easier for you to find a good deal.
help
We're here to help
Since 2014, we've helped 150,000+ people find a home loan by explaining the nitty gritty details simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

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2 Responses

    Default Gravatar
    Kevin.January 13, 2020

    Do you lend on property purchases in country Qld e.g Innisfail?

      Default Gravatar
      NikkiJanuary 15, 2020

      Hi Kevin,

      Thanks for your comment and I hope you are doing well. You would be able to know if a lender approves property purchases in a certain state by contacting them directly. You will find a table that compares the features and benefits of each home loan provider such as max loan rate, interest and etc. This way it will be easier for you to see which provider fits you best. To get started, browse through the list of lenders on the page and click the GO TO SITE button to be redirected to their main website. You can also click the compare box beside each loan option and compare up to 4 options side by side for easier comparison.

      As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

      Hope this helps and feel free to reach out to us again for further assistance.

      Best,
      Nikki

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