Digital and neobank home loans

The Australian mortgage market now has multiple neobanks offering home loans with competitive interest rates and flexible, digital-first lending services. Neobanks, or digitial banks, are the newest lenders in Australia, bringing a mix of technology, speed and an online-only attitude to Australian home loans.

Which digital lenders offer home loans?

Here are all the neobank and digital lenders we know that have launched mortgage products in Australia, or are planning to.

What is a neobank?

A neobank is an online-only bank that offers its services digitally, usually through an app, rather than with physical branches. Because these banks don't have the overhead cost of operating branches, they can generally offer better rates on savings and loan products.

While there are many online-only financial institutions, what sets neobanks apart is that they don't operate on legacy systems. In other words, the technology driving digital banks has been built from the ground up and doesn't rely on any existing processes.

Learn more about Australia's digital banks

What about other online banks?

The term neobank feels a bit like a marketing term. And it kind of is. Neobanks are selling themselves as something different from the traditional banks. They're challenging the traditional finance world using data, apps and a digital-first approach.

There are a few other online lenders who are really competing with the neobanks (or more correctly, against whom the neobanks will compete). These include:

• UBank. A digital-only brand owned by NAB, UBank is challenging traditional banks in the same way as neobanks.
• Loans.com.au. A completely digital lender, loans.com.au competes with low rate products and pride itself on personable phone and online service.
• ING. A traditional lender, ING has been online-first for a while and have a very popular app.
• ME Bank. Formerly a credit union, ME Bank is now an entirely online lender.

Find more online lenders and their mortgage products on our online lenders page.

How do neobank products differ?

Neobank products are driven by the technology that underpins their platforms. At present, most Australian neobanks offer transaction accounts, savings accounts and/or prepaid spending cards. Many neobank accounts also allow customers to hold multiple currencies.

In addition to mortgages, 86 400 offers a range of banking services with low fees and plenty of flexibility. This is something Nano has promised when it launches too. Lenders like Athena and Tiimely Home focus entirely on home loans.

The real point of differentiation for many neobanks comes in how users interact with them. Neobanks typically tie their products to apps that provide detailed tracking of their savings and spending. The apps can also categorise spending so users know where their money is going. This will help give customers a clear overview of their finances. Many utilise AI to help build savings and budgeting goals for customers, and some tout their apps' seamless payment systems.

At this stage, with few neobanks lending to Australian borrowers, not every new lender offers borrowers a detailed look at their data via an app. But we expect this to become more common as this part of the mortgage industry expands.

How do I switch to a neobank?

At present, many neobanks may not be able to fully take the place of your main financial institution. If you want to access neobank products, you can compare them in the table below. Some neobank products are not yet available, but you can sign up for the bank's waitlist to be among the first alerted when the products launch.

Compare other home loan options

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Name	Finder Score	Interest Rate p.a.	Comparison Rate p.a.	Fees	Monthly Payment
ANZ Plus Home Loan Variable Rate Principal & Interest20% min. depositOwner-occupierOffset account ANZ Plus Home Loan Variable Rate Principal & Interest20% min. depositOwner-occupierOffset account Details Fees Pros & cons Product Name ANZ Plus Home Loan Variable Rate Interest Rate Type Variable Repayment Type Principal & Interest Interest Rate p.a. 6.09% Comp. Rate p.a. 6.10% Minimum Loan Amount $10,000 Maximum Loan Amount $2,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility No Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $350 Pros This loan comes with a 100% offset account There’s no application fee for this loan Track your loan repayments and progress with the app Cons This loan (and cash back offer) is only available for refinancers earning a PAYG income. You cannot use ANZ branches or ANZ Internet Banking to apply for or manage an ANZ Plus home loan. This loan is not available for borrowers in Tasmania and the Northern Territory.	Finder score 9 Excellent	Interest Rate 6.09%	Comparison Rate 6.10%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $909	Continue Compare	$2,000 cashback Borrowers refinancing $250k or more to ANZ Plus before 31st March 2025 could get a cashback of $2,000. Excl. refinancers from ANZ or Suncorp. Other terms and conditions apply.
Unloan Variable Home Loan Principal & Interest20% min. depositOwner-occupier Unloan Variable Home Loan Principal & Interest20% min. depositOwner-occupier Details Fees Pros & cons Product Name Unloan Variable Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.99% Comp. Rate p.a. 5.90% Minimum Loan Amount $10,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros A competitive variable rate home loan Automatic interest rate discount No lender fees Cons No offset account You can’t borrow more than 80% of the property value, even with a first home buyer scheme Unloan doesn’t offer fixed rates or interest only loans	Finder score 9.1 Excellent	Interest Rate 5.99%	Comparison Rate 5.90%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $900	Continue Compare
loans.com.au Solar Home Loan Principal & Interest10% min. depositOwner-occupierOffset account loans.com.au Solar Home Loan Principal & Interest10% min. depositOwner-occupierOffset account Details Fees Pros & cons Product Name loans.com.au Solar Home Loan Interest Rate Type Variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.99% Comp. Rate p.a. 6.44% Minimum Loan Amount $50,000 Maximum Loan Amount $1,500,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $230 Ongoing Fees $0 p.a. Settlement Fee $300 Discharge Fee $300 Pros Available for both owner-occupiers and investors No application or ongoing fees Extra repayments available Cons Minimum loan term of 15 years Late payment fee of $150 Have to pay an extra 0.10% p.a. if you want to add an offset account	Finder score 9.1 Excellent	Interest Rate 5.99%	Comparison Rate 6.44%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $900	Continue Compare
IMB Budget Home Loan Principal & Interest20% min. depositOwner-occupier IMB Budget Home Loan Principal & Interest20% min. depositOwner-occupier Details Fees Pros & cons Product Name IMB Budget Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.04% Comp. Rate p.a. 6.07% Minimum Loan Amount $10,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $449 Lender's Legal Fee $0 Valuation Fee At cost Ongoing Fees $0 p.a. Settlement Fee $350 Discharge Fee $350 Pros This loan allows for unlimited extra repayments There are no monthly fees with this loan Eligible borrowers can take this loan out with up to 95% LVR Cons This loan does not come with an offset account You will not be eligible for the full $4,000 cashback if you refinance less than $1million There is an application fee of $449	Finder score 8.5 Great	Interest Rate 6.04%	Comparison Rate 6.07%	Fees Application: $449 Ongoing: $0 p.a.	Monthly Payment $905	Continue Compare	Up to $4K cashback Eligible borrowers can get up to $4,000 cashback when buying or refinancing with IMB. Loan value criteria applies. Other terms and conditions also apply.
Greater Bank Great Rate Discount Variable Home Loan Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only Greater Bank Great Rate Discount Variable Home Loan Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only Go to site Details Fees Pros & cons Product Name Greater Bank Great Rate Discount Variable Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.99% Comp. Rate p.a. 6% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term Maximum LVR 110% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $180 Discharge Fee $300 Pros $0 application fee LVR of up to 110% with guarantor Cons Requires a family guarantee Not suitable for all borrowers	Finder score 9.1 Excellent	Interest Rate 5.99%	Comparison Rate 6%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $900	Go to site Compare	Up to $2,500 cashback Eligible refinancers can get up to $2,500 cashback depending on loan value. Full terms and conditions apply.
Mortgage House Executive Saver Low Rate Home Loan Principal & Interest40% min. depositOwner-occupier Mortgage House Executive Saver Low Rate Home Loan Principal & Interest40% min. depositOwner-occupier Details Fees Pros & cons Product Name Mortgage House Executive Saver Low Rate Home Loan Interest Rate Type Variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.89% Comp. Rate p.a. 5.93% Minimum Loan Amount $150,000 Maximum Loan Amount $850,000 Maximum Loan Term 30 years Maximum LVR 60% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $395 Valuation Fee up to $300 free Ongoing Fees $0 p.a. Settlement Fee $445 Discharge Fee $500 Pros Cons	Finder score 8.6 Great	Interest Rate 5.89%	Comparison Rate 5.93%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $890	Continue Compare

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Written by

Richard Whitten

Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

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