We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
Read the full Finder Score breakdown
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.
There are a few things worth noting if you're considering a digital lender.
"I got my home loan via an online lender. It was really fast and simple. I put in all my details online and quickly got a follow up email from the lender. Then I received some paperwork in the mail, which I had to sign and post off. A guy came to my door to verify my ID, which was an odd experience. That was the only offline part of it. The fact we were buying an established property in a big city made it easier (it's easy for the lender to value the property automatically). If my case was more complicated I probably would have called a mortgage broker. But I have no regrets about my online home loan experience."
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:
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.
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:
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Do you lend on property purchases in country Qld e.g Innisfail?
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