Online lender loans.com.au has received an award for best value home loan by comparison website Mozo.
The Dream Home Loan from loans.com.au was announced this week as the winner of the Best Value Variable Home Loan and Best Value Full Feature Variable Home Loan categories, and was ranked third for the Best Value Variable First Home Buyers Loan.
"The Mozo Experts Choice Awards are very important because they take into account the feedback of customers across the banking and finance industry and we are very pleased to have been recognised,” loans.com.au managing director Marie Mortimer said.
“It shows us that we are doing it right and it will spur us on to continue innovating and keep the pressure on the big banks,” Ms Mortimer said.
Mozo director Kirsty Lamont said Mozo’s research found eight of the top 10 best value home loans were from online lenders, which were an average of 0.52 per cent cheaper than the big four banks for a typical loan of $350,000 over 25 years.
“Choosing this year’s gold medal winning loan from loans.com.au instead of the average big four bank loan would save $2,256 a year – which equates to a whopping $56,400 over the life of the loan,” Ms Lamont said.
“When you look at just how much can be saved, Australians really should open their eyes to other providers beyond the traditional bricks-and-mortar lender or mortgage broker,” she said.
Ms Mortimer said there was no secret formula for loans.com.au’s outstanding performance.
“The world over, the relationship customers want from their lender is changing and loans.com.au has taken early steps to cement its place online,” she said.
The Dream Home Loan has a comparison rate of 4.56 percent.
It has no application fee, monthly fees, establishment fees or ongoing fees, and a 100 percent mortgage offset facility.
Loans.com.au is an independently-owned, Australian online lender backed by Firstmac.