Online lender awarded cheapest home loan

Loans.com.au is backed by non-bank lender Firstmac, whose managing director Kim Cannon said the award was validation of the company’s streamlined online lending model.

“Loans.com.au has gone from strength to strength since it opened in 2011, and not without its share of detractors who speculated customers wouldn’t want a home loan from a lender without a branch network,” Mr Cannon said.

“This People’s Choice Award confirms for us that we were right to rely on the online model we built to keep costs down with the mission of offering the market’s lowest interest rates,” he said.

This year more than 200 home loan providers were ranked by their customers for the Mozo People’s Choice Awards.

Loans.com.au scored 9.2 out of 10.

Mr Cannon said there was no secret formula for the online lender’s performance.

“The world over, the relationship customers want from their lender is changing and Loans.com.au took early steps to cement its place online,” he said.

“Loans.com.au is all clicks, no bricks. Because we don’t have the overhead of a branch network to maintain we can pass on savings to our customers and offer very competitive home loans. Once again, the people have spoken and voted loans.com.au Australia’s cheapest home loan.”

Loans.com.au is backed by Firstmac, a wholesale lender with $6 billion in mortgages under management.