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.
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:
Two of the 2024 Premier League's top sides meet in the FA Cup.
This AGL plan at gives you a bonus with money off your Netflix bill.
Some super funds surfed to double-digit returns in 2023 battling against the odds. Here's what you should know about it.
Ethereum restaking allows you to stake your ETH tokens across multiple protocols at once. But how does it work and what is the benefit?
We’ve rounded up the 5 best budget-friendly pedestal fans you can get online.
7 days with the Seltos: Enough to ditch the old banger?
An animated favourite returns while a comedy star gets a dramatic makeover.
I'm not really sure who "middle Australia" is, but they're getting a bigger tax cut.
You can soon get 4K Kayo, but for more than you pay now.
By reducing your interest rate you could save $231 a month. But there's a way to save even more than that in the long term.
Sign up for our FREE 8-week course to get on the property ladder.
Get a home loan with a low deposit.
Pay less for your home loan with a super-low interest rate.
Save on your investment loan with these hot offers.
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