Top lending companies in Melbourne include traditional and non-traditional options.
Melbourne, is a bustling city with economic vibrancy. It is a city that will support your dreams. You can start a business, buy a home, or start a personal project.
In this blog post, we have outlined the top lending companies in Melbourne that can fund these dreams of yours.
Our comprehensive guide includes both banks and non-traditional lending companies like online lenders. Read on to arm yourself with all the crucial details to make an informed financial decision.
1. Oaks Capital
Oaks Capital prides itself on being a specialist lending solution. This lending company seeks to overcome the ‘cookie-cutter’ approach of traditional lending companies.
In 10 years of operation, it has intervened to overcome the rigidity of banks. Narrow lending criteria and long wait times are top limitations the company has removed for clients.
Located in the heart of Melbourne, Oaks Capital has become a trusted name in real property financing. With the philosophy that life happens, the company covers for credit impairments without up-front fees.
The Funds Manager and mid-tier non-bank lender specializes in lending to SME clients secured by real estate assets. They operate two Contributory Mortgage Funds targeting both retail and sophisticated investors.
Unlike traditional lenders, the company embraces a personalized approach. It also adopts a common-sense approach to income verification recognizing the changes in the Australian workforce in the last two decades.
The company also has an all-encompassing security option. It prides itself on its flexible and risk-adjusted tolerance to all real property security types. Whether it’s residential, commercial, industrial, vacant land, incomplete properties, or other specialized securities, Oaks Capital considers them all.
You also get rapid settlements for urgent transactions because, in property transactions, time is of the essence. Their seamless lending process enables ultra-quick settlements in as little as 72 hours.
The in-house property team further expedites the lending process and eliminates the wait for a formal valuation.
It goes without saying that Oaks Capital stands as a testament to the evolving landscape of the lending industry.
2. MONEYME
MONEYME is a digital lender in Melbourne. The company gives credit access to Australian residents powered by smart tech and innovation.
One distinctive feature of MoneyMe is its commitment to a fully online operation. Unlike traditional lending institutions, MoneyMe opts for a digital approach and caters to the tech-savvy preferences of its clientele.
Its promise of same-day loans also sets it apart. The company takes pride in delivering on this commitment, allowing applicants to avoid the agonizing wait often associated with traditional lenders. With a low-documentation application, you only need a few forms of identification to finalize and submit.
Funds are transferred immediately once your loan offer sails through and you digitally sign the contract. This understanding of customer needs extends beyond speed to the simplicity of the lending process.
MoneyMe has developed a fully intuitive online dashboard that provides customers immediate access to their transaction history.
The range of financial loans is between $5000 to $50000. All it takes is five minutes to complete and submit the online application form. You must be at least 18 years old, currently employed, and permanent resident in Australia.
MoneyMe offers the Freestyle Virtual Mastercard®. This revolving line of credit is available for balances between $1000 and $20000. It can be used for in-store purchases, online shopping, and even cash transfers to banking accounts.
For Melbourne residents in need of personal loans, MoneyMe offers a seamless application process, quick approvals, and same-day fund transfers.
3. Finance One
Finance One boasts an extensive range of financial solutions tailored to various requirements.
From personal loans to car finance and business loans, the company addresses the different financial needs of individuals and businesses alike.
Finance One offers flexible options for Melbourne residents seeking personal loans with competitive terms. The application process is designed to be straightforward, allowing you to navigate through the required steps easily.
Services include car finance, personal loans, and business loans. Whether you want to purchase a new or used vehicle, the company covers a spectrum of options.
If you have a local business, you can access their favourable loan terms. If you are experiencing temporary financial challenges, you can discuss alternative arrangements with the company.
4. ANZ Banking Group
The Australia and New Zealand Banking Group Limited(ANZ) is a multinational financial services company headquartered in Melbourne, Victoria, Australia. By assets, It is Australia’s second-largest bank and fourth-largest bank by market capitalisation.
ANZ stands tall as one of Melbourne’s leading lending institutions for a wide range of loans.
The bank offers many financial products and caters to both personal and business banking needs. With its competitive interest rates and a user-friendly online platform, ANZ provides a seamless borrowing experience.
5. Commonwealth Bank of Australia
As one of the country’s oldest and most trusted banks, CBA is a choice lending coy for many Melburnians and expats.
Its diverse loan options, innovative banking solutions, and commitment to customer service make it a top contender in the lending landscape.
Following new data showing the importance of financing speed for SMEs, CBA in December 2023 announced new enhancements to its business lending process.
The adjustment is to enable eligible small business customers to receive an instant conditional decision on the spot for cars and vans.
“Under the new process, from 4 December, eligible existing business customers who already have a qualifying credit facility with CBA will be able to fund new and used cars, utes and vans, from suitable suppliers through the pioneering fast-speed lending system BizExpress – cutting down the time to decision from three days to instant for eligible customers”, says CBA.
6. Westpac Banking Corporation
Westpac is another key player in Melbourne’s lending sector.
The bank offers a comprehensive suite of financial services. Renowned for its competitive rates and personalized customer service, Westpac caters to individuals, businesses, and investors alike.
Their commitment to innovation ensures that borrowers have access to cutting-edge financial tools.
Westpac Private Bank prides itself as “Australia’s most awarded bank”. It has been named ‘Best Private Bank Australia’ for seven years running by PWM’s The Banker Global Private Banking Awards. These annual awards honour private banks that excel in their business strategy, product innovation and outstanding client experiences.
7. Bank of Melbourne
A local favorite, the Bank of Melbourne is dedicated to supporting the community’s financial goals. With a focus on personalized service, this bank offers a range of lending solutions, including home loans, personal loans, and business loans. The Bank of Melbourne’s commitment to community engagement sets it apart as a reliable choice for locals.
The Bank of Melbourne is a financial institution operating in Victoria, Australia. It is a subsidiary of Westpac which commenced operations on 25 July 2011.
8. Macquarie Group
Macquarie Group is a global financial services provider with a strong presence in Melbourne. This financial institution offers a range of lending solutions, including mortgages, business loans, and vehicle finance.
The institution’s focus on innovation and flexibility makes it an attractive option if you are a wealthy client seeking tailored financial solutions.
The bank operates in 34 markets including asset management, retail and business banking, wealth management, leasing and asset financing.
The diversity of their operations, their strong capital position and robust risk management framework, has contributed to Macquarie’s 54-year record of unbroken profitability.
Although deeply rooted in wealth management and investment financing, it also covers lending services.
Conclusion:
The listed top lending companies – Oaks Capital, Money Me, ANZ, Commonwealth Bank, Westpac…have established a good reputation in Melbourne’s financial landscape.
They continue to provide trustworthy services to meet the needs of Melbourne’s residents and businesses.
Are you a first-time homebuyer? A budding entrepreneur? Or in need of personal financing? These institutions offer the stability and support required for your financial journey.
Begin your journey today by visiting the company’s website as you take note of the reviews. Utilize their online customer services and find out if they suit your needs.
