Borrowers looking for a better rate may hover over low-cost lenders like Athena, Nano and 86 400 before moving on due to their unfamiliar names, but doing so may close them off to opportunities to save thousands of dollars.

While the idea of moving to a lesser-known lender may not sit well with some borrowers, homeowners should remember that when it comes to risk, it’s the lender who loans the money – not the other way around, says RateCity research director Sally Tindall.