ClickLoans Online Home Loan (Split Loan) Review

Rates and Fees verified correct on December 5th, 2016

With no ongoing fees and the ability to make extra repayments, the ClickLoans Online (Split Loan) Home Loan is worth enquiring about.

The ClickLoans Online (Split Loan) Home Loan comes with a competitive fixed rate of 3.69% p.a. and is suitable for owner-occupiers.

With a suite of useful features including the ability to make additional repayments, a free redraw facility and an offset account, you can borrow up to 95% loan-to-value ratio (LVR) with this product.

Product NameClickLoans The Online Home Loan (Split Loan)
Interest Rate TypeVariable or Fixed
Interest Rate (p.a.)3.69%
Comp Rate^ (p.a.)3.69%
Minimum Loan Amount$15,000
Maximum Loan Amount$750,000
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Suitable for InvestmentNo
Repayment TypePrincipal & Interest
Application Fee$0
Ongoing Fees$0 p.a.
Discharge Fee$400

Pros

  • $0 ongoing fees.
  • Offset account available however this account has a $198 annual fee.
  • Extra repayments up to $10,000 per year.
  • Fee free redraw facility.

Cons

  • $0 upfront fees.
  • $400 fee to be paid when you close out your mortgage.
  • Maximum loan amount of $750000.
  • Not available for investment purchases.

Things to consider about the ClickLoans Online (Split Loan) Home Loan

While you can make extra repayments with this loan, keep in mind that there is a $10,000 limit per year.

This is a two-year fixed rate home loan that offers principal and interest (P&I) repayments.

The ClickLoans Online (Split Loan) Home Loan is not suited for investment purposes.

Features of the ClickLoans Online (Split Loan) Home Loan

  • Maximum loan amount. With the ClickLoans Online (Split Loan) Home Loan, you can borrow between $15,000 and $750,000 for an owner-occupied purchase.
  • Maximum LVR. You can borrow up to 95% LVR with this home loan. However, keep in mind that if you borrow less than 80% LVR you may need to pay a lender’s mortgage insurance (LMI) premium.
  • Extra repayments. The ClickLoans Online (Split Loan) Home Loan allows you to make additional repayments of up to $10,000 per year.
  • Redraw facility. This product comes with a free redraw facility which means you can access the extra repayments you’ve made as you need them.
  • Offset account. The ClickLoans Online (Split Loan) Home Loan comes with a linked offset account which means you can minimise the interest payable over the life of the loan. Keep in mind that there is an annual $198 fee.
  • Repayment options. Choose from a fortnightly or monthly repayment schedule to suit your cashflow and budget.

Fees of the ClickLoans Online (Split Loan) Home Loan

Fees you can avoid

  • Ongoing fees: $0. There are no ongoing fees with this loan which means you can focus on meeting your periodic repayments.

Fees you can’t avoid

  • Upfront fees: $0. When you apply for the ClickLoans Online (Split Loan) Home Loan, you’ll need to pay upfront fees to cover the cost of setting up your loan.
  • Discharge fee: $400. This fee applies when you decide to exit the loan.
  • Offset account fee: $198. This fee applies when you use the offset account.

How to apply for the ClickLoans Online (Split Loan) Home Loan?

If you’d like to find out more about the ClickLoans Online (Split Loan) Home Loan, click on the ‘Go to site’ button and you’ll be redirected to the application page.

To apply for this product, you’ll need to be a permanent Australian resident and aged 18 years or over. You’ll need to supply:

  • Personal details (e.g. name, address, date of birth)
  • Asset details
  • Liability details
  • Employment information (e.g. whether you’re self-employed or a PAYG employee)
  • Property value
  • Loan amount
  • Preferred repayment type

The ClickLoans Online (Split Loan) Home Loan offers a competitive fixed rate with useful features including an offset account and the ability to make additional repayments. Make sure that you compare several home loans on the market to ensure that you make an informed decision.

ClickLoans Online Home Loan (Split Loan) Review Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 10 March 2016 at 14:12.

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ClickLoans The Online Home Loan (Split Loan)

  • Interest Rate

    3.69% p.a.

  • Comparison Rate

    3.69% p.a.

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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