ClickLoans The Online Home Loan Interest Only Review

Rates and Fees verified correct on December 4th, 2016

Enjoy a competitive fixed rate and interest-only repayments with the ClickLoans The Online Home Loan Interest Only.

Available with interest-only repayments for a fixed two-year period, the ClickLoans The Online Home Loan Interest Only offers more affordable repayments for the first two years compared to a loan with principal and interest repayments.

The ClickLoans The Online Home Loan Interest Only combines a competitive fixed interest rate with the ability to make up to $10,000 of additional repayments each year. A 100% offset account is also included to help reduce the amount of your interest payments, while a high loan-to-value ratio (LVR) of 95% gives you increased borrowing power.

Product NameClickLoans The Online Home Loan Interest Only
Interest Rate TypeVariable
Interest Rate (p.a.)3.99%
Comp Rate^ (p.a.)3.99%
Minimum Loan Amount$1,500,000
Maximum Loan Amount$5,000,000
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Loan Redraw FacilityYes
Fixed Interest OptionYes
Suitable for InvestmentNo
Extra RepaymentYes
Repayment TypeInterest Only
Application Fee$0
Ongoing Fees$0 p.a.
Discharge Fee$400

Pros

  • Fee free extra repayments up to $10,000 per year.
  • $0 redraw fee.
  • $0 ongoing service fees.

Cons

  • $0 application fee.
  • $400 discharge fee for closing the home loan.
  • Offset account has an annual fee of $198.

Things to consider about the ClickLoans The Online Home Loan Interest Only

The ClickLoans The Online Home Loan Interest Only is only available to owner-occupiers, not investors. With a fixed interest rate for a period of two years, the loan is available with interest-only repayments.

There are no ongoing account-keeping fees with the loan, however, an annual fee does apply to the 100% mortgage offset account.

A maximum 95% LVR means you may only need to have a 5% deposit saved to buy a property. The maximum loan amount available is $5,000,000.

Features of the ClickLoans The Online Home Loan Interest Only

  • Loan amount. ClickLoans The Online Home Loan Interest Only allows you to borrow an amount between $1,500,000 and $5,000,000.
  • Maximum LVR. This loan allows you to borrow up to 95% of the value of the property you want to purchase. However, if you borrow more than 80% LVR you will need to include the cost of lender’s mortgage insurance (LMI) premiums in your budget.
  • Repayment options. Interest-only repayments are available on ClickLoans The Online Home Loan Interest Only for up to two years. Repayments can be made on a fortnightly or monthly basis, whichever is better suited to your budget and income requirements.
  • Additional repayments. You can make additional repayments towards the loan at any time without incurring any fees. Up to $10,000 of additional repayments are allowed each year.
  • Offset account. A 100% offset account is included with the loan, allowing you to reduce the principal amount on which you pay interest. However, a $198 annual fee applies to this offset account.
  • Free redraw facility. If you need to access the extra repayments you have made towards your mortgage, ClickLoans offers a fee-free redraw facility.
  • 100% online. ClickLoans The Online Home Loan Interest Only is managed completely online. There’s no need to ever visit a branch as you can apply quickly and easily online, and even have your ID verified electronically.

Fees

Fees you can avoid

  • Ongoing fees: $0. There are no ongoing account-keeping fees with ClickLoans The Online Home Loan Interest Only.
  • Redraw fee: $0. There is no fee charged when you use the loan’s redraw facility.
  • Additional repayment fee: $0. ClickLoans allows you to make up to $10,000 of extra repayments towards your fixed rate loan each year without incurring a penalty.

Fees you can’t avoid

  • Upfront fees: $0. These fees cover the administrative costs associated with preparing your loan documents and establishing your mortgage.
  • Discharge fee: $400. You’ll need to pay this fee when you have finished paying off your loan.
  • Offset account fee: $198 per year. This annual fee allows you to reduce your interest payments through the use of an offset account.

How to apply for ClickLoans The Online Home Loan Interest Only

If you think ClickLoans The Online Home Loan Interest Only sounds like it’s right for you, click the ‘Go to site’ link to be taken to the ClickLoans website. Once there, you can read more about the features and benefits of this loan and even begin the application process.

If you’d like to receive an interest rate quote, you can fill out an online form with:

  • Loan details. How much money do you wish to borrow and for what purpose will the loan be used?
  • Repayment details. Do you want a loan with interest-only repayments or do you want to make principal and interest repayments?
  • Credit history details. You’ll need to inform ClickLoans about the overall health of your credit file.
  • Your employment status. Next, specify whether you’re a PAYG employee or self-employed.
  • Your contact details. ClickLoans will ask for your email address and phone number.

You will then be given a rate quote and you can decide whether or not to proceed with your application.

If you want to apply, ClickLoans will need a wide range of information such as:

  • Your details. This includes your full name, date of birth and proof of ID.
  • Income information. You will need to provide proof of your income and employment details.
  • Asset information. Provide details of any assets you own, for example savings or real estate.
  • Details of any liabilities. You will need to provide details of your liabilities and ongoing expenses, for example credit card debt.
  • Property information. ClickLoans will need to know the type and location of the property you want to buy, its value and more.

ClickLoans The Online Home Loan Interest Only offers a flexible alternative for borrowers looking for interest-only repayments. Consider its benefits in relation to the features of other interest-only loans so that you can find the right mortgage for your needs.

ClickLoans The Online Home Loan Interest Only Review Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 21 March 2016 at 21:26.

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ClickLoans The Online Home Loan Interest Only

  • Interest Rate

    3.99% p.a.

  • Comparison Rate

    3.99% p.a.

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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