ClickLoans Online Home Loan Line of Credit Review

Rates and Fees verified correct on December 10th, 2016

Access a line of credit and take advantage of flexible repayment options with the ClickLoans Online Home Loan Line of Credit.

If you want easy and affordable access to the equity in your home, a line of credit home loan like the ClickLoans Online Home Loan Line of Credit could be the perfect solution. Available with a fixed or variable interest rate, The Online Home Loan Line of Credit allows owner-occupiers to use the equity in their home to buy property, finance a renovation or refinance an existing loan.

Available for loans of up to $750,000, the ClickLoans Online Home Loan Line of Credit offers flexible repayment options and no ongoing fees so that you can pay off your debt as quickly as possible. It’s also managed completely online, offering a convenient and hassle-free way to manage your funds.

Interest Rate Max Insured LVR
Variable (Interest Only)
4.02% p.a.
Comparison Rate
80%
Product NameClickLoans The Online Home Loan Line of Credit
Interest Rate TypeVariable or Fixed
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Maximum Loan Amount$750,000
Maximum Insured LVR80%
Mortgage Offset AccountYes
Loan Redraw FacilityYes
Extra RepaymentYes
Repayment TypeInterest Only
Application Fee$0
Ongoing Fees$0 p.a.
Discharge Fee$400

Pros

  • Fee-free redraw facilities.
  • Up to $10,000 per year in extra repayments.
  • Offset account available that has an annual fee of $198.
  • $0 ongoing fees.

Cons

  • $750000 maximum loan ammount.
  • Upfront fee of $0.
  • $400 fee charged to close your home loan accounts.
  • Maximum loan-to-value ratio of 80%.

Things to consider about the ClickLoans Online Home Loan Line of Credit

The ClickLoans Online Home Loan Line of Credit is offered to Australian owner-occupiers who want to access the equity in their home. If you like the security of having consistent loan repayment amounts, you can lock in a competitive fixed rate for two years. Alternatively, if you prefer the flexibility of a variable interest rate you can choose a variable rate loan.

The ClickLoans Online Home Loan Line of Credit offers interest-only repayments to allow you to keep your regular repayment amount to a minimum. Regardless of whether you choose a fixed or variable loan, you can make up to $10,000 of additional repayments every year without incurring a penalty. Those additional repayments you make can then be easily accessed through a free redraw facility.

Features of the ClickLoans Online Home Loan Line of Credit

  • Loan amount. The ClickLoans Online Home Loan Line of Credit is available for loans of between $150,000 and .
  • Maximum loan-to-value ratio (LVR). The maximum loan to valuation ratio of this loan is 80% which means you will not be charged lender's mortgage insurance (LMI).
  • Repayment flexibility. Repayments towards the ClickLoans Online Home Loan Line of Credit are interest-only and can be made on a fortnightly or monthly basis. Up to $10,000 of additional repayments can be made each year on both fixed and variable rate loans without incurring a penalty.
  • Free redraw facility. If you ever want access to the extra repayments you make towards the loan, this can be done through a free redraw facility.
  • Offset account. The ClickLoans Online Home Loan Line of Credit features an offset account so that you can keep your interest payments to a minimum. However, this account does attract a $198 annual fee.
  • 100% online. The ClickLoans Online Home Loan Line of Credit can be completely managed online. There’s no need for any branch visits as you can apply over the internet within 30 minutes, access competitive online rates and have your ID verified online.

Fees

Fees you can avoid

  • Ongoing fees: $0. There are no ongoing monthly or annual account-keeping fees with this loan.
  • Extra repayment fee: $0. You can make up to $10,000 of extra repayments each year without incurring any fees.
  • Redraw fee: $0. The ClickLoans Online Home Loan Line of Credit features a fee-free redraw facility.

Fees you can’t avoid

  • Upfront fees: $0. These fees cover the administrative costs associated with establishing your loan.
  • Discharge fee: $400. This fee is charged when you pay off your loan.
  • Offset account: $198 per year. The offset account allows you to minimise the amount of interest you pay but it comes with an annual fee.

How to apply for the ClickLoans Online Home Loan Line of Credit

If the ClickLoans Online Home Loan Line of Credit sounds like it might be suitable for you, click the ‘Go to site’ link on this page to be securely redirected to the ClickLoans website. You can contact ClickLoans directly to discuss your individual borrowing requirements, or you can fill out an online form to begin the online application process.

During your application you will need to provide:

  • The desired loan amount
  • The expected purchase price of the property
  • Your preferred repayment method
  • Details about your credit history
  • Whether you’re a PAYG employee or self-employed
  • Your email address and phone number

You will then receive a quote from ClickLoans and will be able to discuss your options with a ClickLoans lending representative. If you decide to go through with a loan application, you’ll need to provide:

  • Your full name and date of birth
  • Proof of ID
  • Proof of your income
  • Details of any assets you own, for example property and shares
  • Details of your assets and ongoing expenses, such as credit card debts
  • More information about what you will use the line of credit for

If you’re looking for a flexible line of credit to tap into the equity in your home, the ClickLoans Online Home Loan Line of Credit is worth considering. Compare it to other line of credit home loans on the market to ensure that it will meet your needs.

ClickLoans Online Home Loan Line of Credit Review Interest Rate History vs RBA Cash Rate Graph

Was this content helpful to you? No  Yes

Related Posts

This page was last modified on 10 March 2016 at 15:17.

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

ClickLoans The Online Home Loan Line of Credit

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

Ask a question
feedback