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Home loans with no fees

Save on ongoing fees so you can pay off your loan quicker.

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Home loans with no ongoing fees can be cheaper. But it's important to make sure a loan also has a competitive rate and features that suit your needs. The home loans below have no ongoing fees but may have upfront fees.
$
years
Name Product Interest Rate (p.a.) Comp. Rate p.a. Fees Monthly Payment

homeloans.com.au Low Rate Home Loan with Offset P&IHome≥ 20% Deposit

homeloans.com.au Low Rate Home Loan with Offset
2.74%
2.74%
  • App: $0
  • Ongoing: $0 p.a.
$613
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments. This loan is not available for construction.

OneTwo Variable Rate Home Loan P&IHome≥ 20% Deposit Refi Only

OneTwo Variable Rate Home Loan
2.59%
2.49%
  • App: $0
  • Ongoing: $0 per month
$601
$5,000 refinance cashback.
A variable rate loan for owner-occupier refinancers living in NSW, VIC, QLD or SA metro and inner regional areas. Get an extra 0.15% off your rate as you repay the loan and get up to $2,500 in bonus payments.

Macquarie Bank Offset Home Loan Package P&IHome≥ 40% Deposit

Macquarie Bank Offset Home Loan Package
2.84%
3.11%
  • App: $0
  • Ongoing: $248 p.a.
$621
A variable rate loan for borrowers with 40% deposits or refinancers with equity in their properties. This loan has an offset account. Fast online application. $0 application fee and $0 ongoing fees.

loans.com.au Smart Booster Discount Variable Home Loan P&IHome≥ 20% Deposit

loans.com.au Smart Booster Discount Variable Home Loan
2.74%
3.22%
  • App: $0
  • Ongoing: $0 p.a.
$613
Home buyers can get a very low discounted variable rate for the first year. Requires a 20% deposit. Add an offset sub-account for an additional 0.10% on your interest rate. Get your loan processed fast and settle within 30 days.

Speak to a broker about your options

Consultant

homeloans.com.au Low Rate Home Loan with Offset IOHome≥ 20% Deposit

homeloans.com.au Low Rate Home Loan with Offset
3.04%
2.84%
  • App: $0
  • Ongoing: $0 p.a.
$637
Owner-occupiers with 20% deposits can get this variable interest-only loan.

HSBC Home Value Loan P&IHome≥ 30% Deposit

HSBC Home Value Loan
2.77%
2.78%
  • App: $0
  • Ongoing: $0 p.a.
$616
$3,288 refinance cashback offer
This competitive variable rate loan is available for borrowers with 30% deposits. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.

Macquarie Bank Basic Home Loan P&IHome≥ 20% Deposit

Macquarie Bank Basic Home Loan
2.89%
2.89%
  • App: $0
  • Ongoing: $0 p.a.
$625
A basic variable rate loan that's available with just a 20% deposit. Get fast online approval and $0 application fee and $0 ongoing fees.

Ubank Neat Variable Home Loan P&IHome≥ 40% Deposit

Ubank Neat Variable Home Loan
2.64%
2.65%
  • App: $0
  • Ongoing: $0 p.a.
$605
Get flexibility and the option to make unlimited extra repayments with this variable rate loan.
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How does a home loan with no ongoing fees work?

Many home loans in Australia charge monthly fees to maintain your home loan account, or annual fees if you have a package home loan. Home loans with no ongoing fees waive these, meaning you don't have to worry about recurring monthly or annual fees. Over the course of your loan, this can save you thousands.

Having no ongoing fees on your mortgage can be a lot more significant than saving on a one-off payment such as an establishment fee, and it can lower the cost of a home purchase by a couple of thousand dollars.

How much can you save with no ongoing fees?

Avoiding ongoing fees on a home loan can save you thousands. But it really depends on your specific loan and how you use it. Here's a simple example.

Ongoing fee versus no ongoing fee

Richard is deciding between two home loans. A no-frills home loan with no ongoing fees and a fully featured home loan with an offset account.

The no-frills home loan has an interest rate of 2.60% p.a. and the lender charges the standard upfront fees, totalling $400.

The fully featured home loan has a range of upfront fee discounts and an interest rate of 2.60% p.a., but charges a $300 annual fee.

Richard wants to know which loan is going to save him more in the long run.

No-frills home loanFully featured home loan
Interest rate 2.50% p.a.2.50% p.a.
Loan amount $600,000$600,000
Loan term 30 years30 years
Set up fees $400$0
Ongoing fees (p.a.) $0$300
Total cost of fees $400$9,000
Total interest payable $264,733.78$264,733.78
Total cost of loan with fees$865,133.78$873,733.78

In the end, it seems like the no-frills home loan would be cheaper in the long run. But this doesn't take into account other factors such as the offset account. If you saved money in the offset account your interest costs would be lower.

How to compare home loans with no ongoing fees

  • Waived fees. Find out what ongoing fees you're not going to be charged. In many cases a home loan might waive monthly or annual fees, but still charge fees for offset or redraw facilities, which might add a considerable cost to your loan.
  • Interest rates. Be mindful that the lender could be making up for the lack of fees with a higher interest rate. Compare the interest rate against other, similar loans to make sure you're getting a good deal.
  • Additional features. The fact that a home loan has no ongoing fees should not be enough to make you go for it. Consider other features that come with the loan. If you get a home loan with an offset account, you could end up saving more on interest, while a loan that allows for additional repayments could help you get out of your loan sooner and give you access to these payments through a redraw facility.

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