Aussie Select Standard Variable Home Loan

A variable rate home loan which offers repayment flexibility, unlimited extra repayments and an unlimited redraw facility.

The Aussie Select Standard Variable Home Loan is a variable rate loan that offers a number of features without hefty fees. This loan offers a competitive interest rate and allows you to borrow as much as of a property's value. It offers repayment flexibility in a range of ways, and it also enables you to pay your loan off sooner without having to pay any penalties.

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Review by

Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

You can apply for this loan if you want to buy a residential property to live in or for investment purposes, and the maximum loan term is years. This loan offers portability, which means you can transfer this loan to a different property, but doing this attracts a fee.

It should be noted that this loan is a full documentation loan, meaning the full range of income evidence is required. Aussie offers low doc loans for those who can’t adequately prove their income.

About this loan

What are the features and benefits of the Aussie Select Standard Variable Home Loan?

  • Loan amount. The minimum you can borrow through this loan is $100,000and the maximum stands at $5,000,000. What you have to keep in mind is that the maximum any individual can borrow depends on aspects including your LVR and the size of your deposit to name a few.
  • Maximum LVR. The maximum LVR allowed is 95%, although any amounts over 80% will require you to pay for Lender's Mortgage Insurance (LMI). As part of the LMI capitalisation option you can add the cost of the LMI onto the loan.
  • Repayment flexibility. In addition to making principal and interest payments, you have the option to make interest-only repayments for the first five years. Your repayments can be fortnightly or monthly. When it comes to making regular repayments, you can set up direct salary crediting or direct debit, and this helps to ensure that you won't miss a payment. You can also make repayments via BPAY. This loan also allows unlimited extra payments without penalty, helping you to pay your loan off sooner.
  • Redraw facility. If you wish to access money you've paid in the form of extra repayments, you can do so at any time through the redraw facility.

What fees and charges come with this loan?

  • Valuation fee$0: Your first valuation is free with Aussie.
  • Redraw fee: $0. It's free to conduct online and phone redraws.
  • Convert to fix rate: $0. It's free to convert this loan to a fixed rate loan with Aussie.
  • Portability fee: $300. This is charged to you for bringing your loan over to a new property.
  • Lender's Mortgage Insurance: This is charged if you wish to buy a property but have less than a 20% deposit.

How to apply

Applying for the Aussie Select Standard Variable Home Loan requires that you get in touch with an Aussie mortgage broker. Applying for a home loan through Aussie requires that you meet certain eligibility criteria, which require that you:

  • Have good credit history
  • Are a permanent resident of Australia
  • Are at least 18 years of age
  • Have a regular source of income.

The application process also requires that you submit different information that Aussie uses to verify your credentials and establish the maximum amount you can borrow, so prepare to part with the following:

  • Copy of passport, driver's license, or Medicare card
  • Employer's name and contact details
  • Details of your gross annual income from all sources
  • Details of your average monthly expenses
  • A list of all your debts and liabilities.

While the Aussie Select Standard Variable Home Loan allows you to make unlimited extra repayments and also offers unlimited redraws, so do a few other home loans, so make sure you compare this loan with others before making a decision.


Credit services for Aussie Select products are provided by AHL Investments Pty Ltd ACN 105 265 861 ("Aussie") and its appointed credit representatives, Australian Credit Licence 246786. © 2021 Aussie. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133 ("RMG"). RMG is a wholly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945.

Applications are subject to approval. Conditions, fees and charges apply. Please note that you need to be an Australian citizen or permanent resident to apply.

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    April 9, 2019

    Can Centrelink recipients get a home loan?

      April 10, 2019

      Hi Phil,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      Yes, it is possible for Centrelink recipients to get a home loan. However, your options might be limited. As long as you are able to meet eligibility requirements and prove to the lenders that you are able to make repayments, you should be able to get a home loan.

      You can learn more on how to get approved for a loan as a pensioner. On that page, you will know the considerations when applying for a home loan on a pension, how to compare home loans, and the pros and cons of home loans available to pensioners, to name a few.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!


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