ChoiceLend Home Loans

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ChoiceLend specialises in providing competitive home loans through mortgage brokers.

ChoiceLend is an online provider of home loans offering products exclusively through mortgage brokers who have an affiliation with Choice Aggregation Services, one of the largest mortgage broker groups in Australia.

ChoiceLend provides its customers with different kinds of home loan alternatives, which include fixed rate loans, variable rate loans, combo rate loans and lines of credit. Self-employed individuals have the option to apply using the Low Doc process. This Low Doc process applies on all loans except the line of credit. If you wish to build a home, you can also apply for a construction loan.

Home loans provided by ChoiceLend

Fixed rate loans

The ChoiceLend fixed rate loan gives you the option to take advantage of a fixed rate of interest for one to five years. You can qualify for a discounted interest rate depending on your circumstances, and you have the option of making interest-only or principal and interest payments.

You can choose between weekly, fortnightly, or monthly repayments. The loan can be split up to four times, and an interest in advance option enables you to get more value. This loan does not attract any monthly account-keeping fees.

Variable rate loans

The variable rate loan from ChoiceLend allows you to benefit from rate decreases during the entire course of your loan, and it also offers more flexibility than the fixed rate alternative. It offers the same repayment options as the fixed rate loan and carries no monthly fees. You can split your loan up to four times, and you stand to receive an interest rate discount depending on your circumstances.

In addition, you can make additional repayments without penalty, and this loan also offers a redraw facility that allows you to withdraw extra payments via a debit card.

Combo loan

A ChoiceLend combo rate loan allows you to split the loan between a variable and fixed rate. This loan also gives you the option to fix up to 50% of the loan amount to qualify for an interest rate discount.

This loan does not attract monthly fees. Repayments remain the same during the fixed rate period. You can make additional repayments without penalty, and this loan also offers a redraw facility.

Line of credit

The line of credit option offered by ChoiceLend attracts a variable interest rate and you have the flexibility to withdraw available funds in accordance with daily limits at any time. You can access your funds using a debit card that you can use at ATMs and EFTPOS merchants. Interest is only due on the amount you withdraw, and if you decide to move, you can take the line of credit with you.

This line of credit does not attract monthly fees and you can make additional repayments at no extra cost. You get flexible repayment options, and while you can split this offering up to four times there is a minimum requirement of $20,000 per split. If required, you can combine this line of credit with other ChoiceLend home loans.

How to apply for ChoiceLend home loans

If you wish to apply for a ChoiceLend home loan, you'll have to get in touch with a Choice Home Loans mortgage broker. Your broker will forward your application to ChoiceLend for review. To qualify for a ChoiceLend home you have to meet a few basic eligibility criteria, which include the following:

  • You must be aged 18 years or older
  • You must be an Australian resident

As part of the application process, you'll need to provide the following information:

  • Details of all income sources
  • Details about all your liabilities and assets
  • Number of dependants
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This page was last modified on 18 October 2016 at 10:23am.

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2 Responses

  1. Default Gravatar
    JanineAugust 4, 2017

    Are you able to pay off a fixed loan of two years, eighteen months early? What type of costs would be involved?

    • Staff
      RenchAugust 4, 2017Staff

      Hi Janine,

      Thanks for reaching out to us. Please note that we are not affiliated with ChoiceLend or any company we feature on our site and so we can only offer you general advice.

      If you are referring to ChoiceLend, you may contact them directly and inquire about their loans.

      You can make use of the Personal Loan Calculator from this page to have an idea on how much you can borrow and how much the repayments will be.

      Hope this helps.

      Cheers,
      Rench

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