Simple home loans provided by Real Home Loans and funded by Macquarie Bank.
- Real Home Loans no longer accepts new customers for its home loan products. The company will continue servicing existing customers, however. The information on this page may no longer be up to date.
If you wish to compare current home loans on the market please check out finder's full comparison table.
Besides peace of mind and three comprehensive home loan products, Real Home Loans also offers its customers a quick, simple application process with over-the-phone approval.
What do I need to know about Real Home Loans?
Operational since 2005, this relatively young insurance company’s products are backed by Macquarie Bank, one of the world’s biggest and most successful financial institutions. Real Home Loans believes in simplicity and accessibility, and that all Australians should be eligible for quality home loans at reasonable rates. Staying ‘real’ and instilling trust is a company-wide philosophy, which means that they’re committed to providing products that help customers grow their personal financial portfolios.
Besides three feature-packed home loans, Real’s insurance branch also provides various cover options for your home, income, cars, travel, cars, bicycles and even your pets. They also offer a bonus prepaid Real Insurance Visa card with certain insurance packages.
Home loans provided by Real Home Loans
Real Variable Rate Home Loan Plus Offset
With just 10% of the property value required as a deposit, this product allows customers to borrow up to $750,000 and helps them save on interest repayments thanks to an offset account. Available for a maximum of 30 years, borrowers benefit from a competitive interest rate with the option to repay on an interest-only basis for up to five years.
You can make additional repayments and then access them via the free redraw facility, and no charges are levied if you decide to settle the full amount before the end of the loan period. While application and monthly charges are waived, borrowers pay an annual fee for the offset account and are charged for changes made to the loan terms.
Real Variable Rate Home Loan
This home loan offers the same features as the Variable Rate Home Loan Plus Offset except the option to set up an offset account. Borrow from a minimum of $150,000 at a competitive rate, and take advantage of interest-only options for up to five years.
You can make additional repayments as often as you like without paying a penalty. The redraw facility is free when used online (fees apply for manual redraws) and allows access to extra repayments when you need a cash boost. Besides waived application and monthly administration fees, customers also benefit from a 50% discount on home and contents insurance.
Real Fixed Rate Home Loan
Enjoy the peace of mind of knowing exactly how you repay each month by fixing in a competitive interest rate for up to five years. Although a slightly less flexible home loan without redraw or offset facilities, this low-deposit product still offers waived application fees and allows the option to repay on an interest-only basis for five years.
You also benefit from up to 50% off on home and contents insurance, access to two transaction accounts and the option to set up automatic debits. A breakage fee applies if you choose to repay the whole amount before the end of the loan term.
Advantages and considerations of Real Home Loans products
Real Home Loans provides flexible home loan products and is committed to making the application process as easy as possible.
- Low deposit. For all three loans, you can borrow up to $750,000 with a deposit as low as 10%. Lenders Mortgage Insurance is compulsory if applying for 90% of the property value.
- Simple application process. You can get approved in 24 hours or in minutes over the phone. Every borrower is assigned a personal home loan specialist to assist with the application process.
- Flexible. These home loans boast many convenient features like free online redraw facilities, free additional repayments (limited to a maximum of 5% on the fixed-rate product), a five-year fixed-rate option and the choice to make interest-only repayments.
- Online pre-qualification. You can fill in a form on the Real Home Loans website and find out how much you could borrow.
Compared to the other loans in the suite, the fixed-rate option comes with many restrictions.
- Restricted fixed rate options. Besides no access to a redraw facility or an offset account, you’re not allowed to change the terms of your loan and you can only make penalty-free additional repayments for up to 5% per year.
How to apply for a Real Home Loans product
To apply or find out more information about a loan from Real Home Loans, please follow the secure links on our page to speak to a mortgage broker.
Note that there are some types of borrowers Real Home Loan currently do not lend to. These include:
- If you're looking to use the loan to buy commercial or industrial property
- If the loan will be for a trust, company or SMSF
- If your home is being bought off-the-plan
- If you're looking to build a home using the loan
- If you have ever committed a financial crime or declared bankrupt
What you’ll need to apply
- Personal information. Include positive identification like a passport, driver’s licence or a photo ID card. Your identity documents must comply with Australia’s 100-point check.
- Property information. Your application must include the contract of sale signed by the buyer and seller, and a certificate from the building inspector confirming the structural integrity of the property. If you’re investing, include a letter from the real estate agent stipulating the expected rent.
- Financial information. If you’re employed, you’ll have to produce at least two of your most recent payslips, and proof of employment and salary from your employer. If you’re self-employed, they’ll want to see your tax returns from the last two years and documentation showing your business’s profits and losses. You should also include any assets that contribute to your income and the costs for which you are liable every month.