Get a 100% offset account with this low rate home loan.
If you want to avoid fees but don't want to compromise on features, then you may want to add the homeloans.com.au Low Rate Home Loan with Offset to your comparison. It offers a 100% offset account and competitive interest rates.
| Product Name | homeloans.com.au Low Rate Home Loan with Offset |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $100,000 |
| Maximum Loan Amount | $2,000,000 |
| Minimum Loan Term | 15 years |
| Maximum Loan Term | 30 years |
| Maximum LVR | 60% |
| Maximum Insured LVR | 95% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Valuation Fee | $0 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $300 plus legal |
Pros
- 100% offset account
- Split and redraw available
Cons
- You will need a 20% deposit to get the lowest rate
What do I need to know about this loan?
The homeloans.com.au Low Rate Home Loan with Offset is available for both owner occupiers and investors, but not available for construction. Pre-approval is available after submitting an initial enquiry and isn't recorded on your credit file.
What are the features and benefits of this loan?
- Loan amount. You can borrow a maximum of 60% of the property's value without paying lenders mortgage insurance (LMI).You can borrow up to 95% of the value of the property if you pay LMI, which can be capitalised on the principal amount. For refinancing and debt consolidation, the maximum LVR is 90%.
- 100% offset account. Save money on interest payments by depositing funds in your offset account.
- Flexible repayments and repayment options. Principal and interest payments are available, as well as interest-only for up to ten years. You can also make extra repayments without penalty.
- Split facility. Split your loan up to six times for free. This will see your loan split into both variable portions, so you can enjoy some of the benefits of both. You can also use a portion as a line of credit facility at no extra cost.
- Portability. Your homeloans.com.au loan is portable. If you need to move houses, you can move the loan to the new property provided you meet the conditions. This helps you avoid exit fees when leaving your loan, and upfront fees when taking out a new one.
- Get access to any extra repayments you've made. You can access any additional repayments you've made through the online redraw facility. The minimum redraw amount is $100.
Fees
- Application fee: $0. This fee is typically charged to cover the cost of setting up the paperwork and your account.
- Property valuation: $0. This covers the cost of sending a valuer to the security property to determine its value.
- Title discharge fee: $300 plus legal. This is payable when you've paid off the loan and homeloans.com.au transfers the land title back to you.
Apply or find out more information about the Low Rate Home Loan with Offset
If you would like to apply or find out more information about this loan, please click on "Go to site" to be taken to the homeloans.com.au website. You can get pre-approval within two minutes.
Eligibility requirements
- You must be at least 18 years of age.
- Both Australian residents and non-residents are eligible.
- You must have a good credit history, though if you have a few defaults a homeloans.com.au specialist can still offer alternative products.
- If you're casually employed, you must have been with the same employer for a period of at least 12 months and receive regular shifts.
- If you're employed, you've been in the same job for at least 3-6 months. However, if you've been in the same industry for two years, this period can be shorter.
How long does the application process take?
The minimum time for the whole loan application is one week, though this depends on a lot of factors such as:
- How soon you can provide the documentation requested.
- How soon a valuer can access the property.
What documents do I need to supply?
- Personal details - name, 100 points of ID, residential address, marital status and residency status.
- Employment details - whether you are on PAYG payments or self-employed, as well as details of your annual income.
- Loan details - intended product name, borrowing situation and security property information.
- Financial details - your current assets, liabilities and investments you may have.
