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Extra repayments You can put as much extra cash as you like towards the Essentials Home Loan to help you pay your loan off sooner.
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Redraw facility If you find that you need to access extra repayments you've made in the past, you can do this through the redraw facility. There's no minimum redraw amount, and it's free to redraw.
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Repayments Principal and interest repayments are available with this loan. Interest-only repayments are available for up to five years.
loans.com.au Essentials
Rates and fees last updated on Tuesday 16 October 2018
The loans.com.au Essentials Home Loan offers a competitive rate and minimal fees, along with some basic features.
The loans.com.au Essentials Home Loan is a basic home loan with minimal fees. Read this product review to find out if it's the right loan for you.
Hey my hubby has just rejoined the workforce after being the stay at hom parent. Is there a minimum time he needs to be employed before his income is counted? He has a letter confirming his ongoing employment and he has been employed for 30+ hours a week?
Cheers
Belinda
Hi Belinda,
Thanks for your inquiry
Some lenders may require an applicant to be employed for a certain amount of time to be eligible for a loan. However, not all lenders require this. It would be best to speak with the lender directly to confirm if they require a minimum time of employment to apply.
Hope this information helps
Cheers,
Arnold
Does the interest rate still go up even if the rates does not rise in that month ?, And if you have a fixed loan rate can you still get out of that home loan to refinance ?
Hi Kim,
Thank you for visiting finder, we are a financial comparison website and general information service.
A variable home loan has an interest rate that can rise or fall broadly in line with official interest rates. The interest on your home loan is generally calculated daily and then charged to you at the end of each month. Your bank will take the outstanding loan amount at the end of each business day and multiply it by the interest rate that applies to your loan, then divide that amount by 365 days (or 366 in a leap year).
If one decides to break the contract on a fixed home loan by switching or refinancing, the existing lender must be compensated for any loss they incur. Breaking a home loan during a fixed interest period can be costly, which is why it’s always worth getting a quote from your lender before breaking a fixed interest rate home loan. You can read further about breaking out from a fixed home loan on this page.
Cheers,
Joanne
My wife and I are age pensioners with our pensions our only guaranteed income for the future. We are currently building a new house on our land. We have a cottage on the same site which we have been living in and wish to keep as a granny flat. Would we be able to borrow $50000 to reduce the cottage to the specified 60 m2 and renovate it?
Hi Ian, thanks for your inquiry!
In regards to the borrowing amount, it would be best to contact loans.com.au directly on 13 10 90 Mon–Fri, 7am–7pm.
For your cottage renovation, it would be best to contact your local council to approve this proposed construction.
Best,
Jonathan
need to find a lender who will loan me $95,000 but not having much luck
Hi Monica,
Thank you for your inquiry. Basically, with unsecured loans, the maximum amount you can borrow is $50,000 as it maybe risky to the lender to lend more than that amount. While for secured ones, it might be possible to borrow more than $50K. It would be best to directly discuss to the lender your options, check the criteria and see if you’ll be approved.
Cheers,
May
We are placing our house on the market over the next few weeks but we have found a house we will like to purchase. Can you explain our Bridging Fiancee work and who has the best options available
Hi Gab,
Thanks for your question.
Bridging finance may be a suitable option for home buyers who have found a home they want to buy but haven’t yet found a buyer for their previous home. It could take around 2-3 days to organize this type of financing.
You may want to visit this page to check how bridging finance works and to compare your options. If you need assistance in finding a good option based on your situation, you may also get in touch with a mortgage broker by filling out our online form on the same page.
Cheers,
Anndy
I see Min loan term 15 years. Does that mean there will be penalty in an event of a customer has to settle early?
Hi Chandra,
Thanks for your question.
Since the minimum term for this loan is 15 years, there will be a fee if you payout earlier than 15 years. The full discharge fees are normally listed in your loan agreement.
However, if your loan term is say 30 years and you wish to make extra repayments and repay your loan in at least 15 years, there will be no fees for that.
I hope this answers your question.
Cheers,
Anndy
Hi,
We currently live in Malaysia, and earn in MYR. We are looking to finance our investment property in Brisbane.
Do you grant loans to foreigners? We are New Zealand Permanent residents.
All documentation will be provided.
PD
Hi PD,
Thank you for your question and for contacting finder.com.au we are a financial comparison website and general information service we are not mortgage specialists so can only offer general advice.
Fortunately, the loans.com.au accept applicants from New Zealand permanent residents. I’d suggest that you contact them directly to discuss your loan options by clicking the green ‘Go to site’ button above. Alternatively, you can speak to a mortgage broker who will take all your circumstances into account and offer you a range of lending options.
Cheers,
May
Is there any fee for extra repayment? any termination fee for finish the repayment earlier except for discharge fee?
Hi Jenna,
Thanks for your question.
For loans.com.au Essentials Home loan, you can put as much extra repayment as you like at no extra cost. There is also no termination fee in case you are able to repay your loan earlier, but the discharge fee will be $300.
You can check this page for other home loans that allow for extra repayments.
Cheers,
Anndy
My partner and I want to apply for $250,000 home loan as we will be building. Are there any fees for each stage of the build to draw on the money? He would also like to incorporate his $22,000 credit card debt, and we’d like our loan split between the two of us. Are there any associated fees with this?
Hello Linda,
Thank you for your question.
Basically, there’s a progress inspection fee. $110 per stage. loans.com.au they will require an independent valuer to visit your property during the construction and ensure that your builder has finished the work detailed in their invoice. The total cost of this over the five stages is $550. For more details you may find this article helpful for Construction Home Loan
I hope this has helped.
Cheers,
Harold
Hi, do you offer loans based on income earned outside of Australia ? We are permanent residents btw. Thanks.
Hi Ann,
thanks for the question.
Loans.com.au does in some cases accept borrowers with incomes earned outside of Australia, but this will be converted into Australian dollars.
I hope this helps,
Marc.