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Free Essentials Home Loan review

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The Essentials Home Loan offers a competitive rate and minimal fees, along with some basic features

The 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.

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This product is no longer available. Information on this page is not up to date and may not reflect accurate product information. You can find current mortgage offers here.

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Expert review

Shirley Liu

Review by

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

The Essentials Home Loan is available for purchasing or refinancing your home. Both owner occupiers and investors are eligible. You can also opt for interest-only repayments for a period, although keep in mind that switching to interest only repayments can change the interest rate you'll pay. There's also no offset account offered with this loan, although unlimited extra repayments are allowed and there's a redraw facility offered.

About this loan

What are the features and benefits of the Essentials Home Loan?

  • 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.
  • 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.
  • Loan amounts. You can borrow from $50,000 to $2,000,000.
  • Loan-to-value ratio (LVR). You can borrow up to 90% of the property's value with this loan. The value is determined by an independent valuer hired by and not the price that you have paid for it. This means you'll need at least a 20% deposit to qualify for this loan.
  • Repayments. Principal and interest repayments are available with this loan. Interest-only repayments are available for up to five years.
  • Split loan facility. You get up to five free splits or sub-accounts with this product. This means you can split this loan and take advantage of the other loans on offer from Note that the Offset Variable is not available for this facility.

Who is is a 100% online lender. Communication is conducted mainly on the phone and online. is an Australian owned and operated company. As a certified lender, it must adhere to ASIC laws and legal requirements. customers are protected under the National Consumer Credit Protection Act (NCCP) and the company is underwritten by Firstmac, one of the largest financial services organisations in Australia. is also a full member of the Mortgage & Finance Association of Australia (MFAA), and has a 'strong' rating (the best possible) from Standard & Poor's for their loan serviceability abilities.

FirstmacMFAA and Standard and Poors

What fees and charges come with this loan?

  • Application fee: $0. At the moment does not charge an application fee for this loan.
  • Monthly fee: $0. You won't need worry about ongoing, monthly or annual fees for this loan.
  • Government charges: varies. Depending on your borrowing situation, you may be eligible for a concession or exemption.
  • Settlement fee: $300. This fee covers the cost of setting up your accounts once the loan is approved and established.
  • Valuation fee: $220 or at cost. This fee is charged to cover the cost of sending a valuer to the property that is to bfie held as security to estimate its value.
  • Discharge fee: $300. This is charged when you close all your loan accounts with
  • Discharge documentation fee: $250. This fee is charged to organise all the documents associated with closing your home loan accounts.

How to apply

If you would like to find out more information, apply, or just speak to someone about the Essentials home loan, please click on 'go to site' to be taken to's enquiry page. You'll be taken to a page that is similar to the one that is pictured, where you can enter a few of your details and a consultant will be in touch with you at a time that suits you. This enquiry is obligation-free and does not appear on your credit file.

The diagram below is courtesy of and represents the loan application process after you contact them. application process

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. A competitive variable rate loan from St.George. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate
UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate

Take advantage of a low-fee mortgage with a special interest rate of just 2.49% p.a. and a 2.49% p.a. comparison rate.

Ask an expert

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  1. Default Gravatar
    February 5, 2019

    I require to get a home loan.

    • Avatarfinder Customer Care
      February 6, 2019

      Hi Sony,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      If you wish to apply for a home loan from, you may click on the “Go to site” green button found on top of this page.

      Alternatively, you can also check this page. On that page, you will see a table that allows you to conveniently compare home loans based on interest rate, application fee, and monthly repayments, to name a few. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

      Finally, please consider speaking to a mortgage broker since they also have the experience and knowledge to help you explore other options.

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

      Have a wonderful day!


  2. Default Gravatar
    January 14, 2019

    I like to get loan for white goods

    • Avatarfinder Customer Care
      January 15, 2019

      Hi Raylene,

      Thank you for reaching out to finder.

      If you are looking to take out a loan with, you may click on the “Go to site” button on this page. You may also compare home loan providers by clicking this link. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.Hope this helps!


  3. Default Gravatar
    December 12, 2018

    We have been attempting to refinance to pay out ex partner to get them off title. I have just wasted 3 months being told everything was fine by a broker only to be advised 2 days ago they didn’t believe we were serviceable (even though the repayments were less than we are currently paying). We have both self employment income and centrelink payments and a very complex situation. Can you advise someone who would be able to help please?

    • Avatarfinder Customer Care
      December 18, 2018

      Hi El26,

      Thanks for reaching out to finder.

      Sorry to hear about this, it must be frustrating to know that at the last minute, your loan got declined. I understand from your message that you’ve already sought helped from a mortgage broker in the past, however, given your circumstance, I’m afraid that only a mortgage broker is still the best person who can offer you a range of borrowing/refinancing options. You can refer to this page if you need a guide in looking for a mortgage broker.

      Hope this helps.


  4. Default Gravatar
    November 24, 2018

    Can I get a home loan when on a centrelink carer pension?

    • Default Gravatar
      November 24, 2018

      Hi Karen,

      Thanks for leaving a question on finder.

      We have a page about home loans for pensioners which will guide you on how to go about getting a loan when you’re on a pension. Please compare the loan products listed on the page and click either Enquire Now or Go to Site button to inquire or apply.

      Please note that lenders consider your income and financial position in getting a home loan for your house renovation. A pension is lower than the normal income of other applicants who are applying and the income level required. If you have assets and believe you can meet lending requirements, it might be a good idea to discuss your options with the financial provider or mortgage broker, as applying online may be difficult if you can’t demonstrate your capacity to repay the loan.

      Please send me a message if you need anything else. :)


  5. Default Gravatar
    June 13, 2018

    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?

    • Default Gravatar
      June 16, 2018

      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


  6. Default Gravatar
    April 10, 2018

    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 ?

    • Avatarfinder Customer Care
      April 10, 2018

      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.


  7. Default Gravatar
    February 1, 2018

    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?

    • Avatarfinder Customer Care
      February 23, 2018

      Hi Ian, thanks for your inquiry!

      In regards to the borrowing amount, it would be best to contact 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.



  8. Default Gravatar
    December 10, 2017

    need to find a lender who will loan me $95,000 but not having much luck

    • Avatarfinder Customer Care
      December 10, 2017

      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.


  9. Default Gravatar
    June 14, 2017

    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

    • Avatarfinder Customer Care
      June 14, 2017

      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.


  10. Default Gravatar
    March 28, 2017

    I see Min loan term 15 years. Does that mean there will be penalty in an event of a customer has to settle early?

    • Avatarfinder Customer Care
      March 29, 2017

      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.


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