loans.com.au Essentials Home Loan review
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.
Product no longer on the market
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 loans.com.au current mortgage offers here.
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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.
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 loans.com.au 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 loans.com.au 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 loans.com.au. Note that the Offset Variable is not available for this facility.
Who is loans.com.au?
loans.com.au is a 100% online lender. Communication is conducted mainly on the phone and online. Loans.com.au is an Australian owned and operated company. As a certified lender, it must adhere to ASIC laws and legal requirements.
Loans.com.au 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. Loans.com.au 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.
What fees and charges come with this loan?
- Application fee: $0. At the moment loans.com.au 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 loans.com.au.
- 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 loans.com.au Essentials home loan, please click on 'go to site' to be taken to loans.com.au'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 loans.com.au 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 loans.com.au and represents the loan application process after you contact them.
Home Loan OffersImportant Information*
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.
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).
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.
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.