Essentials Home Loan review

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.

Interest Rate Max Insured LVR Max LVR
Variable (Investor, IO)
3.59% p.a.
Comparison Rate
3.61% p.a.
80% 80%
Variable (Investor, P&I)
3.24% p.a.
Comparison Rate
3.26% p.a.
80% 80%
Variable (Owner Occupier, IO)
3.29% p.a.
Comparison Rate
3.31% p.a.
80% 80%
Variable (Owner Occupier, P&I)
2.79% p.a.
Comparison Rate
2.81% p.a.
90% 80%
Variable Up to 80% LVR (Owner Occupier, P&I)
2.79% p.a.
Comparison Rate
2.81% p.a.
80% 80%
Product Essentials
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$50,000
Maximum Loan Amount$2,000,000
Minimum Loan Term15 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options

Application Fee$0
Lender's Legal Fee$0
Valuation Fee220 or at cost
Ongoing Fees$0 p.a.
Settlement Fee$300
Discharge Fee$300


  • No monthly or application fees.
  • Unlimited additional repayments and a redraw facility.
  • Interest only repayment options are available.


  • No offset account.
  • Valuation fee of $220 or at cost or at cost
  • $300 settlement fee.

What do I need to know about this loan?

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.

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 or at cost. This fee is charged to cover the cost of sending a valuer to the property that is to be held as security to estimate its value.
  • Discharge fee: $300. This is charged when you close all your loan accounts with Discharge fees are waived if the loan goes to full term.
  • Discharge documentation fee: $250. This fee is charged to organise all the documents associated with closing your home loan accounts.

How do I apply for this loan?

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

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  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR


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