This variable mortgage for home buyers keeps things simple and offers a very, very low rate.
The loans.com.au Smart Home Loan is a variable rate mortgage for owner-occupiers only. The loan has one of the lowest interest rates on the market and no application or ongoing fees. It has flexible repayment options as well as a fee-free redraw.
Loans.com.au is an online lender that doesn't have physical bank branches but does have phone and online customer support.
|Product Name||loans.com.au Smart Home Loan (Owner Occupier, P&I)|
|Interest Rate Type||Variable|
|Interest Rate (p.a.)||3.03%|
|Comp Rate^ (p.a.)||3.05%|
|Minimum Loan Amount||$50,000|
|Maximum Loan Amount||$1,000,000|
|Minimum Loan Term||15 years|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||80%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Suitable for Investment||No|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest|
|Lender's Legal Fee||$0|
|Valuation Fee||At cost|
|Ongoing Fees||$0 p.a.|
- Low variable rate
- Redraw facility
- No application or ongoing fees
- There is a $300 settlement fee
- There is also a $150 late payment fee
What do I need to know about this loan?
This loan has a single variable rate for principal and interest owner-occupier borrowers. The loan has a maximum LVR of 80%, which means you will need a 20% deposit.
What are the features and benefits of the loans.com.au Smart Home Loan?
- Loan amount and purpose. The loans.com.au Smart Home Loan has a minimum borrowing amount of just $50,000 and a maximum borrowing amount of $1,000,000.
- Repayment flexibility. You can repay this loan monthly, weekly or fortnightly. You can also make unlimited extra repayments.
- Loan-to-value ratio. You can borrow up to 80% of your property's value. There is no low deposit option.
What fees and charges come with this loan?
This mortgage has almost no fees at all. There's no application fee, and no ongoing, valuation or discharge fees. The following are the only fees:
- Settlement fee: $300. This fee covers the costs of funding your home loan.
- Late payment fee: $150. If your payments are overdue, there is a small fee.
In mortgage fee terms, this is about as low as it gets.
How do I apply for this loan?
If you'd like to apply for this product or just get more information, click the green "Go to site" button and follow the application process to speak to a loans.com.au mortgage specialist. They'll talk you through eligibility requirements and help you with the application.