Lower Rate Loans Offset Variable Home Loan Review

Rates and fees last updated on

A competitive rate, minimal fees and flexible repayment options are all features of the Lower Rate Loans Offset Variable Home Loan.

The Offset Variable Home Loan from Lower Rate Loans combines a competitive interest rate with features such as an offset account. It also waives a number of fees usually payable on a home loan, such as the monthly fee, annual fee, valuation fee and application fee.

Additional repayments are also allowed to help you pay off your loan ahead of schedule. If you need to redraw on those extra repayments, you can do so via a free online facility.

Product NameLower Rate Loans Offset Variable Home Loan
Interest Rate TypeVariable
Interest Rate (p.a.)3.89%
Comp Rate^ (p.a.)3.89%
Minimum Loan Amount$50,000
Maximum Loan Amount$1,500,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR80%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Suitable for InvestmentNo
Extra RepaymentYes
Available as equity loan/line of creditYes
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$0
Discharge Fee$0
Early Termination Fee$0


  • $0 application fee
  • $0 ongoing service fees
  • Unlimited redraw's available with $0 fees


  • Only available to owner occupiers
  • Maximum loan-to-value ratio of 80%

Things to consider about Lower Rate Loans Offset Variable Home Loan

The Lower Rate Loans Offset Variable Home Loan is available for owner-occupier and investment purchases. The loan is offered with a choice of a weekly, fortnightly or monthly repayment schedule, and the loan features a 100% offset account so you can minimise the amount of interest you have to pay.

With a maximum loan-to-value ratio (LVR) of 80%, the loan also features a free redraw facility and minimal fees. If you’d prefer the security of a fixed rate or if you want to borrow more than 80% LVR, you can contact Lower Rate Loans directly to see if the lender has a mortgage product that meets your needs.

Features of the Lower Rate Loans Offset Variable Home Loan

  • Maximum loan amount. The maximum amount you can borrow with the Lower Rate Loans Offset Variable Home Loan is $1,500,000. The minimum loan amount is $50,000.
  • Maximum LVR. This loan lets you borrow up to 80% of the value of the property you wish to purchase. You’ll need to contact Lower Rate Loans if you want to borrow a higher LVR.
  • Offset account. The Lower Rate Loans Offset Variable Home Loan features a 100% offset account that can minimise the amount of interest you need to pay on your loan.
  • Repayment schedule. You can choose from a weekly, fortnightly or monthly repayment schedule to suit your budget. Principal and interest payments and interest-only payments are available.
  • Additional repayments. You can make additional repayments at any time without incurring a penalty, and there is no early termination fee to worry about if you pay off your loan ahead of schedule.
  • Redraw facility. You can access those extra funds at any time through a free online redraw facility.
  • Personal loan manager. Every Lower Rate Loans borrower is assigned a personal loan manager who can answer any questions you have throughout the entire borrowing and repayment process. Your loan manager can also help you formulate strategies to pay off your loan at a faster pace.


Fees you can avoid

  • Application fee: $0. There is no application fee associated with this loan.
  • Ongoing fees: $0. There is no monthly or annual fees for this loan.
  • Redraw fee: $0. You have unlimited redraw with no fees charged.
  • Settlement fee: $0. Once you have settled your loan there will be no settlement fee charged.
  • Early termination fee: $0. If you pay out your loan early you will not be charged any fees.

Fees you can’t avoid

  • Rate fix fee: $150. You’ll need to pay this fee if you decide to switch to a fixed rate.
  • Switching fee: $150. This fee is payable when you switch from one loan to another.
  • Late payment fee: $50. You’ll have to pay this fee if you’re late making a scheduled repayment.

How to apply for the Lower Rate Loans Offset Variable Home Loan?

You’ll need to be at least 18 years of age, have a good credit history and be an Australian citizen or permanent resident. If you meet the criteria and you’d like to find out more about the features of the Offset Variable Home Loan, click on one of the links on this page to be redirected to the Lower Rate Loans website. You’ll then be able to fill out an online enquiry form that asks for the following:

  • Your name
  • Your email address and phone number
  • Any comments or questions

Once the form has been submitted, a loan manager from Lower Rate Loans will contact you to arrange a time to chat about your home loan needs. If you decide to apply for this particular loan, you’ll need to provide a range of details, including:

  • Proof of ID
  • Proof of income and information about your employment status
  • Information about your assets and liabilities
  • Information about the property you wish to purchase with the loan

From its competitive rate to its range of flexible features, there’s plenty that makes the Lower Rate Loans Offset Variable Home Loan worth considering. Before you decide whether or not it’s the right mortgage for you, make sure you compare it with other loans.

Enquire about this home loan
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This page was last modified on 23 March 2017 at 5:12pm.

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Lower Rate Loans Offset Variable Home Loan

  • Interest Rate

    3.89% p.a.

  • Comparison Rate

    3.89% p.a.

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR


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