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Online Home Loans Standard Variable Home Loan
With a competitive rate and no ongoing fees, the Online Home Loans Standard Variable Home Loan is worth a closer look.
If you’re hunting for a home loan that combines the flexibility of a variable rate with the added bonus of no ongoing fees, the Online Home Loans Standard Variable Home Loan has been designed with you in mind. The loan combines a competitive interest rate with no monthly or annual fees, and has a host of features to help you pay off your debt as quickly as possible. Additional repayments are allowed and can be accessed through a free redraw facility, while a 100% offset account is included to keep your interest payments down.
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Expert review
Review by
Tim Falk
tim.falk@findercrew.comTim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
Expert review
The Online Home Loans Standard Variable Home Loan is available for the purchase of residential property, including both owner-occupier and investment properties. A full-doc loan, it features a maximum LVR of 95%.
Repayments are principal and interest as standard, but an interest-only option is also available to suit investment borrowers. A loan split facility allows up to six free splits for extra flexibility, while the free redraw facility ensures you can access your addition payments if you ever experience a cash-flow shortage.
About this loan
What are the features and benefits of the Online Home Loans Standard Variable Home Loan?
The Online Home Loans Standard Variable Home Loan combines a competitive variable interest rate with a range of other features, including:
- Maximum LVR. The Online Home Loans Standard Variable Home Loan has a maximum LVR of 95%. However, some borrowers are limited to an LVR of 95%. Owner-occupiers who borrow more than 95% LVR should also remember that they will need to cover the additional cost of lenders mortgage insurance (LMI).
- Loan amount. This loan allows you to borrow amounts between $50,000 and $1,500,000.
- Loan term. The Online Home Loans Standard Variable Home Loan has a minimum loan term of 15 years and a maximum loan term of 30 years.
- No ongoing fees. There are no ongoing monthly or annual fees attached to this loan, allowing you to put all of your hard-earned money towards paying off your debt.
- Repayment options. You can choose from a weekly, fortnightly or monthly repayment schedule to suit your income and budget.
- Unlimited additional repayments. Additional repayments are also allowed, giving you the ability to pay off your debt ahead of schedule and reduce interest charges. However, an early termination fee applies when you pay your loan off early.
- Free redraw facility. If you make additional repayments towards your loan, you can access those funds through the loan's redraw facility at any time. There is no fee for using the facility and you can submit redraw requests online or over the phone. The minimum redraw is $100, and the maximum is $20,000.
- 100% mortgage offset account. A 100% mortgage offset account is a standard inclusion with the Online Home Loans Standard Variable Home Loan. By maintaining a balance in this account, you can keep your interest payments to a minimum.
What fees and charges come with this loan?
- Application fee: $275. This fee covers the administrative costs associated with setting up your loan.
- Discharge fee: $308. You will need to pay this exit fee once you have paid off your loan.
- Early termination fee: $608. Although unlimited additional repayments are allowed, you'll need to pay this fee if you pay your loan off early.
How to apply
If the Online Home Loans Standard Variable Home Loan has all the features you're looking for in a loan, click on one of the "Apply now" links on this page. You'll be redirected to the Online Home Loans website, where you can find out more about the benefits and conditions of the loan and start the application process.
Before applying, check whether you meet the following eligibility requirements:
- Age. Only people 18 years of age or older can apply.
- Residency. You must be a permanent Australian resident.
- Loan purpose. The Online Home Loans Standard Variable Home Loan must be used to purchase residential property for an owner-occupier or investor.
During the application process, the lender will request a range of personal details in order to determine your ability to service the loan. You will need to provide.
- Personal details. Provide your name, address, date of birth and contact details.
- Proof of ID. Valid photo ID such as a driver's licence or passport is required.
- Income details. You will need to supply details of your employment and evidence of the income you earn.
- Assets and liabilities. If you have outstanding debts or you own assets such as shares or property, you'll need to disclose these in your application.
- Property details. Finally, provide information about the property you want to buy.
The Online Home Loans Standard Variable Home Loan provides flexible features and a competitive variable rate. Compare it with other variable-rate home loans before deciding on the best mortgage for you.
