loans.com.au Home Loans review
Read on to compare some of loans.com.au’s key home loan interest rates and the key features they have.
loans.com.au is a leading fintech and online-only lender based in Brisbane that’s been operating since 2011. It’s backed by parent company Firstmac, the largest prime only non-bank lender in Australia.
As an online lender, loans.com.au is able to offer competitive rates and fees to customers thanks to a lack of overhead costs. It offers home loans and car loans.
Compare Loans.com.au interest rates
Lender | Advertised rate | Comparison rate | Monthly repayment | Rate Type | Offset | Redraw | Ongoing Fee | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Pre-approval | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDLIMITED TIME OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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| Variable | More details | ||||||||||||
Smart Home Loan (Interest Only) (LVR < 80%) | |||||||||||||
| Variable | More details | ||||||||||||
Smart Home Loan (Principal and Interest) (LVR < 80%) | |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDFREE REDRAW FACILITY | Smart Investor Home Loan (Principal and Interest) (LVR < 80%)
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Smart Investor Home Loan (Principal and Interest) (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATUREDFREE REDRAW FACILITY | Smart Investor Home Loan (Interest Only) (LVR < 80%)
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Smart Investor Home Loan (Interest Only) (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATURED | Construction Home Loan (LVR < 80%)
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Construction Home Loan (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATUREDSELF MANAGED SUPER FUND LOAN | SMSF 80
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SMSF 80
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Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given Rates correct as of October 27, 2021. View disclaimer.
loans.com.au mortgages on offer
loans.com.au offers a wide selection of home loans for many different types of buyers such as owner-occupiers, refinancers, investors, people looking to build their own house and more.
It offers both variable and fixed-rate mortgages as well as giving borrowers the option to make principal & interest or interest-only repayments. Some of loans.com.au’s home loan products include:
- Smart Home Loan: A low rate variable home loan with no ongoing or monthly fees.
- Essentials Home Loan: A streamlined home loan with unlimited redraws.
- Zip Home Loan: A home loan that comes with a $5,000 interest-free Visa Debit Card, redraw offset facility and no ongoing fees.
- Offset Home Loan: A home loan with a 100% redraw offset facility that can help pay off your loan quicker and save on interest costs.
- Fixed Home Loan: Fixed-rate loan terms from 1-3 years with weekly, fortnightly or monthly repayment options and the ability to split between fixed and variable up to five times.
You can find the complete list of loans.com.au home loan products here.
loans.com.au home loan features
loans.com.au home loans can offer a variety of mortgage features such as:
- Unlimited additional repayments: You can make additional repayments on your loan so you can save money on interest and pay off your loan sooner, although the fixed-rate loans place a cap on the amount of extra repayments you can make each year until the fixed term ends (up to $10,000 per annum)
- Flexible repayment frequency: You can make your repayments weekly, fortnightly, or monthly to suit your budget.
- Schedule recurring transfers: You can automate your transfer to your preferred day.
- Direct debit arrangement: You can make repayments directly from your bank account, making repaying hassle-free
- 100% redraw offset sub-account (only available on ‘Offset’ home loans): When you make extra repayments you can get 100% of the funds to offset your loan balance. You can also redraw the extra funds when you need them.
- No monthly or ongoing fees: All home loan products such as the Smart Home Loan have no monthly or ongoing fees.
- Smart money app: This is loans.com.au’s mobile app where you can manage your home loan, 'redraw offset sub-account, pay bills, transfer money etc.
- Rate lock (only available on fixed home loans): when applying for a fixed loan you can use a rate lock to ensure your interest rate doesn’t change between your application and the loan’s settlement.
How to apply for a loans.com.au home loan
Eligibility criteria
You must meet the lending requirements of loans.com.au before applying for a home loan. Generally, you need to:
- Be above 18 years old;
- Be an Australian resident;
- Be employed or earning a steady income
- Demonstrate a strong capacity to repay the loan
- Have a good credit history
- Have a maximum LVR (loan-to-value ratio) of 80% (depending on the loan)
If you fit all the requirements, you can simply apply for a home loan online or book an appointment with a lending manager.
Documents needed
loans.com.au may need the following documents when you apply for a mortgage. You will need to provide the following:
- Personal identification such as your driver’s license, passport or a State or Territory issued photo ID
- Proof of income
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For employees, you’ll need to present two of your latest payslips, an employment contract or three months of bank statements proving your income.
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For the self-employed, you’ll need to provide two years worth of your personal and business tax returns and Australian Taxation Office assessments for the past two years.
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- Asset and liabilities documents
- Proof of other sources of income such as rental property income, superannuation, dividends, and other government income sources
Disclaimers
In the interests of full disclosure, Savings.com.au and loans.com.au are part of the Firstmac Group. To read about Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.
