- homeloans.com.au is an online-only lender owned by Resimac Group.
- It offers low-fee variable home loans for owner occupiers and investors.
- Loans can be used for the purchase or refinance of established properties.
- Loans come with unlimited extra repayments, free redraw and an optional offset account.
Formerly known as State Custodians, homeloans.com.au is an online-only lender launched in 2020 and wholly owned by Resimac Group.
Resimac, a non-bank lender, also offers home loans, albeit distributed through brokers only. homeloans.com.au is Resimac's retail brand.
Resimac manages more than $15 billion worth in home and business lending across Australia and New Zealand, and has serviced more than 55,000 customers to date.
What home loans does homeloans.com.au offer?
homeloans.com.au offers low-rate home loans for owner occupiers and investors. But instead of specific product names, its mortgages are identified by borrower purpose (e.g. owner occupied refinance, investment purchase).
All home loans come with variable rates and aimed at borrowers purchasing or refinancing established properties (not off the plan or construction).
Owner occupied purchase loans
For borrowers buying an established home to live in.
Owner occupied refinance loans
For home owners looking to 'jump ship' and switch lenders or refinance an existing mortgage.
Investment purchase loans
For investors borrowing funds to purchase an established residential investment property.
Investment refinance loans
For investors seeking to refinance an existing investment loan.
Compare homeloans.com.au home loan interest rates
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.39% p.a. | 6.39% p.a. | $3,124 | Principal & Interest | Variable | $0 | $0 | 60% | |||||||||||||
6.49% p.a. | 6.49% p.a. | $3,157 | Principal & Interest | Variable | $0 | $0 | 80% | |||||||||||||
6.54% p.a. | 6.54% p.a. | $3,174 | Principal & Interest | Variable | $0 | $0 | 60% | |||||||||||||
6.64% p.a. | 6.64% p.a. | $3,207 | Principal & Interest | Variable | $0 | $0 | 80% | |||||||||||||
6.69% p.a. | 6.69% p.a. | $2,788 | Interest-only | Variable | $0 | $0 | 60% | |||||||||||||
6.79% p.a. | 6.79% p.a. | $2,829 | Interest-only | Variable | $0 | $0 | 80% | |||||||||||||
6.84% p.a. | 6.84% p.a. | $2,850 | Interest-only | Variable | $0 | $0 | 60% | |||||||||||||
6.94% p.a. | 6.94% p.a. | $2,892 | Interest-only | Variable | $0 | $0 | 80% | |||||||||||||
7.09% p.a. | 7.09% p.a. | $3,357 | Principal & Interest | Variable | $0 | $0 | 90% | |||||||||||||
7.24% p.a. | 7.24% p.a. | $3,407 | Principal & Interest | Variable | $0 | $0 | 90% |
homeloans.com.au's home loan features
homeloan.com.au's home loan features are pretty uniform across its product range, may it be for its owner occupied purchase or refinance or investment purchase or refinance.
Most of its loans generally come with redraw facilities and flexible repayment features, as well as zero ongoing fees. Borrowers can even manage their loans through a mobile app.
Zero upfront and ongoing fees
Loans available through homeloans.com.au are generally low-cost, as the lender does not charge upfront and ongoing fees. According to the lender, customers also need not pay exit fees. However, government and third party charges may still apply.
With fewer fees charged, the comparison rates or its home loans are generally the same as their advertised rates.
Redraw facility and offset account
Borrowers can make unlimited additional repayments and access available funds through redraw. Online transactions are free, though a minimum amount per redraw may be required.
An optional offset account is also available for eligible borrowers.
Flexible repayment features
homeloan.com.au customers can choose to make weekly, fortnightly or monthly repayments. They can even change their repayment frequency schedules through the lender's online portal and mobile app.
Borrow up to 95% LVR
Eligible customers may be able to borrow up to 95% of the value of the property, subject to lending criteria. Bear in mind that like with most lenders, loans with higher loan-to-value ratio generally attract higher interest rates.
Lenders mortgage insurance (LMI) may also be charged to borrowers with LVRs above 80%.
Digital loan management
Borrowers can manage their home loans through the lender's online LoanZone portal or the LoanZone mobile app. Features include:
- Make loan repayments
- Set up recurring repayments
- Change loan repayment frequency
- Book service requests
- Pay bills and transfer funds
- E-statements and transaction history
The mobile app is available on App Store and Google Play Store.
Pros of homeloans.com.au home loans
- Competitive rates
- No application, ongoing, or exit fees
- Online application and loan management
- Borrow up to 95% LVR
- Flexible repayment features
- 100% offset account
- Redraw facility
Cons of homeloans.com.au home loans
- No branch network
- Smaller product range than major banks
- Not suitable for all property types
- No fixed-rate loans
What brokers think about homeloans.com.au
I use them semi regularly and they have some good policy settings for certain types of customers.
They are among the cheaper 'alt doc' lenders…overall they offer a good range of products for certain borrowers.
How to apply for a homeloans.com.au home loan
To apply for a home loan with homeloans.com.au, would-be borrowers generally need to meet the following eligibility criteria:
- Be above 18 years old
- Be an Australian or New Zealand citizen, or a permanent resident
- Has the ability to service the loan repayments
- Has a good credit history
You can start by applying for a home loan pre-approval online through its website. According to homeloans.com.au, a borrowing estimate may be provided within minutes.
Once you're ready to proceed, you will generally need to submit supporting documents. You can also apply over the phone by calling 1800 111 001 to book a call with one of their lending specialists.
Documents needed
- Valid ID (e.g. driver's licence, passport, Medicare card)
- Income details (e.g. recent payslips or tax returns for self-employed)
- Details of savings and assets (e.g. bank statements)
- Details of other loans and liabilities
- Details of the property
Savings.com.au's two cents
It's not uncommon for many people looking for banking products and services to turn to the 'big four', the major names. And for a number of good reasons. However, this doesn't mean smaller players don't offer anything worth considering.
As an online-only non-bank lender, homeloans.com.au focuses on providing straightforward home loans with competitive rates and fewer fees, rather than offering a full suite of banking products.
Its low fee structure makes it ideal for borrowers seeking low-cost home loans without sacrificing essential features. And it being exclusively online means customers can apply and manage their loans anywhere through their electronic devices.
While its product range isn't as extensive as those offered by the major banks, homeloans.com.au could be worth a look if you're an owner occupier or investor seeking simple, low-fee mortgage from an established non-bank lender.
However, if you value in-person banking, larger branch networks and a broader range of financial products, bigger lenders may be a better fit for you.