Quick guide to loans.com.au mortgages

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on November 24, 2021 Fact Checked
Quick guide to loans.com.au mortgages

Online lender loans.com.au has been shaking up the lending space for over a decade, striving to help people save thousands on their home loans.

Since launching in 2011, loans.com.au has prided itself on taking an innovative and people-centric approach. Originally born as a ‘direct to retail business’ for Firstmac - one of Australia’s largest privately owned non-bank lenders - loans.com.au says it puts people at the heart of everything.

Being 100% online, the non-bank lender cuts costs like mortgage broker commissions and retail office expenses (i.e. not needing any branches).

Without these overheads, loans.com.au says it can (and does) pass the savings along to its customers by offering ‘cheaper' interest rates. With $6 billion in loans under management, loans.com.au is bigger than some smaller banks and building societies.

Home loans from loans.com.au

loans.com.au offers a wide selection of home loans for different types of borrowers such as owner-occupiers, refinancers, investors, self-managed super fund trustees, and more.

The non-bank lender also offers a ‘green’ discount for energy-efficient new homes.

The interest rates on its home loans range from variable to fixed for up to three years, while there are options to make principal & interest or interest-only repayments.

Here’s a snapshot of loans.com.au’s home loans for owner occupiers:

Lender
Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details

Smart Home Loan (Interest Only) (LVR < 80%)

VariableMore details

Smart Home Loan (Principal and Interest) (LVR < 80%)

VariableMore details
FREE REDRAW FACILITY

Smart Investor Home Loan (Principal and Interest) (LVR < 80%)

  • Option to add an offset for 0.10%
  • Fast turnaround times, can meet 30 day settlement
  • No on-going or monthly fees
FREE REDRAW FACILITY

Smart Investor Home Loan (Principal and Interest) (LVR < 80%)

  • Option to add an offset for 0.10%
  • Fast turnaround times, can meet 30 day settlement
  • No on-going or monthly fees
VariableMore details
FREE REDRAW FACILITY

Smart Investor Home Loan (Interest Only) (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 30% deposit
  • No ongoing or monthly fees, add offset for 0.10%
FREE REDRAW FACILITY

Smart Investor Home Loan (Interest Only) (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 30% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
SELF MANAGED SUPER FUND LOAN

SMSF 80

  • Easy refinance process
  • No application fee and no settlement fee
  • No monthly, annual or ongoing fees
SELF MANAGED SUPER FUND LOAN

SMSF 80

  • Easy refinance process
  • No application fee and no settlement fee
  • No monthly, annual or ongoing fees

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 November 27, 2021. View disclaimer.

See how loans.com.au home loans compare with some of the most competitive home loans on the market for owner occupiers:

Lender
Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • Refinance only. Fast online application
  • No Nano fees. Free 100% offset sub account
  • Mobile app, Visa debit card & instant payments
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • Refinance only. Fast online application
  • No Nano fees. Free 100% offset sub account
  • Mobile app, Visa debit card & instant payments
VariableMore details
NO UPFRONT OR ONGOING FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
NO UPFRONT OR ONGOING FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees

Rates correct as of November 27, 2021. View disclaimer.

All about keeping it simple

Besides its bright pink logo, there are a few reasons why loans.com.au stands out among Australia’s crowded marketplace of lenders - such as remaining an innovative, family-oriented lender for over 10 years.

Managing Director of loans.com.au Marie Mortimer said loans.com.au’s processes are quick and simple - “as they should be”.

“For both our home and car loans, you can find out if you pre-qualify for a low rate loan in just minutes,” Ms Mortimer told Savings.com.au.

“By keeping our interest rates low and revolutionising the loan application process, we keep on winning awards for our products, innovations, and customer service - year after year.”

The application process is online, and there are specialists ready to help, with the team of Australian-based, experienced loan specialists available from 8am to 6pm AEST.

“At every step of the way, you’ll talk to a real person from our friendly team of lending specialists who are here to help you,” Ms Mortimer said.

Save time and money by adding an offset

When asked about the perks, one of the most popular ones mentioned was the ability to add an offset sub-account.

Funds in this offset sub-account are 100% offset against your home loan balance - effectively lowering the portion of the loan that’s charged interest - while providing online, ATM, EFTPOS & VISA debit card access to the funds plus unlimited free redraws. If your home loan doesn’t already come with it, this account can be added on at a cost of an extra 10 basis points (0.10% p.a.) on your interest rate.

“Customers can pay their home loan off much sooner than anticipated, and also save thousands in interest repayments simply by adding to their offset,” Ms Mortimer told Savings.com.au.

“To calculate potential savings, we've created a really useful offset calculator.”

Being passionate about the environment, loans.com.au likes to reward customers for ‘going green’ by offering discounted interest rates for homes that meet the standards for environmental-friendliness.

Ms Mortimer said customers are also rewarded for being loyal.

“If customers bring both their investment and owner occupied loans to us, they could get both loans starting with a 'one' with our Smart Booster Bundle.”

loans.com.au is more than just an online lender

“We understand that nobody really wants a loan, rather, they want a home to live in, a new car to drive, their next investment property or to save thousands on an existing loan,” Ms Mortimer said.

Ms Mortimer also emphasises that loans.com.au doesn’t just support its customers - it supports the local community through its Women, Children & Community Program.

“We participate in a number of ways, whether it be financial support via official sponsorship, employer-supported volunteering with our staff giving their time, donating items or raising awareness for local charitable causes,” she said.

“loans.com.au works to support many causes which benefit the women, children and community in Australia.”

How to apply for a loans.com.au home loan

Applying for a home loan is relatively simple with loans.com.au’s online application process. Whether you’re buying your first home or you’ve got plenty of properties under your belt, you can apply for a home loan fairly quickly and easily by visiting the website - loans.com.au.

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 90% (depending on the loan)

If you fit all the requirements, you can 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:

  • Personal identification such as your driver’s license, passport or a State or Territory issued photo ID

  • Proof of income

    • For employees, you’ll need to present two of your latest payslips, an employment contract or three months of bank statements proving your income.

    • 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.

  • Asset and liabilities documents

  • Proof of other sources of income such as rental property income, superannuation, dividends, and other government income sources

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.


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Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

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author-avatar
Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

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