Shopping around for a new laptop? How about a home loan? Well Australian online retailer Kogan.com could be your destination for both with the release of a suite of new variable and fixed rate home loans for both owner occupiers and investors.
Available from today, Kogan is offering two different home loan ranges for potential buyers: an Essentials Home Loans range funded by Adelaide Bank for typical applicants and an Options Home Loan range funded by Pepper for those with more unique circumstances, such as self-employed Australians.
With variable interest rates starting from 3.69% (3.70% comparison rate*), the Kogan Money Essential Home Loan is available to owner-occupiers with an LVR of 80% or below and features a $150 application fee and an optional offset account for $10 a month.
Kogan is also offering a variable investor loan with rates starting from 3.89% (3.90% comparison rate*) for investors with an LVR of 80% or below making principal and interest repayments.
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According to Mozo figures, both Kogan rates sit well below the respective averages in the Mozo database.
The average variable owner occupier rate for a $400,000 loan with principal and interest repayments and an 80% LVR in the Mozo database is currently 4.35%, while the average investor loan based on the same figures currently sits at 4.80%.
“There’s no doubt that Kogan’s new suite of competitively-priced home loans will give buyers something to think about, but they’re not going to blow anyone’s socks off,” said Mozo Product Data Manager, Peter Marshall.
“Buyers may like the convenience of an online platform, but given there are a number of equivalent or lower priced alternatives currently in the Mozo database from both online lenders and traditional banks it could be worth making the effort to shop around.”
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The move into home loans is just the latest shift by Kogan outside of its traditional online retail domain, having already joined the likes of fellow retail giants Woolworths and Coles with an expansion into telecommunications and insurance.
And perhaps unsurprisingly as an online provider, Kogan are promising a simple applications process and speedy turnaround for home loan applicants.
“Digital efficiency continues to be a key driver of our ability to achieve price leadership, and we’ve taken this approach with our Kogan Money Home Loans offering,” said Executive Director of Kogan.com, David Shafer.
“Kogan Money Home Loans is making this process easier and more efficient for the many Australians looking to secure a home loan either when purchasing a property or as part of a refinance. A large part of Kogan Money Home Loans’ mission is to provide solutions to help people lower the cost of owning homes and investment properties and to achieve property ownership.”
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Want to learn more? Grab even more information about the fees and features of Kogan’s new variable and fixed rate Essential Home Loans, or check out some other great home loan deals below.