First home buyers to benefit in latest home loan offer from online lender loans.com.au

By Remy Taylor ·
Fact Checked
Advertiser disclosure

Veteran fintech loans.com.au, known for driving competition in the home loans industry with innovative and low-rate offers, has announced it will be offering loans with Loan-to-Value ratios (LVR) up to 90% at reduced rates, in a bid to help hoist first home buyers up onto the property ladder.  

It comes after loans.com.au saw an increase in activity from people entering the housing market for the first time, as property prices plummet.
 
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“People buying for the first time haven’t usually been able to accumulate as much equity as those who have already enjoyed the capital gains from home ownership but we don’t think they should be penalised for that,” said loans.com.au Managing Director Marie Mortimer.

“To help them take advantage of this long-awaited opportunity to enter the market, we have reduced our interest rate on LVR 90 Offset home loans to the same as LVR 80 and offered our streamlined Essentials home loan at LVR 90 for the first time.”

What’s the offer?

Essentials Variable
  • Low 3.64% p.a. (comparison rate 3.66% p.a.)
  • Now available up to 90% LVR
  • No ongoing fees
Offset Variable
  • Rate cut from 4.04% p.a. to a low 3.72% p.a. (3.74% p.a. comparison rate).
  • Now available up to 90% LVR
  • Offset account to help you save on interest

This means Aussie first home buyers will not only need a smaller deposit but can score a lower interest rate, all whilst getting into the market quicker.

How does it compare?

Loans.com.au Essentials 90% LVR vs Average 90% LVR home loan rate

EssentialsAverage rate
Interest rate3.64% p.a.4.46% p.a.
Interest over 30 years$257,930$326,208

The Essentials OO PI offer at 3.64% p.a. (comp rate 3.66%) first home buyers with a $400,000 variable rate home loan with an LVR of 90% will pay $257,930 in interest over 30 years, whereas the average interest for Owner Occupier, Principal & Interest paid would be $326,208. That's a $68,278 difference! 

If you’re a first home buyer looking to break into the property market then this might be your chance. Check out loans.com.au home loan offers or head over to home loans comparison page for an overview of your options.

Low Deposit Home Loans - rates updated daily

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
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    Green Home Loan

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    Own Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <85%

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    Mozo Experts Choice 2021
    Well Balanced

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
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    Initial monthly repayment
    2.52% p.a. variable
    2.55% p.a.

    A great value low rate home loan for variable owner occupiers. Free extra repayments and free redraw facility. No ongoing fees. Option for a split account available. Up to 90% LVR. Winner of the Offset Home Loan Expert's Choice Award for 2021.

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    Back to Basics Special

    LVR<90%, Owner Occupier, Principal & Interest

    interest rate
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    Initial monthly repayment
    2.59% p.a. variable
    2.60% p.a.

    No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply. Minimum 10% deposit.

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    Fixed Rate Loan

    Owner Occupier, Principal & Interest

    interest rate
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    Initial monthly repayment
    1.97% p.a.
    fixed 3 years
    3.86% p.a.

    No annual or ongoing monthly fees. Fee free extra repayments. Free redraw facility.

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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