First home buyers to benefit in latest home loan offer from online lender loans.com.au
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
- 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
| Essentials | Average rate | |
|---|---|---|
| Interest rate | 3.64% 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 - page last updated October 27, 2020
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Mozo Order
- loans.com.au
2.88% p.a.
fixed 3 years2.89% p.a.
loans.com.auFixed Home Loan
Owner Occupier, Principal & Interest
2.88% p.a.
fixed 3 years2.89% p.a.
This home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.
Go to siteCompare - Suncorp
2.78% p.a. variable
2.79% p.a.
SuncorpBack to Basics Special
LVR<90%, Owner Occupier, Principal & Interest
2.78% p.a. variable
2.79% 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.
Go to siteCompare - IMB Bank
2.39% p.a.
fixed 3 years3.08% p.a.
IMB BankFixed Home Loan
Owner Occupier, Principal & Interest
2.39% p.a.
fixed 3 years3.08% p.a.
The IMB Fixed Rate Home Loan gives you peace of mind with the security of fixed loan repayments. You can also pay up to 12 months repayments in advance without penalty.
Go to siteCompare - AMP Bank
2.49% p.a.
fixed 3 years3.07% p.a.
AMP BankFixed Rate Loan
Owner Occupier, Principal & Interest
2.49% p.a.
fixed 3 years3.07% p.a.
Enjoy a fixed rate with the AMP Bank Professional Package Home Loan. Minimum 20% deposit required. Other rates available for interest only option. Pre-qualify today.
Go to siteCompare - Suncorp
2.49% p.a.
fixed 3 years3.28% p.a.
SuncorpFixed Home Loan Special Offer
Owner Occupier, Principal & Interest
2.49% p.a.
fixed 3 years3.28% p.a.
No monthly account keeping fees & No loan establishment fee. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.
Go to siteCompare
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