Get smart about your mortgage with the new loans.com.au home loan offer

By Ceyda Erem · · 3 min read
Fact Checked
Advertiser disclosure

As the saying goes, ‘work smarter, not harder’, and paying off your home loan is no exception.

And if you’ve been on the hunt for a home loan that’s competitive, easy to manage and low on fees, we’ve got good news for you.

Online lender, loans.com.au have just launched their new home loan - the Smart Home Loan - which is now available to both buyers and refinancers.

The Smart Home Loan features a competitive 3.48% variable rate (3.50% comparison rate*), with a maximum LVR of 80%, which if you’re a first homebuyer, means you’ll need a 20% deposit to apply.

There are also no application, ongoing or exit fees with this home loan, making it a great cost cutting option for first homebuyers.

“Loans.com.au have a history of offering good value products to prospective homeowners - their 2018 Mozo Experts Choice Award win for Low Cost Home Loan is proof of that,” said Mozo Product Data Manager, Peter Marshall.

RELATED: Earn double Velocity Points with Virgin Money’s new home loan offer for first home buyers

Borrowers looking to apply for the Smart Home Loan will also be given the option of choosing either a weekly, fortnightly or monthly repayment schedule.

Extra repayments are also available with the Smart Home Loan, which could be good news for borrowers looking to cut down on interest wherever they can. And if they ever need those extra repayments back for whatever reason, there is a free redraw facility available.

However, it’s also worth mentioning that an offset account is not available with the Smart Home Loan and there is also a $300 settlement fee to consider.

RELATED: New way to borrow takes Australia by storm

How the Smart Home Loan stacks up

With all the buzz surrounding the new loans.com.au Smart Home Loan, we thought it might be a good idea to pull out our home loan repayments calculator to show it compares to the average variable rate in the Mozo database.

If you took out a $400,000 loan, with an LVR of 80%, to be repaid with P&I repayments over 30 years with the current average variable rate in the Mozo database of 4.34%, your monthly repayments would total $1,989.

Now say you took out the same loan on the same terms but on the Smart Home Loan rate of 3.48%, your monthly repayments would drop to $1,792 - a monthly saving of $197 or, $2,364 a year.

RELATED: Athena: The new home loan lender that’s trying to get rid of customers

Securing yourself against a rate hike

But if you prefer the comfort of locking in your rate, but still want the perks of the Smart Home Loan, then you might also want to know about the Smart Home Loan Package, which has just had its 2 year fixed rate cut by 10 basis points, dropping from 3.89% to 3.79% (3.92% comparison rate*).

Investors looking to fix their rate for two years with the Smart Home Loan Package will also be able to take advantage of a rate cut of 10 basis points, from 3.89% to 3.79% (4.32% comparison rate*).

And if you’d like to check out other home loan offers then head on over to our home loan comparison tool.

5 home loan offers - last updated 20 April 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    5.90% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

    Compare
    Go to site
    Details
  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

    Compare
    Go to site
    Details
  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.37% p.a.

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

    Compare
    Go to site
    Details
  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

    Compare
    Details
  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.16% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

    Compare
    Go to site
    Details

* 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. You can change the loan amount and term in the input boxes at the top of this table. 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.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.