loans.com.au Essentials Variable

The details shown below are for an owner occupier taking out a principal & interest loan between $50,000 and $2,000,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a interest only loan between $50,000 and $2,000,000 with an LVR below 80%

The details shown below are for an investor taking out a principal & interest loan between $50,000 and $2,000,000 with an LVR below 80%

The details shown below are for an investor taking out a interest only loan between $50,000 and $2,000,000 with an LVR below 80%

Choose the version of loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $50,000 $2,000,000

  • Owner Occupier (Interest Only)

    LVR < 80%

    Loan: $50,000 $2,000,000

  • Investor (Principal & Interest)

    LVR < 80%

    Loan: $50,000 $2,000,000

  • Investor (Interest Only)

    LVR < 80%

    Loan: $50,000 $2,000,000

3.64% p.a.

3.66% p.a.

$0.00

loans.com.au Essentials Variable

3.64% p.a.

3.66% p.a.

$0.00

3.99% p.a.

4.01% p.a.

$0.00

loans.com.au Essentials Variable

3.99% p.a.

4.01% p.a.

$0.00

4.29% p.a.

4.31% p.a.

$0.00

loans.com.au Essentials Variable

4.29% p.a.

4.31% p.a.

$0.00

4.29% p.a.

4.31% p.a.

$0.00

loans.com.au Essentials Variable

4.29% p.a.

4.31% p.a.

$0.00

Mozo Review   loans.com.au Essentials Variable Review

Last updated: 31 August 2018.

What's hot:
  • Rates from 3.64% (3.66% comparison rate)

  • Mozo Experts Choice Awards Winner 2018

  • No application fee

What's not:
  • Only available for loans up to 80% LVR

Mozo snapshot:

The Essentials Loan from online lender loans.com.au sure is dreamy, packed full of the essentials you'll need in a basic home loan - a low interest rate, no application or ongoing fees. It also caught our 2018 Mozo Experts Choice Awards judges' attention - taking out a Best Low Cost Home Loan and Best Investor Home Loan award. 


Key features:

The loans.com.au Essentials Home Loan is a good basic home loan for people who are looking at borrowing less than $2,000,000 and don't want added features that will add to their repayment costs. It has one of the lowest variable rates in the market at 3.64% (3.66% comparison rate) and no ongoing fees.

While it is also suited to investors, keep in mind investment loans have a higher variable rate of 4.29% (4.31% comparison rate).

The loan has a maximum Loan to value ratio (LVR) of 80% so you'll need to have at least a 20% down payment to qualify for the loan. While the Essentials doesn't have an offset account you can make free extra repayments and there is also a redraw facility should you need to dip into the loan down the track. 

Loans.com.au is an online only lender so you'll need to be comfortable with an online application process. There is phone support so you won't be left hanging if you have questions about your loan but you won't be able to visit a branch. 

You can also time your repayments to suit your lifestyle with weekly, fortnightly or monthly repayment options.

Who it's good for:

There is a maximum loan amount of $2,000,000 with the Essentials Home Loan and an LVR requirement of 80% or less so it is ideally suited to property investors and people looking to refinance to a low rate home loan.

Any catches?

While there are no ongoing fees, just be aware there are some upfront fees you'll need to factor in including a $300 settlement fee. You'll also be charged a valuation fee of $220 or at cost depending on the property and government charges will be done at cost. 

Details

Rates and fees information correct as at 21 October 2018.

Rates
  • 3.64% p.a.

  • n/a

  • 0 Months

  • none

  • 3.66% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $220.00

  • $300.00

  • none

  • $0.00

  • $0.00

Other financial bits
  • $50,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • $300 discharge fee and $250 discharge documentation fee applicable if loan doesnt go to full term.

  • none

*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.

Details

Rates and fees information correct as at 21 October 2018.

Rates
  • 3.99% p.a.

  • n/a

  • 0 Months

  • none

  • 4.01% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $220.00

  • $300.00

  • none

  • $0.00

  • $0.00

Other financial bits
  • $50,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Owner Occupier

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • $300 discharge fee and $250 discharge documentation fee applicable if loan doesnt go to full term.

  • none

*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.

Details

Rates and fees information correct as at 21 October 2018.

Rates
  • 4.29% p.a.

  • n/a

  • 0 Months

  • none

  • 4.31% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $220.00

  • $300.00

  • none

  • $0.00

  • $0.00

Other financial bits
  • $50,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • $300 discharge fee and $250 discharge documentation fee applicable if loan doesnt go to full term.

  • none

*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.

Details

Rates and fees information correct as at 21 October 2018.

Rates
  • 4.29% p.a.

  • n/a

  • 0 Months

  • none

  • 4.31% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $0.00

  • $220.00

  • $300.00

  • none

  • $0.00

  • $0.00

Other financial bits
  • $50,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Investor

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • $300 discharge fee and $250 discharge documentation fee applicable if loan doesnt go to full term.

  • none

*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.

Customer Reviews

How are loans.com.au home loans rated by the Mozo community?

Overall customer rating
8.2/10
Price
9.1/10
Features
8.2/10
Customer service
7.9/10
Convenience
7.3/10
Trust
7.7/10

Latest reviews of loans.com.au Essentials Variable

  • Overall
    9/10
    Extremely competititve and efficient online lender

    I recently refinanced my home loan with loans.com.au when I realised my interest rate had become...

    I recently refinanced my home loan with loans.com.au when I realised my interest rate had become really uncompetitive due to my old lender not passing through rate cuts and even increasing my rate by small bits here and there over the past couple of years. By moving to loans.com.au I was able to reduce my rate from well above 4% to just 3.64%, which adds up to a lot of dollars saved every year. The initial application with loans.com.au was all done online and was very easy. There was a little bit of hassle with sending in documents and arranging to be at home for the valuer to come inspect the property, but the time involved was well worth the savings! The staff have been great to deal with, both through the application and with day to day stuff. For instance the other day I made a mistake with a transfer from our home loan account to the wrong bank account and loans had picked it up and reversed it before I even got on the phone to them about it! Highly recommended.

    Price
    10/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Andrew | New South Wales

    reviewed 11 months ago

  • Overall
    7/10
    Great rate and service

    Great rate.

    Great rate.

    Price
    9/10
    Features
    1/10
    Customer service
    4/10
    Convenience
    3/10
    Trust
    5/10

    Thi | Victoria

    reviewed almost 3 years ago

  • Overall
    3/10
    Bait of low interest introduction

    They trapped me by offering 3.98 six months ago and now I just received a letter that they...

    They trapped me by offering 3.98 six months ago and now I just received a letter that they increased the interest by 0.15 per cent justifying reserve bank advice for banks . But loans.com.au is not a bank. best thing is they still advertising same loan as me for 3.99 % but mine is 4.13% then when I asked about this , they said that is management decision and for some these do not apply but for some it does. Truthfully customer representative acknowledged management treat 2 different ways to its customers. Now I am searching for a different lender

    Price
    5/10
    Features
    5/10
    Customer service
    5/10
    Convenience
    4/10
    Trust
    2/10

    Jude | Victoria

    reviewed almost 3 years ago

  • Overall
    0/10
    They hook me up with cheap rate then increase it

    I signed up with loans.com.au less 3 months ago with the rate of 3.99%. However I find out they...

    I signed up with loans.com.au less 3 months ago with the rate of 3.99%. However I find out they have quietly increased the rate by 0.15% without any kind of notice tonight. I can only find this out through their online system. This is absolutely unacceptable and not the right way to do business. This is bait advertisement to hook customer up with low rate then raise the rate whenever they want. The worst part is they are still advertising 3.99% to hook up more customer and once you hook up they will raise the rate immediately. By reading other posts, their explanation might be due to tighter restriction by APRA, however loans.com.au is not a bank and does not require the higher capital reserves that have seen the big 4 banks push up rates. Otherwise they won't be selling the same loan at the same rate of 3.99%. They are obviously using this as excuse to rip off their existing customer. Please be wary of this when considering signing up with them. There are still plenty of banks offering rates below what they offer on the market and I am looking to switching my loan now.

    Price
    0/10
    Features
    3/10
    Customer service
    5/10
    Convenience
    3/10
    Trust
    0/10

    Wes | New South Wales

    reviewed almost 3 years ago

  • Overall
    1/10
    Not worth the saving on their so called cheapest

    They are the worst, unorganised and asked for the same paperwork over and over. Many inquiries,...

    They are the worst, unorganised and asked for the same paperwork over and over. Many inquiries, asked different people, rang another after emailing back saying they had it.

    Price
    4/10
    Features
    1/10
    Customer service
    0/10
    Convenience
    0/10
    Trust
    1/10

    Wayne | New South Wales

    reviewed about 3 years ago

loans.com.au

About loans.com.au

100% Australian owned, loans.com.au opened its doors in 2010 with a vision of "making it easier for people to own and invest in property". loans.com.au offers a winning combination of low interest rates and fees and a commitment to excellent customer service. loans.com.au runs its own call centre and caters to home, investment and personal finance borrowers.

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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.