loans.com.au Essentials Variable

3.54% p.a.

3.56% p.a.

$0.00

3.64% p.a.

3.66% p.a.

$0.00

3.99% p.a.

4.01% p.a.

$0.00

4.09% p.a.

4.12% p.a.

$0.00

4.39% p.a.

4.42% p.a.

$0.00

loans.com.au Essentials Variable Review

Rates and fees information correct as at 16 December 2017.

Review published: 11 June 2015

What's hot:

  • Special 3.54% variable interest rate available

  • No application fee

  • Mozo Experts Choice Awards Winner 2017

What's not:

  • Only available for loans up to 80% LVR

Mozo snapshot:

The Dream Home Loan Essentials 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 Mozo Experts Choice Awards judges' attention taking out a Best Value Variable Investor Home Loan, Best Value Low Cost Home Loan and Best Value Split 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) and no ongoing fees. Plus, for a limited time, home buyers can snag a special discounted rate of just 3.54% (3.56% comparison rate.)

While it is also suited to investors, keep in mind investment loans incur a 0.45% loading increasing the variable rate to 4.09%, from the regular rate of 3.64%.

The loan is only available for loans up to an 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. 

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

Product Type Overall Rating Price Features Service Convenience Trust
7.2

Based on 202
loans.com.au home loans reviews

8.7 7.8 6.9 6.3 6.6

Read loans.com.au home loan reviews by the Mozo community

Latest reviews of loans.com.au Essentials Variable

loans.com.au

loans.com.au Essentials Variable 80 Homebuyer Special (Owner Occupier, Principal & Interest) home loan review

Overall rating   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 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...

Full review

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   / 10

    Customer service   / 10

    Convenience   / 10

    Trust   / 10

Less

Andrew (NSW), reviewed about 1 month ago

loans.com.au

loans.com.au Essentials Variable 80 Homebuyer Special (Owner Occupier, Principal & Interest) home loan review

Overall rating   7 / 10

Great rate and service

Great rate.

Full review

Great rate.

    Price   9 / 10

    Features   1 / 10

    Customer service   4 / 10

    Convenience   3 / 10

    Trust   5 / 10

Less

Thi (VIC), reviewed about 2 years ago

loans.com.au

loans.com.au Essentials Variable 80 Homebuyer Special (Owner Occupier, Principal & Interest) home loan review

Overall rating   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 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...

Full review

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

Less

Jude (VIC), reviewed about 2 years ago

loans.com.au

loans.com.au Essentials Variable 80 Homebuyer Special (Owner Occupier, Principal & Interest) home loan review

Overall rating   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 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...

Full review

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

Less

Wes (NSW), reviewed about 2 years ago

loans.com.au

loans.com.au Essentials Variable 80 Homebuyer Special (Owner Occupier, Principal & Interest) home loan review

Overall rating   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, asked different people, rang another after emailing back saying they had it.

Full review

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

Less

Wayne (NSW), reviewed over 2 years ago

Reply from loans.com.au

Hi Wayne.

Thank you for sharing this information on your unsatisfactory customer service experience. Your feedback gives us valuable information to help refine our training processes.

Best wishes,
loans.com.au.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Currently showing

Rates

  • 3.54% p.a.

  • n/a

  • 0 Months

  • none

  • 3.56% 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

  • $1,000,000

  • 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. Available to homebuyers only (no refinances).

  • none

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

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

Rates

  • 4.09% p.a.

  • n/a

  • 0 Months

  • none

  • 4.12% 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

Rates

  • 4.39% p.a.

  • n/a

  • 0 Months

  • none

  • 4.42% 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

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.

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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