loans.com.au Essentials Variable

This product is available in different versions. Pick the right version for you here.

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 90%

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 this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 90%

    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

3.04% p.a.

3.06% p.a.

$0.00

loans.com.au Essentials Variable

3.04% p.a.

3.06% p.a.

$0.00

3.39% p.a.

3.41% p.a.

$0.00

loans.com.au Essentials Variable

3.39% p.a.

3.41% p.a.

$0.00

3.49% p.a.

3.51% p.a.

$0.00

loans.com.au Essentials Variable

3.49% p.a.

3.51% p.a.

$0.00

3.69% p.a.

3.71% p.a.

$0.00

loans.com.au Essentials Variable

3.69% p.a.

3.71% p.a.

$0.00

Mozo Review   loans.com.au Essentials Variable Review

Last updated: 17 October 2019.

What's hot:
  • Rates from 3.04% (3.06% comparison rate*)

  • Mozo Experts Choice Awards Winner 2019

  • 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 2019 Mozo Experts Choice Awards judges' attention - taking out an award for best Low Cost Home Loan. 


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. 

Owner occupiers will be able to apply for a variable rate as low as 3.04% (3.06% comparison rate*), and while it is also suited to investors, keep in mind investment loans have a higher variable rate of 3.49% (3.51% comparison rate*).

The loan has a maximum Loan to value ratio (LVR) of 90% so you'll need to have at least a 10% down payment to qualify for the loan. Just keep in mind that an LVR over 80% means paying for Landers Mortgage Insurance on top.

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:

The Essentials Home Loan is available with as little as a 10% deposit and comes with a great low rate, so it's a solid pick for first home buyers looking to get their foot on the property ladder.

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 20 February 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.04% p.a.

  • n/a

  • n/a

  • n/a

  • 3.06% 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

  • n/a

  • $0.00

  • $0.00

Other financial bits
  • $50,000

  • $2,000,000

  • none

  • 90.00%

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

  • 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 20 February 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.39% p.a.

  • n/a

  • n/a

  • n/a

  • 3.41% 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

  • n/a

  • $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

  • 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 20 February 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.49% p.a.

  • n/a

  • n/a

  • n/a

  • 3.51% 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

  • n/a

  • $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

  • 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 20 February 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.69% p.a.

  • n/a

  • n/a

  • n/a

  • 3.71% 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

  • n/a

  • $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

  • 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
8.1/10
Customer service
7.9/10
Convenience
7.3/10
Trust
7.7/10

Latest reviews of loans.com.au Essentials Variable

  • Overall 4/10
    Good rate but for how long?

    Once signed on they didn't pass on the full rate cuts. However, they did pass it on for new customers, so as a loyal customer I am on a worse rate than new customers. The application process was also confusing and cumbersome, luckily I was not in any rush for the loan.

    Read full review

    Once signed on they didn't pass on the full rate cuts. However, they did pass it on for new customers, so as a loyal customer I am on a worse rate than new customers. The application process was also confusing and cumbersome, luckily I was not in any rush for the loan.

    Price
    6/10
    Features
    8/10
    Customer service
    2/10
    Convenience
    5/10
    Trust
    1/10
    Less
    Stuart, Western Australia reviewed about 1 month ago
  • Overall 9/10
    Easy, efficient and competitive home loan.

    Our loan has helped us feel in control of our mortgage and save money on our biggest investment. A very easy way to manage money and our home loan.

    Read full review

    Our loan has helped us feel in control of our mortgage and save money on our biggest investment. A very easy way to manage money and our home loan.

    Price
    8/10
    Features
    9/10
    Customer service
    9/10
    Convenience
    8/10
    Trust
    9/10
    Less
    Melissa, New South Wales reviewed 3 months ago
  • 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 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.

    Read 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
    -
    Customer service
    -
    Convenience
    -
    Trust
    -
    Less
    Andrew, New South Wales reviewed over 2 years ago
  • Overall 7/10
    Great rate and service

    Great rate.

    Read full review

    Great rate.

    Price
    9/10
    Features
    1/10
    Customer service
    4/10
    Convenience
    3/10
    Trust
    5/10
    Less
    Thi, Victoria reviewed about 4 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 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

    Read 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, Victoria reviewed about 4 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.

See loans.com.au home loans

Promoted

loans.com.au

loans.com.au

Fixed Home Loan

p.a.

3.27% p.a.

$0.00

Promoted

loans.com.au

loans.com.au

Offset Variable

3.12% p.a.

3.14% p.a.

$0.00

Promoted

loans.com.au

loans.com.au

ZIP Home Loan

3.08% p.a.

3.10% p.a.

$0.00

Promoted

loans.com.au

loans.com.au

Smart Home Loan

2.88% p.a.

2.90% p.a.

$0.00

Promoted

loans.com.au

loans.com.au

Smart Home Loan

2.78% p.a. variable

2.80% p.a.

$520

Promoted

UBank

UBank

UHomeLoan - Discount Offer

2.84% p.a. variable

2.84% p.a.

$0

Promoted

Athena

Athena

Home Loan (Refinance)

2.84% p.a. variable

2.80% p.a.

$0

Promoted

HSBC

HSBC

Home Value Loan

2.90% p.a. variable

2.91% p.a.

$150

Promoted

ING

ING

Mortgage Simplifier

3.03% p.a. variable

3.06% p.a.

$299

Promoted

Bank of Queensland

Bank of Queensland

Fixed Rate

2.79% p.a.
fixed 3 years

3.67% p.a.

$450

Promoted

Homestar

Homestar

Star Gold Home Loan

2.69% p.a. variable

2.72% p.a.

$512

Promoted

loans.com.au

loans.com.au

Smart Home Loan

2.88% p.a. variable

2.90% p.a.

$520

Promoted

loans.com.au

loans.com.au

Smart Home Loan

2.78% p.a. variable

2.80% p.a.

$520

Promoted

UBank

UBank

UHomeLoan - Discount Offer

2.84% p.a. variable

2.84% p.a.

$0

Promoted

Athena

Athena

Home Loan (Refinance)

2.84% p.a. variable

2.80% p.a.

$0

Promoted

Homestar

Homestar

Star Gold Home Loan

2.69% p.a. variable

2.72% p.a.

$512

Promoted

HSBC

HSBC

Home Value Loan

2.90% p.a. variable

2.91% p.a.

$150

Promoted

ING

ING

Mortgage Simplifier

3.03% p.a. variable

3.06% p.a.

$299

Promoted

loans.com.au

loans.com.au

Smart Home Loan

2.88% p.a. variable

2.90% p.a.

$520

Promoted

Newcastle Permanent

Newcastle Permanent

Real Deal Home Loan

3.19% p.a. variable

3.23% p.a.

$0

Promoted

UBank

UBank

UHomeLoan - Discount Offer

2.84% p.a.

2.84% p.a.

$0

Promoted

loans.com.au

loans.com.au

Smart Home Loan

2.88% p.a.

2.90% p.a.

$520

Promoted

Athena

Athena

Home Loan (Refinance)

2.84% p.a.

2.80% p.a.

$0

Promoted

HSBC

HSBC

Home Value Loan

2.90% p.a.

2.91% p.a.

$150

Promoted

ING

ING

Mortgage Simplifier

3.03% p.a.

3.06% p.a.

$299

Promoted

Homestar

Homestar

Star Gold Home Loan

2.69% p.a.

2.72% p.a.

$512

Promoted

Newcastle Permanent

Newcastle Permanent

Real Deal Home Loan

3.19% p.a.

3.23% p.a.

$0

Promoted

loans.com.au

loans.com.au

Smart Home Loan

2.78% p.a.

2.80% p.a.

$520

Promoted

ING

ING

Fixed Rate Loan

2.94% p.a.
fixed 3 years

4.01% p.a.

$798

Promoted

Bank of Queensland

Bank of Queensland

Fixed Rate

2.79% p.a.
fixed 3 years

3.67% p.a.

$450

Promoted

loans.com.au

loans.com.au

Fixed Home Loan

2.99% p.a.
fixed 3 years

3.27% p.a.

$520

Promoted

UBank

UBank

UHomeLoan (Fixed)

2.84% p.a.
fixed 3 years

3.59% p.a.

$395

Promoted

Tic:Toc

Tic:Toc

Fixed Home Loan

2.84% p.a.
fixed 3 years

2.92% p.a.

$0

Promoted

Newcastle Permanent

Newcastle Permanent

Fixed Rate Home Loan (Premium Plus Package)

2.89% p.a.
fixed 3 years

3.96% p.a.

$0

Promoted

loans.com.au

loans.com.au

Fixed Home Loan

3.79% p.a.
fixed 3 years

3.47% p.a.

$520

Promoted

Bank of Queensland

Bank of Queensland

Fixed Rate

2.79% p.a.
fixed 3 years

3.67% p.a.

$450

Promoted

loans.com.au

loans.com.au

Smart Home Loan

2.78% p.a.

2.80% p.a.

$0.00

Promoted

UBank

UBank

UHomeLoan - Discount Offer

2.84% p.a.

2.84% p.a.

$0.00

Promoted

Athena

Athena

Home Loan (Refinance)

2.84% p.a.

2.80% p.a.

$0.00

Promoted

HSBC

HSBC

Home Value Loan

2.90% p.a.

2.91% p.a.

$0.00

Promoted

ING

ING

Mortgage Simplifier

3.03% p.a.

3.06% p.a.

$0.00

Promoted

Homestar

Homestar

Star Gold Home Loan

2.69% p.a.

2.72% p.a.

$0.00

Promoted

loans.com.au

loans.com.au

Smart Home Loan

2.88% p.a.

2.90% p.a.

$0.00

Promoted

IMB Bank

IMB Bank

Budget Home Loan

3.03% p.a.

3.09% p.a.

$0.00

*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.