The loans.com.au Zip Home Loan may be just thing thing you’re looking for to get you into the property market, with a variable interest rate of 2.73% (2.75% comparison rate*) available to owner occupiers. The loan is also equipped with a few flexible repayment features including free extra repayments and redraw facility, as well as the innovative Zip Debit Card which gives borrowers access to a $5,000 credit facility with no fees and no interest.
The Zip Home Loan from loans.com.au is aimed at owner occupiers looking for a low interest rate on their loan, with a variable rate of 2.73% (2.75% comparison rate*) available on loans from $250,000 to $2,000,000.
Something to keep in mind is that the maximum loan-to-value ratio (LVR) is 80%, which means that you’ll need at least a 20% deposit to access this loan. Although, this may be for the best in some cases, as a 20% deposit means you'll avoid Lenders Mortgage Insurance.
Customers keen to pay off their loans faster can make an unlimited amount of extra repayments for free, and if you find yourself needing those funds back you’ll be able to make unlimited free redraws with no minimum amount required courtesy of the online redraw facility.
This is more than just your regular loan though, because loans.com.au have introduced a Visa Debit Card option. Known as the Zip Card, this provides home loan borrowers with a $5,000 credit facility with no fees and no interest rate attached. Although if you choose to use this, keep in mind you will need to make a $100 minimum repayment each month.
Given the competitive variable interest rate, flexible features and the Zip Debit Card option which are all attached to the loan, the Zip Home Loan could be an option worth considering for any owner occupier borrower.
While the loan is general is pretty scant on fees, there are a few one-off, upfront costs to consider including the $220 valuation fee and $300 settlement fee. A discharge fee may also be applicable to borrowers who don't bring the loan to full term.
2.73% p.a.
n/a
n/a
n/a
2.75% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$0.00
$0.00
$220.00
$300.00
n/a
$0.00
$0.00
$250,000
$2,000,000
none
80.00%
Owner Occupier
Principal & Interest
Weekly, Fortnightly, Monthly
yes - free
no
yes - free
$0.00
no
no
$300 discharge fee and $250 discharge documentation fee applicable if loan doesnt go to full term.
Zip Debit Card attached provides $5,000 credit facility with 0% interest and $100 monthly minimum repayment.
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.
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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1.99% p.a.variable for 12 months and then 2.48% p.a.
2.47% p.a.
$0.00
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1.79% p.a.
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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.
