loans.com.au ZIP Home Loan
loans.com.au ZIP Home Loan
Mozo Review loans.com.au ZIP Home Loan Review
Last updated: 21 March 2019.
What's hot:
3.68% interest rate (3.70% comparison rate)
Free extra repayments and redraw facility
Zip Card visa debit card option (2019 Best New Feature Award)
What's not:
$300 settlement fee
Mozo snapshot:
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 from as low as 3.68% (3.70% comparison rate). The loan is also equipped with a few flexible repayment features, including free extra repayments and redraw facility.
The big bonus attached to this loan is the Zip Card, a debit card which allows you to access a $5,000 credit facility with no fees and no interest. Plus in 2019, the Zip Card took out a Mozo Experts Choice Award for Best New Feature.
Key features:
The Zip Home Loan from loans.com.au is aimed at owner occupiers looking for a low variable rate. This principal and interest loan supplies just that with a rate that starts from 3.68% (3.70% comparison rate).
Customers keen to save on interest can also make an unlimited amount of free extra repayments and if you find you need those funds back, you’ll be able to make unlimited free redraws with no minimum amount required.
Something to keep in mind is that the maximum LVR is 80%, which means that you’ll need at least a 20% deposit to get access to this loan. Although, this may be for the best in some cases, as at least a 20% deposit will mean you’ll avoid Lenders Mortgage Insurance.
The minimum loan amount is $250,000, and for those looking to buy a bigger place, the $2,000,000 maximum loan amount should provide plenty of space in your budget.
On top of the high maximum loan amount, you’ll also have the option to repay the loan over a term of up to 30 years.
This loan is more than just your regular loan, as loans.com.au have introduced a Visa Debit Card option. This option, known as the loans.com.au Zip Card is a Visa Debit card that provides home loan borrowers with a $5,000 credit facility with no fees and no interest rate. Although if you choose to use this, keep in mind you will need to make a $100 minimum repayment each month.
Who it's good for:
Due to the new Visa Debit Card feature, a borrower who is keen to have access to a safe line of credit, without the interest and fees that come with a credit card will be pleased to know that this is now an option with the loans.com.au Zip Home Loan.
Any catches?
While the loan is general is pretty scant on fees, the $220 valuation fee is something to take note of at the beginning of the loan.
Details
Rates and fees information correct as at 25 April 2019. 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
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3.68% p.a.
-
n/a
-
0 Months
-
none
-
3.70% 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
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$300.00
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none
-
$0.00
-
$0.00
Other financial bits
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$250,000
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$2,000,000
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none
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80.00%
Features
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Owner Occupier
-
Principal & Interest
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Weekly, Fortnightly, Monthly
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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.
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Zip Debit Card attached provides $5,000 credit facility with 0% interest and $100 monthly minimum repayment.
Customer Reviews
How are loans.com.au home loans rated by the Mozo community?
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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Virgin Money
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3.69% p.a. variable
3.83% p.a.
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Heritage Bank
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3.67% p.a. variable
3.69% p.a.
$150
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Newcastle Permanent
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3.89% p.a. variable
4.29% p.a.
$0
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Macquarie
Basic Home Loan (Fixed)
3.69% p.a.
fixed 3 years
3.79% p.a.
$0
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Heritage Bank
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3.67% p.a.
3.69% p.a.
$150
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State Custodians
Low Rate Home Loan with Offset
3.58% p.a.
3.60% p.a.
$0
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3.49% p.a.
3.56% p.a.
$940
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loans.com.au
Fixed Home Loan
3.59% p.a.
fixed 3 years
3.89% p.a.
$520
Promoted
Virgin Money
Reward Me Fixed Rate Home Loan - First Home Buyer Special
n/a
n/a
$0
Promoted
Macquarie
Basic Home Loan (Fixed)
3.69% p.a.
fixed 3 years
3.79% p.a.
$0
Promoted
NAB
Tailored Home Loan (Fixed, Choice Package)
3.79% p.a.
fixed 3 years
4.89% p.a.
$0
Promoted
Bankwest
Complete Fixed Home Loan (Package)
3.98% p.a.
fixed 3 years
4.52% p.a.
$250
Promoted
Bank of Queensland
Fixed Rate
3.69% p.a.
fixed 3 years
4.48% p.a.
$450
Promoted
Heritage Bank
Discount Variable Home Loan
3.67% p.a.
3.69% p.a.
$0.00
Promoted
State Custodians
Low Rate Home Loan with Offset
3.58% p.a.
3.60% p.a.
$0.00
Promoted
Mortgage House
Red Prime
3.49% p.a.
3.56% p.a.
$0.00
