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 relatively competitive variable interest rate of 2.73% (2.75% comparison rate*) for owner occupiers. The loan is also equipped with a few flexible repayment features including free extra repayments and a 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 occupier borrowers looking to borrow between $250,000 to $2,000,000.
It comes with a variable rate of 2.73% (2.75% comparison rate*), though 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 the loan. Although, this may be for the best in some cases, as a 20% deposit mean you won't need to pay Lenders Mortgage Insurance (LMI).
Customers keen to pay off their loans faster will be able to make unlimited extra repayments for free, and they can make unlimited free redraws (no minimum amount required) using the online redraw facility.
This is more than just your regular home loan though. That's because loans.com.au have introduced a Visa Debit Card option called the Zip Card with the loan which provides borrowers with a $5,000 credit facility with no fees and no interest rate attached. Although if you choose to use this option, just keep in mind that you will need to make a $100 minimum repayment each month.
Given the competitive variable interest rate, flexible features and Zip Debit Card which all come attached to the loan, the Zip Home Loan could be an option worth considering for owner occupier borrowers with an LVR below 80%.
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.
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Smart Booster Home Loan
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2.21% p.a.
$0.00
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Smart Booster Investor Bundle
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Smart Booster Home Loan
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1.85% p.a.variable for 24 months and then 2.25% p.a. variable
2.21% p.a.
Bank of Queensland
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2.19% p.a.
fixed 3 years
3.03% p.a.
loans.com.au
Smart Booster Home Loan
1.85% p.a.variable for 24 months and then 2.25% p.a.
2.21% p.a.
Newcastle Permanent
Fixed Rate Home Loan (Premium Plus Package)
2.09% p.a.
fixed 3 years
3.58% p.a.
Bank of Queensland
Fixed Rate
2.19% p.a.
fixed 3 years
3.03% p.a.
Qudos Bank
Fixed Rate Home Loan
1.99% p.a.
fixed 3 years
2.59% p.a.
loans.com.au
Smart Booster Home Loan
1.85% p.a.variable for 24 months and then 2.25% p.a.
2.21% 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.
