The details shown below are for an owner occupier, investor taking out a principal & interest loan of at least $350,000 with an LVR below 95%
The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 95%
The details shown below are for an investor taking out a principal & interest loan of at least $150,000 with an LVR below 95%
Choose the version of this loan that suits you best
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
| | Owner Occupier, Investor | Principal & Interest | < 95% | $350,000 | |
| | Owner Occupier | Principal & Interest | < 95% | $150,000 | |
| | Investor | Principal & Interest | < 95% | $150,000 |
Owner Occupier, Investor (Principal & Interest)
LVR < 95%
Loan: $350,000
Owner Occupier (Principal & Interest)
LVR < 95%
Loan: $150,000
Investor (Principal & Interest)
LVR < 95%
Loan: $150,000
The Essential Low Rate Variable Home Loan lives up to its name, offering one of the sharpest introductory variable rates around at just 1.58% p.a. (2.72% p.a. comparison rate*) for the first 24 months. Borrowers can also make extra loan repayments (for free), plus the LVR requirement of <95% could make it a suitable option for first home buyers or those with low deposits. It’s not without fees though, which borrowers will want to weigh up.
Orange Credit Union’s Essential Low Rate Variable Home Loan is available to both owner occupier borrowers and property investors who have a minimum loan deposit of at least 5% (<95% loan-to-value ratio) and are happy to make principal and interest repayments. There’s also a minimum loan amount of $150,000, although those who want access to the introductory variable rate will need to borrow at least $350,000.
Speaking of which, the introductory variable rate really is the standout feature of the loan because at just 1.58% p.a. (2.72% p.a. comparison rate*) for the first 24 months, it’s one of the very sharpest intro rates around. After those 24 months the variable rate will increase to 2.89% p.a. (2.72% p.a. comparison rate*) though, which is obviously much higher.
As a relatively basic home loan there aren’t features like an offset account or redraw facility available, but borrowers will be able to make extra repayments towards their loan balance for free. There’s also the option of making repayments on a weekly, fortnightly or monthly basis - whichever suits your schedule.
How about fees though? The good news is that Essential Low Rate Variable Home Loan customers won’t need to worry about needing to fork out an ongoing service fee, but there are a number of one-off fees, including: a $150 application fee, a $495 legal fee, a $220 valuation fee and a $200 discharge fee.
The Essential Low Rate Variable Home Loan could certainly be an option worth considering for anyone on the hunt for a super low introductory variable rate, or for low deposit borrowers.
Just remember that because this is a variable rate home loan, the introductory rate could change any time. If you’re looking for more repayment certainty, a fixed rate loan like the Orange Credit Union Essential Fixed Rate Home Loan might be a better fit.
| 2.89% p.a. | |
| 1.58% p.a. | |
| 24 Months | |
| Variable | |
| 2.72% p.a. | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a |
| $150.00 | |
| $495.00 | |
| $220.00 | |
| n/a | |
| n/a | |
| $0.00 | |
| $200.00 |
| $350,000 | |
| none | |
| none | |
| 95.00% |
| Owner Occupier, Investor | |
| Principal & Interest | |
| Weekly, Fortnightly, Monthly | |
| yes - free | |
| no | |
| no | |
| none | |
| no | |
| no | |
| none | |
| 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.
| 2.89% p.a. | |
| n/a | |
| n/a | |
| n/a | |
| 2.94% p.a. | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a |
| $150.00 | |
| $495.00 | |
| $220.00 | |
| n/a | |
| n/a | |
| $0.00 | |
| $200.00 |
| $150,000 | |
| none | |
| none | |
| 95.00% |
| Owner Occupier | |
| Principal & Interest | |
| Weekly, Fortnightly, Monthly | |
| yes - free | |
| no | |
| no | |
| none | |
| no | |
| no | |
| none | |
| 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.
| 2.89% p.a. | |
| n/a | |
| n/a | |
| n/a | |
| 2.94% p.a. | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a | |
| n/a |
| $150.00 | |
| $495.00 | |
| $220.00 | |
| n/a | |
| n/a | |
| $0.00 | |
| $200.00 |
| $150,000 | |
| none | |
| none | |
| 95.00% |
| Investor | |
| Principal & Interest | |
| Weekly, Fortnightly, Monthly | |
| yes - free | |
| no | |
| no | |
| none | |
| no | |
| no | |
| none | |
| 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.
loans.com.au
Smart Booster Home Loan
1.85% p.a.variable for 24 months and then 2.25% p.a. variable
2.21% p.a.
Newcastle Permanent
Fixed Rate Home Loan (Premium Plus Package)
2.59% p.a.
fixed 3 years
3.71% p.a.
loans.com.au
Smart Booster Home Loan
1.85% p.a.variable for 24 months and then 2.25% p.a. variable
2.21% p.a.
Newcastle Permanent
Fixed Rate Home Loan (Premium Plus Package)
2.59% p.a.
fixed 3 years
3.71% 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)
2.59% p.a.
fixed 3 years
3.71% p.a.
Bank of Queensland
Fixed Rate
2.79% p.a.
fixed 3 years
3.18% p.a.
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.
