Qudos Bank No Frills Home Loan

Mozo snapshot:

Qudos Bank are true to their word when it comes to the No Frills Home Loan, offering a seriously low 3.69% variable rate to owner occupiers while keeping fees to a minimum - part of the reason it picked up a 2018 Mozo Experts Choice Award for best Split Home Loan. Borrowers will even be able to draw on handy features like the extra repayments facility, not to mention a flexible repayment schedule.

Key features:

Available to owner occupiers willing to make both principal and interest payments, Qudos Bank will help borrowers keep their repayments to a minimum thanks to the low 3.69% variable rate for loans over $150,000 with a deposit of at least 20%.

Speaking of keeping costs low, the No Frills Home Loan doesn't come with any application, legal or settlement fees, nor will borrowers be hit with an ongoing service fee throughout the life of the loan. Just bear in mind that you will be charged a $275 discharge fee when you finish paying off your loan.

While it may not feature the likes of an offset account, Qudos Banks’ home loan is certainly far from “no frills” - providing borrowers the opportunity to pay off their loan faster with a free extra repayments facility, plus you’ll have the flexibility to make your repayments in weekly, fortnightly or monthly instalments.

Borrowers who are looking to get the best of both worlds will also be happy to learn that they can take advantage of a split loan option. In fact, the No Frills Home Loan, together with Qudos Bank’s Fixed Rate Home Loan, were awarded a 2018 Mozo Experts Choice Award for being one of the lowest cost home loan options around for borrowers wanting to split.

Who it's good for:

This is a great option for borrowers who want to keep their costs and repayments to a minimum with a home loan that offers both a low interest rate and a limited number of fees.