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Loans.com.au - 3.63% p.a. (4.03% Comparison Rate) for Home Loans under 500k

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Loans.com.au - 3.63% p.a. (4.03% Comparison Rate) for Home Loans under 500k
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Lccm1st on 06/05/2016 - 08:46 loans.com.au (450 clicks)
Last edited 06/05/2016 - 14:02 by 1 other user

My first post in Ozbargain. Just saw this deal online from Loans.com.au while I was looking for my home loan, it's only 3.63% variable rate p.a! That's the lowest I've ever seen!! Even though the comparison rate goes up to 4.03%, it's still a great deal for loans closed to 500k.

Please note The loan special is available only to owner-occupiers with a maximum loan amount of $500,000 and it has a annual fee of $375 (for 460k loan, this is corresponds to an additional 0.08% rate p.a).

Also keep in mind that this online home lender, so they don't have any branches around and everything will be processed through online.

Note: No Offset Account for this product.

Referral Links

Referral: random (32)

Referrer and referee get $1000 cash after referee settles loan.

Financial Home Loan Loan

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closed Comments

  • gibspmuh on 06/05/2016 - 08:54
    +1

    Not so great for loans over $800,000:

    "The move fast home loan special is available to owner-occupiers with a maximum loan amount of $500,000".

    The rate is good if you're close to that $500,000 mark though.

  • altomic on 06/05/2016 - 08:54
    +2

    Lowest Home Loan Rate Ever

    Lowest Home Loan Rate yet

    Vendor in title.

    What are the fees? Which provider? Etc

  • arctan on 06/05/2016 - 08:56

    Has to be or less than 80% lvr? I need 90% lvr home loans with good rates…

    • SteveAndBelle on 06/05/2016 - 09:01

      Just at the last stages of organising a 90 percenter through Aussie with Suncorp at 3.95% Variable & 3.99% Fixed. No real nasties attached either, just the usual bits & pieces here & there.

      • ccm1st on 06/05/2016 - 09:15

        Any fees/insurance required?

        • SteveAndBelle on 06/05/2016 - 09:31

          No OTT fees (but I don't have the paperwork with me sorry) just the usual couple/few hundred most bricks & mortar banks charge and what we've be paying for the last 20 years with other mortgages so we're not too fussed as we're used to it :) LMI is required at the upper amount we're going for but the broker managed to shuffle a few things around and pulled that right down. It's a pre-approval so we know our absolute upper limit before we start shopping/bidding but of course we hope to spend a bit less and hopefully avoid LMI anyway. We'll see…

          After all these years it's our first time using a broker and I've gotta say Aussie have been fantastic! Great advice, massaging of all lenders & their products & options plus home visits when it suits us. So convenient.

        • megadeth on 30/05/2016 - 21:32

          Valuation fees = $200 + GST per property (I'm told)
          Settlement Fee = $300
          Application Fee = $0
          No monthly ongoing fees for redraw loan (offset loan may have a monthly fee)

      • traumatized on 06/05/2016 - 09:33

        Is there an offset account attached to the loan? Any credits included in the loan?

        Thanks.

        • SteveAndBelle on 06/05/2016 - 09:45

          Yes, pretty sure there's an offset on the variable side. Not sure what you mean by credits, it's a pretty basic mortgage so I'm guessing not.

        • traumatized on 06/05/2016 - 09:46

          @SteveAndBelle:

          Sorry I meant credit cards.

          Thanks for your response.

        • SteveAndBelle on 06/05/2016 - 10:05

          @traumatized: Ah right ;) We're not going for any CCards with it but I'm sure they're available as an option. Trying very hard to stay away from CCard debt so have only had a very low limit card for the last 15 years and would like to keep it that way. Too many OzBargains to rack up otherwise ;) Yeah I know, playin' it safe the old-skool way!

      • stockastics on 06/05/2016 - 10:31

        seems like a cracker deal..is it exclusive to aussie or publicly advertised by Suncorp? Thanks

        • SteveAndBelle on 06/05/2016 - 10:33

          I'd say it's Suncorps 'wholesale' deal with Aussie. Afterall I assume that's the whole point of a broker right?

        • stockastics on 06/05/2016 - 11:08

          @SteveAndBelle: You never know, the brokers work for themselves and not for anyone else. Thats been my experience atleast..

    • mycke on 06/05/2016 - 09:30

      once you go over 80% these guys really sting you for insurance. They were more than twice the cost for insurance than any other provider we looked at.

  • patsfromadelaide on 06/05/2016 - 08:58
    +1

    annual fee is a killer

    Annual fee

    $375

    • em on 06/05/2016 - 09:08
      +1

      I think that merits a mention in the title or description as other loans.com.au loans don't have annual fees. For example, the offset variable interest rate is 3.89% but no annual fee.

      • ozlab on 06/05/2016 - 09:39

        Do they give free ATM access across Australia?

    • ccm1st on 06/05/2016 - 09:09
      +1

      For 460k loan, $375 is about 0.08%. So the actual rate for 460k loans is about 3.71%, which is still really low!

    • chrism238 on 06/05/2016 - 09:14
      +6

      If $375 is a killer on a home loan then, please, don't consider any home loan.

      • patsfromadelaide on 06/05/2016 - 14:23
        -1

        It is a killer when you compare other home loans with 0$ annual fee.

        Honestly if you multiply that for duration of the loan say for for example 30 years it comes to $135000

        so I don't think you thought that through before suggesting me to not to consider any home loan.

        • twocsies on 06/05/2016 - 15:17

          375x30 = $11,150 for the life of the loan. Not sure what $135,000 is coming from, either a miscalculation or it is also including interest…

          Possibly you thought it was a monthly fee rather than annual?

        • chrism238 on 06/05/2016 - 16:05

          Honestly if you multiply that …..

          Honestly, don't get a home loan; they'll see you coming.

        • patsfromadelaide on 06/05/2016 - 16:27
          +1

          @chrism238:
          I already have a home loan ..
          thanks for all your inspirational quotes

    • heal on 06/05/2016 - 09:23
      +5

      I have a loans.com.au home loan. The application and approval process was simple and their rates are low. The offset account I am on does not have any annual fees.

      Initially I was on a loan linked for 3 years to the RBA rate, so they passed on in full any rate cuts. Once the 3 years finished, they quickly bumped my rate up in March 2015. There was also an interest rate increase in November 2015 despite the RBA rate remaining at 2%. They did decrease the rate by the full 0.25% in line with the February and May 2015 RBA rate cuts. I've just checked the offset loan I am on and they are advertising a rate of 3.89% for the same loan I am on, except I am paying 4.17%. I have just sent them a message asking for clarification, perhaps they are just slow to pass on the recent cut. Take 0.25% off my current rate and it is 0.02 above their current advertised rate for my loan.

      I'll post back the gist of their reply.

      • Ahan on 06/05/2016 - 09:28

        I am also with them I haven't discovered they would bump interest rate up after a certain period of time. Better check this. I would recommend. Them to anyone. They are conservative so the initial application and approval is a bit complicated. After the loan is granted it is absolutely trouble free and cheapest on the market.

      • heal on 06/05/2016 - 09:40
        +1

        They just said on the live chat they will pass on the rate cut on the 23/5/16, 17 days from now. I have requested a call.

        • Ahan on 06/05/2016 - 23:59

          Just checked, my rate is 4.14% before the new reduction.

  • Adii on 06/05/2016 - 09:31

    Monthly fee $0
    Annual fee $375
    Application fee $0
    Settlement fee $300
    Discharge fee $300
    Discharge documentation fee $250
    Government and third party costs
    Valuation fee (may be higher in some cases)
    $220 or at cost
    Government fees and charges ….at cost

  • ozlab on 06/05/2016 - 09:36

    Please note loans.com.au will charge 2 valuations upfront for off the plan. They said they need to do that. Other lenders only do 1 valuation and some offer free valuation.

    Also if you have enough money for offset account, you can get similar effective rate of 3.63% from other lenders.

    • arctan on 06/05/2016 - 09:44

      Which lender is that?

    • search on 06/05/2016 - 09:46

      Could you list the other lenders? I need to refinance more than $500k.

    • stockastics on 06/05/2016 - 10:30

      can you let us know which lender?

  • Stalker on 06/05/2016 - 10:12

    Subscribed. Looking to refinance $270k in the near future, and I am hopeful the recent RBA cut stimulates a few keen deals in the market. Bit nervous moving away from bricks and mortar though…

  • MrGareth on 06/05/2016 - 10:22

    I don't get it… I'm with uBank, which is 3.99% (3.99% comparison rate - there are no yearly fees, no redraw fees etc). Isn't that a better rate than Loans.com.au, which has a comparison rate of 4.03?

    Though loans.com.au uses an offset, ubank doesn't, but I can redraw for free any time I want so that part doesn't bother me…

    What am I missing?

    • Ahan on 06/05/2016 - 10:37

      Full feature offset account. Ubank doesn't have offset which is a deal breaker for many

      • [Deactivated] on 06/05/2016 - 19:37

        You can transact into and out of the loan. It's same or better than offset.

    • vbhaven on 06/05/2016 - 11:17

      3.99 for ubank is the current offer but from 16th of May that is going down to 3.74% for variable as they passing the full rate cut of .25%. Also there is no valuation charge involved with them and they not offering any credit card as well.

      I agree not having an offset is bit of pain, but if you keep approx $500 in your normal transaction account then all with the interest they have you will be still end up saving.

      Note - Discharge fee is also 150 dollars only

  • v8james on 06/05/2016 - 10:41
    +1

    Just to clarify here, this product does not offer an offset account.

    If you wish to go with loans.com.au and have an offset facility, please see this product:

    https://www.loans.com.au/home-loans/dream-loan-offset-variab…

  • [Deactivated] on 06/05/2016 - 12:29

    Will be looking into aquiring a loan soon.
    Is there any recommended sites to compare all of the market?
    What about legal lingo and jargon such as offset accounts etc?
    Is there anywhere that gives a good laymans description of them?

    • SteveAndBelle on 06/05/2016 - 12:46
      +1

      Most banks are happy to explain it all but of course only with their products. A broker would be a good start as they'll be able to sus out your overall position and compare all products across all lenders.

    • Stalker on 06/05/2016 - 15:51
      +1

      Infochoice isn't bad - just be sure to uncheck the 'show sponsored loans first' option. ;)

  • keisha3100 on 06/05/2016 - 13:00

    Can anyone recommend a decent broker in Sydney? It's going to be a fairly complicated mortgage so I will need an experienced broker. Thanks :)

    • aMaiZing on 10/05/2016 - 13:56

      my mortgage is quite complicated too, I am happy with my broker so far, he helped me to get the loan that suits to my needs and helped me plan for my next move. PM me if you want his contact.

    • Qroozn on 15/05/2016 - 20:24

      try this guy. He has helped myself, family, and friends out. (SYDNEY BASED BROKER)
      [email protected]

  • a1234my on 06/05/2016 - 13:45

    100,000 left loan paying near 5% 20years more, do they do small amount like this?

    • wisc on 06/05/2016 - 14:11

      Wouldn't be worth the annual fee on a loan that small…

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