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Loans.com.au Essentials Limited Offer 3.52% (3.54% Comparison Rate)

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Loans.com.au Essentials Limited Offer 3.52% (3.54% Comparison Rate)
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LSoda on 11/04/2018 - 23:02 loans.com.au (322 clicks)

A streamlined low-rate, low-fee home loan product.

$0 Monthly fee
$0 Annual fee
$0 Redraw fee

There is also an offset option - 3.52% (3.54% Comparison)

I am currently on this loan, at a slightly higher rate.
I was very happy with the sign up process and settlement, and basically a set and forget loan.
There was a property evaluation cost during settlement which was not negotiable.

Unlimited free redraws with no minimum redraw amount
No monthly or ongoing fees
Owner occupiers only
up to 80% LVR
$2 million maximum

There is also an offset option - 3.60% (3.62% Comparison)

Get $150 off your settlement by using the referral code below

Referral Links

Referral: random (40)

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

Financial Home Loan

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closed Comments

  • WTF on 11/04/2018 - 23:14
    -8

    Not sure if I would go with loans.com.au. They charge for the property valuation ($250) which big banks don't charge. They also have a lot of fees and clauses that are not apparent until they send you the loan documents. There are also posts about interests rates suddenly being increased without warning for existing customers despite advertising low rates for new customers so don't expect to stay on the low rate for long.

    Too risky imho. I think the better option is something like the Westpac 3.59% rate (with a free property valuation) which is a great deal for a big bank.

    https://www.westpac.com.au/personal-banking/home-loans/varia…

    • ChaseTheSun on 11/04/2018 - 23:22
      +1

      are u serious? u're suggesting westpac which has a Comparison Rate of 4.42% p.a?? and has redraw fees??

      • Bluberry on 12/04/2018 - 01:47
        +1

        Thats only because the comparison rate reverts to 4.42% after 2 years. You can negotiate and lock in the discount for the life of the loan. Thats what i did anyway.

        • Tiggrrrrr on 12/04/2018 - 02:58

          It reverts to 4.59% with a 4.64% comparison rate. (Refer Rates tab)

      • Muscles on 12/04/2018 - 02:45
        +2

        Comparison rates are the worst indicator though.
        Always best to calculate both costs yourself especially if you’re refinancing in a couple years

    • dcep on 11/04/2018 - 23:22
      +1

      honeymoon rate

      • Bluberry on 12/04/2018 - 01:44
        +1

        Geeze - you guys need to pass in you ozb credentials!!

        Only a door knob would allow the rate to revert after 2 years

        Wtf is right. I got Westpac to give me 1% off for the life of the loan.

        • tunzafun001 on 12/04/2018 - 08:49

          Did they charge you an annual "package fee" for the 1%?

          I went into Westpac 2 weeks ago and they were about 0.8% off in rate, and way off in features (ie. I'm currently with TMB with a 100% offset fixed loan. The manager said he could ask his bosses for a rate cut of 0.4% but couldn't guarantee it. I asked him why would I go with Westpac when I can get a better rate and product literally next door with BankSA (same company BTW), or stick with what I got. With a significant loan he said he will chat with his bosses and get back to me. Never heard from them.

          I'm currently kicking the tyres with one of the cashback / trailing commission return options? Anyone vouch for any of them - Homestar, Naritas etc?

        • dcep on 12/04/2018 - 09:02

          so, westpac 1% off for life , 3.59% current , no fee whatsover.

          share your broker/banker with ozb pls ?

          if i can't get the same deal, i'll come back here and give you the shit

        • ggmm2013123 on 13/04/2018 - 23:42

          @tunzafun001:

          Yes, I got my loan recently sorted out.Settlement is not yet completed but happy at this stage.
          Let me know if you want me PM you the details.

          Also, I'll get $1000 cash back from broker.

        • tunzafun001 on 14/04/2018 - 10:44

          @ggmm2013123:

          Assuming first mortgage?
          No offset account?
          and/or a yearly package fee?

        • ggmm2013123 on 14/04/2018 - 12:45

          @tunzafun001:

          First mortgage, 100% offset on variable component, $395 package fee

          I had option for 100% offset with fixed loan component with no fee but I wasn't getting high enough amount - I am talking more than 85% LVR.

          So I ended up with one above.

    • ad62623 on 11/04/2018 - 23:26

      3.59% p.a.2 (Comparison Rate 4.42% p.a.1)
      Flexi First Option Home Loan variable rate includes a 1.00% p.a. discount applied for the first 2 years on new Owner Occupier loans with principal and interest repayments. For a limited time only

    • flux on 12/04/2018 - 08:42

      Some of the points that wtf made are quite correct, they do have a lot of hidden fees they charge on settlement. And are incredibly dodgey with advertised rates vs customer rates. Hence the possibility of them raising existing loans at any time.

  • D3m3ntia on 11/04/2018 - 23:36

    Better lowish rates available from more reputable sources

    • Steve90pct on 12/04/2018 - 09:59

      Who are they? I would be interested to check them out.

      • D3m3ntia on 12/04/2018 - 15:27

        Macquarie for one

        • Steve90pct on 13/04/2018 - 09:57

          They aren't exactly cheap at 3.69%, $248 annual fee and min 70% LVR for the offset loan.

  • mathew42 on 12/04/2018 - 00:13
    +2

    Some commentators are suggesting house prices will continue to fall with one of the causes a borrowing crackdown resulting in the amount that people can borrow being cut by up to 40%.

    If first home owner grants caused properties to jump by $15,000, what effect will reducing the amount someone can borrow have? For example on a gross income of $150,000, the borrowing limit is predicted to reduce from $817,340 to $538.622.

    • Bluberry on 12/04/2018 - 01:49
      -4

      I am waiting for WTF to say WTF??

    • Cluster on 12/04/2018 - 02:09

      People who already own homes aren't about to say 'damn! My house is worth 10% less this year, honey, let's sell quick!' If existing home owners won't sell (often for a loss) then just where are the 30% off houses meant to come from?

      I don't care how much my house falls in value. It could be 50% off next week for all I care. Am I going to sell? Absolutely not.

      • Bluberry on 12/04/2018 - 02:25
        -5

        In your case it would be a clusterf#uck

      • mathew42 on 12/04/2018 - 08:00

        While you are correct that in a falling market fewer homes will be available, not everyone has a choice. Some examples include deceased estate, person moving into a nursing home, forced sale by bank, divorce, etc.

        • mick123 on 12/04/2018 - 09:43

          "deceased estate, person moving into a nursing home, forced sale by bank, divorce"

          Ok, agree its a time to be cautious, but in all honesty, what percentage of housing stock on the market is represented by these situations. I don't have the figures but I am guessing it would be under 5% and I don't believe it would affect the market greatly. Even in divorce, it doesn't mean the splitting couple sells the house all the time.

          The borrowing crackdown (as per your 1st post) however would go some ways to ease the market however.

  • Mahogany Granger on 12/04/2018 - 01:52

    Get the banks to bid for your loan, try https://www.lodex.co

    • vr4indian on 12/04/2018 - 08:15

      From site “ Having a good credit history may be taken into account when lenders are considering your ability to repay a loan. Check your credit history on the Lodex platform for free by clicking “GET STARTED NOW” and electing to get your credit report.”

      So basically unnecessary tick on credit file just to get a quote which site does not even guarantee that it will be lowest

      • tunzafun001 on 14/04/2018 - 22:40

        Why would it influence your credit rating? I check my credit score regularly. Hasn't changed.

  • drprox on 12/04/2018 - 06:59
    +2

    Had a mortgage with these guys for a while and they were pretty damned good.

  • suti on 12/04/2018 - 09:16
    +1

    Don't get sucked into this. These guys really exclusively on wholesale funding, something which has risen 0.25% in the past month. They will be one of the first to pass this in full. Also the offset account is probably not eligible for Financial Claims Scheme as they are not an ADI.

  • kimyongjeon on 12/04/2018 - 10:30

    When I contacted them I was advised that I can't terminate the contract earlier than 30 years. So if you are planning to pay off the mortgage much quicker you may want to double check

    • john_conner on 12/04/2018 - 14:29
      +1

      What are you talking about?
      For P&I if you repay your loan earlier the mortgage will close out.
      Actually many people like to keep the mortgage open (e.g. leave $2000 outstanding) so the bank keeps the title and it can’t be sold from under you. Harder now with new ID laws in place.

      In any case you could just refi out. Or sell your house. If you were almost paid up you’d be paying hardly any interest anyways so no big deal.

  • grrrr on 14/04/2018 - 22:24

    i applied and used your referral link number.
    The application is only for one loan but I am moving 2 loans so i dont know how the referral will work.

    • Soda on 15/04/2018 - 15:03

      When I refinanced, I did 2 loans, both were the same rate. Referral is only one time thing I believe.

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