As one of Australia’s first online lenders, loans.com.au prides itself on its innovative and people-centric approach to lending. The company was founded as a ‘direct to retail business’ arm of Brisbane company Firstmac, one of Australia’s largest privately owned non-bank lenders and an associate of Savings.com.au.
Through conducting 100% of its business online, the lender can cut costs on things like mortgage broker commissions and maintaining branch offices.
Without these overheads, loans.com.au says it can ensure the savings are passed directly to its customers in the form of competitive interest rates. With around $6 billion in loans under management, loans.com.au has a larger loan book than many small banks, credit unions and building societies.
Home loans from loans.com.au
Loans.com.au offers a wide selection of home loans for a variety of borrowers such as owner-occupiers, refinancers, investors, self-managed super fund (SMSF) trustees, and more.
As well as offering a generous ‘green’ discount for energy-efficient new homes, loans.com.au also launched Australia’s first solar home loan in 2022. The loan offers a discount rate for five years to borrowers who install a qualifying solar power system large enough to make a significant impact on the power they draw from the grid.
Loans.com.au home loans feature variable and fixed rates for up to five years with options for principal & interest or interest-only repayments.
Here’s a snapshot of loans.com.au’s home loans for owner occupiers:
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.69% p.a. | 6.13% p.a. | $2,899 | Principal & Interest | Fixed | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.44% p.a. | $2,995 | Principal & Interest | Variable | $0 | $530 | 90% | |||||||||||||
5.99% p.a. | 6.44% p.a. | $2,995 | Principal & Interest | Variable | $0 | $530 | 90% |
| Disclosure | |||||||||||
6.04% p.a. | 6.22% p.a. | $3,011 | Principal & Interest | Fixed | $0 | $530 | 90% | |||||||||||||
6.04% p.a. | 6.08% p.a. | $3,011 | Principal & Interest | Variable | $0 | $530 | 90% | 4.6 Star Customer Ratings |
| Promoted | Disclosure | |||||||||
6.19% p.a. | 6.53% p.a. | $3,059 | Principal & Interest | Variable | $0 | $530 | 90% | |||||||||||||
6.19% p.a. | 6.53% p.a. | $3,059 | Principal & Interest | Variable | $0 | $530 | 90% | 90% LVR |
| Disclosure | ||||||||||
6.28% p.a. | 6.32% p.a. | $3,088 | Principal & Interest | Variable | $0 | $530 | 80% | |||||||||||||
6.34% p.a. | 6.38% p.a. | $3,108 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
6.34% p.a. | 6.31% p.a. | $3,108 | Principal & Interest | Fixed | $0 | $530 | 90% |
All about keeping it simple
Apart from its hot pink logo, there are a few reasons why loans.com.au stands out amid Australia’s crowded lending market. One is that despite its rapid growth, it remains an innovative, family-oriented lender.
Managing Director of loans.com.au Marie Mortimer said loans.com.au’s processes are quick and simple - “as they should be”.
“For both our home and car loans, you can find out if you pre-qualify for a low-rate loan in just minutes,” Ms Mortimer told Savings.com.au.
“By keeping our interest rates low and revolutionising the loan application process, we keep on winning awards for our products, innovations, and customer service - year after year.”
The application process is online although there are real people ready to assist, with a team of Australian-based, experienced loan specialists available from 8am to 6pm AEST.
“At every step of the way, you’ll talk to a real person from our friendly team of lending specialists who are there to help you,” Ms Mortimer said.
Save time and money by adding an offset
One of the most popular perks with loans.com.au loans is the ability to add an offset sub-account.
Funds in the account are 100% offset against the home loan balance - effectively lowering the portion of the loan that’s charged interest - while providing online, ATM, EFTPOS, and VISA debit card access to the funds, as well as unlimited free redraws.
The offset account can be added to a loans.com.au loan for an extra 10 basis points (0.10% p.a.) on top of the loan’s interest rate.
“Customers can pay their home loan off much sooner than anticipated and also save thousands in interest repayments simply by adding to their offset,” Ms Mortimer said.
“To calculate potential savings, we've created a really useful offset calculator available on our website.”
Being passionate about the environment, loans.com.au continues to reward customers for ‘going green’ by offering discounted interest rates for homes that meet certain environmentally friendly standards.
loans.com.au is more than just an online lender
“We understand that nobody really wants a loan, rather they want a home to live in, a new car to drive, their next investment property, or to save thousands on an existing loan,” Ms Mortimer said.
She emphasises that loans.com.au doesn’t just support its customers, it also supports the local community through its Women, Children & Community Program.
“We participate in a number of ways, whether it be financial support via official sponsorship, employer-supported volunteering with our staff giving their time, donating items or raising awareness for local charitable causes,” she said.
“loans.com.au works to support many causes which benefit women, children and community in Australia.”
How to apply for a loans.com.au home loan
Applying for a home loan is relatively simple with loans.com.au’s online application process. Whether you’re buying your first home, or you’ve got plenty of properties under your belt, you can apply for a home loan quickly and easily by visiting the loans.com.au website.
Eligibility criteria
You must meet the lending requirements of loans.com.au before applying for a home loan. Generally, you need to:
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be above 18 years old
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be an Australian resident
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be employed or earning a steady income
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demonstrate a strong capacity to repay the loan
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have a good credit history
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have a maximum LVR (loan-to-value ratio) of 90% (depending on the loan)
If you fit all the requirements, you can apply for a home loan online or book an appointment with a lending manager.
Documents needed
loans.com.au may need the following documents when you apply for a mortgage:
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Personal identification such as your driver’s license, passport or a state or territory issued photo ID
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Proof of income
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For employees, you’ll need to present two of your latest payslips, an employment contract or three months of bank statements proving your income.
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For the self-employed, you’ll need to provide two years' worth of your personal and business tax returns and Australian Taxation Office assessments for the past two years.
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Asset and liabilities documents
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Proof of other sources of income such as rental property income, superannuation, dividends, and other government income sources
Savings.com.au and loans.com.au are both associates of Firstmac
First published on November 2021
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Disclaimers
In the interests of full disclosure, Savings.com.au and loans.com.au are part of the Firstmac Group. To read about Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.
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