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Online lender unveils 3.48% mortgage product
Loans.com.au has launched a new home loan that has one of the lowest interest rates in Australia.
The new Smart Home Loan has an interest rate of 3.48 per cent (comparison rate 3.50 per cent). Features include:
- Owner-occupied only (no investment option)
- Principal and interest only (no interest-only option)
- Maximum loan-to-value ratio (LVR) of 80 per cent
- Maximum loan amount of $1 million
- No ongoing fees
- Redraw available
- Additional repayments allowed
Here’s how much borrowers would have to repay on a 30-year mortgage at 3.48 per cent:
| Loan | Monthly repayments | Total repayments |
|---|---|---|
| $350,000 | $1,568 | $564,391 |
| $500,000 | $2,240 | $806,272 |
| $1,000,000 | $4,479 | $1,612,544 |
Lower overheads mean lower rates, says Loans.com.au
Loans.com.au managing director Marie Mortimer said the online-only lender had provided billions of dollars of prime home loans since launching in 2011.
“The customer gets a cheap rate because we are innovative and efficient, and also because they deal with us direct,” she said.
“A lot of online lenders are out there, and they think that people should have to deal only with robots in order to qualify for a cheap rate, but we have experienced Australian-based lenders who personally guide customers through the journey to settlement.”
Disclaimer
This article is over two years old, last updated on March 6, 2019. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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Product database updated 21 Sep, 2024
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