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Eight no-frills home loans that could save you...

Eight no-frills home loans that could save you...

Do you just want a cheap home loan? Without any fancy features, options, add-ons or ‘package deals?’

 

If you aren’t interested in a packaged up deal including credit card, insurance, redraw, offset account or ‘personal face-to-face service’ then you could save thousands of dollars by choosing a cheap loan deal that is just that – a loan and nothing much else.

 

If you are prepared to take out a loan from a lender that doesn’t provide branches in every town and suburb, you will pay less. You may have to find a lender that is not a household name, that doesn’t have a brand name that is known by all Australians. That’s because all that branding and advertising costs money, which ultimately is paid for by customers. So if you are prepared to look around, compare deals and go with a smaller lender that spends little or no money on paid advertising, you can save big dollars.

 

And right now there are some amazing no-frills home loans available with the cheapest interest rates ever seen in Australia. Infochoice lists about 100 home loans with headline variable rates under 4.0 per cent. Most of these are just good, basic, straight forward home loans with no extras, no bells and whistles, just a super-low interest rate and super low fees.

 

Some of these so-called no-frills home loans are cheap loans that do also have features included like redraw and offset. So you might not have to give up all your features for a cheap loan.

 

You can check on the features offered by all home loans listed in the Infochoice database by clicking on the “Features” tab at the top left hand side of the Infochoice Home Loan comparison table.

 

To help get you started on your search for a no-frills home loan, here are eight loans listed by Infochoice that prioritise a cheap interest rate over fancy add-ons:

 

Mortgage House’s Pure & Simple Summer Special has an amazing low variable comparison rate of just 3.49 per cent and it does offer redraw and portability, but not offset.

 

HomeStar’s Owner Occupied (P&I) Loan has a comparison rate of 3.53 per cent AND it does offer a 100 per cent offset account and redraw.

 

Loans.com.au’s Essentials 80 PI home loan has a current variable comparison rate of 3.61 per cent. This loan for borrowers with 20 per cent equity does not offer an offset account but does have redraw and portability.

 

State Custodians’ Standard Variable Offset Spring Special has a comparison rate of 3.92 per cent for owner occupiers with at least 20 per cent equity. This loan also offers redraw, portability and 100 per cent offset account.

 

Click Loans’ Online Home Loan for loan to valuation ratios of 80 per cent or less has a comparison interest rate of 3.69 per cent with redraw and 100 per cent offset.

 

Ubank’s Uhomeloan SVR Value Offer (P&I) has a current comparison rate of 3.74 per cent with redraw and portability but no offset.

 

Heritage Bank’s Discount Variable Special Offer Rate loan has a current variable comparison rate of 3.81 per cent. This loan has redraw but no offset account.

 

Gateway Credit Union’s Premium Package Special Offer loan has a current comparison rate of 4.05 per cent with redraw, offset and portability.

You can research and compare all the home loans offered by all the significant lenders in Australia here.

 

Source: Infochoice.com.au

 

 



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Today's Home Loan Rates

Institution Product
Title
Standard
Rate^ (%)
Comparison
Rate* (%)
Details
Essentials Home Loan 60 3.49 3.51 Go to site
Advantage Home Loan 70 (No Offset) 3.64 3.66 Go to site
Home Value Loan - Owner Occupied 3.65 3.66 Go to site
Orange Advantage ($500k+ where LVR <=80% O/Occ) - Principal & Interest 3.74 4.06 Go to site
UHomeLoan SVR Value Offer (P&I) 3.74 3.74 Go to site
Institution Product
Title
Standard
Rate^ (%)
Comparison
Rate* (%)
Details

^Standard rate for a $250,000 standard loan. The 3 year table shows loans that are fixed for 3 years.
*Comparison rates shown are based on a home loan of $150,000 for 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
For information on how we’ve selected these “Sponsored” and “Featured” products click here.



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