Important disclosure
Aussie
Aussie, previously known as Aussie Home Loans, is an Australian mortgage provider.
Since being established in 1992, Aussie has grown to employ over 1,000 brokers with over 200 stores.
Aussie provides a wide range of home loans, including fixed-rate home loans, variable-rate home loans and others. As both a provider and a broker, Aussie offers home loans directly and also negotiates home loans on behalf of customers.
Credit services for Aussie Select, Aussie Activate and Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 (“Aussie”) and its appointed credit representatives, Australian Credit Licence 246786. © 2021 Aussie. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133 (“RMG”). Credit for Aussie Activate products is provided by Pepper Finance Corporation Limited ACN 094 317 647 (“Pepper”). Pepper Group Pty Limited ACN 094 317 665, Australian Credit Licence 286655 acts on behalf of Pepper. Credit and any applicable offset accounts are issued by Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL / Australian Credit Licence 237879.
Pros and cons
- Extensive branch access
- Competitive rates
- Interest rates vary by loan size and type
- Limited repayment options on most loans
- Some fees apply
Owner occupied products interest rates
| Loan type | Principal & Interest rate | Interest Only |
|---|---|---|
1 Year Select Basic Fixed (Min Deposit 40%) | 4.15% p.a. 2.56% p.a. Comparison rate | 4.25% p.a. 2.57% p.a. Comparison rate |
1 Year Select Basic Fixed (Min Deposit 20%) | 4.15% p.a. 2.61% p.a. Comparison rate | 4.25% p.a. 2.61% p.a. Comparison rate |
2 Year Select Basic Fixed (Min Deposit 40%) | 4.95% p.a. 2.85% p.a. Comparison rate | 5.15% p.a. 2.88% p.a. Comparison rate |
2 Year Select Basic Fixed (Min Deposit 20%) | 4.95% p.a. 2.89% p.a. Comparison rate | 5.15% p.a. 2.92% p.a. Comparison rate |
3 Year Select Basic Fixed (Min Deposit 40%) | 5.19% p.a. 3.12% p.a. Comparison rate | 5.35% p.a. 3.16% p.a. Comparison rate |
3 Year Select Basic Fixed (Min Deposit 20%) | 5.19% p.a. 3.15% p.a. Comparison rate | 5.35% p.a. 3.2% p.a. Comparison rate |
Select Basic Variable (Min Deposit 20%) | 2.44% p.a. 2.46% p.a. Comparison rate | 3.24% p.a. 3.25% p.a. Comparison rate |
4 Year Select Basic Fixed (Min Deposit 40%) | 5.29% p.a. 3.37% p.a. Comparison rate | 5.39% p.a. 3.4% p.a. Comparison rate |
4 Year Select Basic Fixed (Min Deposit 20%) | 5.29% p.a. 3.4% p.a. Comparison rate | 5.39% p.a. 3.44% p.a. Comparison rate |
5 Year Select Basic Fixed (Min Deposit 40%) | 5.29% p.a. 3.58% p.a. Comparison rate | 5.39% p.a. 3.62% p.a. Comparison rate |
5 Year Select Basic Fixed (Min Deposit 20%) | 5.29% p.a. 3.61% p.a. Comparison rate | 5.39% p.a. 3.65% p.a. Comparison rate |
Select Basic Variable (Min Deposit 40%) | 2.39% p.a. 2.41% p.a. Comparison rate | n/a |
Select Basic Variable (Min Deposit 30%) | 2.44% p.a. 2.46% p.a. Comparison rate | n/a |
1 Year Select Basic Fixed (Min Deposit 30%) | 4.15% p.a. 2.61% p.a. Comparison rate | n/a |
Select Basic Variable (Min Deposit 10%) | 2.64% p.a. 2.66% p.a. Comparison rate | n/a |
1 Year Select Basic Fixed (Min Deposit 10%) | 4.15% p.a. 2.79% p.a. Comparison rate | n/a |
2 Year Select Basic Fixed (Min Deposit 30%) | 4.95% p.a. 2.89% p.a. Comparison rate | n/a |
Activate Prime Full Doc (Min Deposit 45%) | 2.92% p.a. 2.95% p.a. Comparison rate | n/a |
Activate Prime Full Doc (Min Deposit 35%) | 2.94% p.a. 2.97% p.a. Comparison rate | n/a |
Activate Prime Full Doc (Min Deposit 30%) | 2.95% p.a. 2.98% p.a. Comparison rate | n/a |
2 Year Select Basic Fixed (Min Deposit 10%) | 4.95% p.a. 3.06% p.a. Comparison rate | n/a |
3 Year Select Basic Fixed (Min Deposit 30%) | 5.19% p.a. 3.15% p.a. Comparison rate | n/a |
Activate Prime Full Doc (Min Deposit 25%) | 3.19% p.a. 3.22% p.a. Comparison rate | n/a |
Activate Prime Full Doc (Min Deposit 20%) | 3.19% p.a. 3.22% p.a. Comparison rate | n/a |
Select Basic Variable (Min Deposit 5%) | 3.24% p.a. 3.25% p.a. Comparison rate | n/a |
3 Year Select Basic Fixed (Min Deposit 10%) | 5.19% p.a. 3.31% p.a. Comparison rate | n/a |
1 Year Select Basic Fixed (Min Deposit 5%) | 4.25% p.a. 3.35% p.a. Comparison rate | n/a |
4 Year Select Basic Fixed (Min Deposit 30%) | 5.29% p.a. 3.4% p.a. Comparison rate | n/a |
4 Year Select Basic Fixed (Min Deposit 10%) | 5.29% p.a. 3.54% p.a. Comparison rate | n/a |
2 Year Select Basic Fixed (Min Deposit 5%) | 5.15% p.a. 3.59% p.a. Comparison rate | n/a |
5 Year Select Basic Fixed (Min Deposit 30%) | 5.29% p.a. 3.61% p.a. Comparison rate | n/a |
5 Year Select Basic Fixed (Min Deposit 10%) | 5.29% p.a. 3.73% p.a. Comparison rate | n/a |
Activate Prime Full Doc (Min Deposit 15%) | 3.74% p.a. 3.77% p.a. Comparison rate | n/a |
3 Year Select Basic Fixed (Min Deposit 5%) | 5.39% p.a. 3.81% p.a. Comparison rate | n/a |
4 Year Select Basic Fixed (Min Deposit 5%) | 5.39% p.a. 3.98% p.a. Comparison rate | n/a |
5 Year Select Basic Fixed (Min Deposit 5%) | 5.39% p.a. 4.14% p.a. Comparison rate | n/a |
Activate Prime Full Doc (Min Deposit 10%) | 4.39% p.a. 4.42% p.a. Comparison rate | n/a |
Activate Prime Full Doc (Min Deposit 5%) | 4.49% p.a. 4.52% p.a. Comparison rate | n/a |
Investment purpose products interest rates
| Loan type | Principal & Interest rate | Interest Only |
|---|---|---|
1 Year Select Basic Fixed (Min Deposit 30%) | n/a | 4.29% p.a. 2.66% p.a. Comparison rate |
1 Year Select Basic Fixed (Min Deposit 20%) | 4.25% p.a. 2.66% p.a. Comparison rate | 4.29% p.a. 2.66% p.a. Comparison rate |
Select Basic Variable (Min Deposit 20%) | 2.49% p.a. 2.51% p.a. Comparison rate | 2.84% p.a. 2.86% p.a. Comparison rate |
2 Year Select Basic Fixed (Min Deposit 20%) | 5.05% p.a. 2.95% p.a. Comparison rate | 5.15% p.a. 2.97% p.a. Comparison rate |
2 Year Select Basic Fixed (Min Deposit 30%) | n/a | 5.15% p.a. 2.97% p.a. Comparison rate |
3 Year Select Basic Fixed (Min Deposit 20%) | 5.29% p.a. 3.22% p.a. Comparison rate | 5.35% p.a. 3.23% p.a. Comparison rate |
3 Year Select Basic Fixed (Min Deposit 30%) | n/a | 5.35% p.a. 3.23% p.a. Comparison rate |
Select Basic Variable (Min Deposit 10%) | 3.24% p.a. 3.25% p.a. Comparison rate | 3.34% p.a. 3.35% p.a. Comparison rate |
1 Year Select Basic Fixed (Min Deposit 10%) | 4.25% p.a. 3.35% p.a. Comparison rate | 4.29% p.a. 3.35% p.a. Comparison rate |
4 Year Select Basic Fixed (Min Deposit 20%) | 5.29% p.a. 3.43% p.a. Comparison rate | 5.35% p.a. 3.46% p.a. Comparison rate |
4 Year Select Basic Fixed (Min Deposit 30%) | n/a | 5.35% p.a. 3.46% p.a. Comparison rate |
2 Year Select Basic Fixed (Min Deposit 10%) | 5.05% p.a. 3.57% p.a. Comparison rate | 5.15% p.a. 3.59% p.a. Comparison rate |
5 Year Select Basic Fixed (Min Deposit 20%) | 5.29% p.a. 3.64% p.a. Comparison rate | 5.35% p.a. 3.67% p.a. Comparison rate |
5 Year Select Basic Fixed (Min Deposit 30%) | n/a | 5.35% p.a. 3.67% p.a. Comparison rate |
3 Year Select Basic Fixed (Min Deposit 10%) | 5.39% p.a. 3.81% p.a. Comparison rate | 5.35% p.a. 3.8% p.a. Comparison rate |
4 Year Select Basic Fixed (Min Deposit 10%) | 5.39% p.a. 3.98% p.a. Comparison rate | 5.35% p.a. 3.97% p.a. Comparison rate |
5 Year Select Basic Fixed (Min Deposit 10%) | 5.39% p.a. 4.14% p.a. Comparison rate | 5.35% p.a. 4.12% p.a. Comparison rate |
Home loan repayment calculator
Thinking about taking out a home loan with Aussie? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Aussie home loans compare with other options.
Your estimated mortgage repayments
at interest rate 2.39%
Total interest payable
$0
Total loan repayments
$0
Aussie customer service
Customers can meet with a mortgage broker at one of the Aussie retail stores throughout Australia or via appointment with a mobile broker. Customers can also contact Aussie by:
- Customer service centre (phone, email, branch)
- Mobile app
- Online banking
- Live Chat
- Mobile banking staff
How to apply
Aussie allows customers to start the home loan application process by phone, or by booking a free appointment via their website, or in person at an Aussie retail store.
Before applying for a home loan, it’s important to look at how much you can afford to borrow and comfortably repay in your current financial situation.
To apply for an Aussie loan, you will need to supply documentation, such as:
- Personal identification.
- Proof of income and savings.
- Information on your family situation.
- Information regarding your current debts, liabilities and assets.
About Aussie home loans
Aussie offers a wide range of home loans to suit a variety of customers, including:
- First home buyers
- Investors
- Refinancers
- Upgraders
- Renovators
In terms of interest rates and repayments, Aussie home loans borrowers can choose from a number of options, including:
- Fixed-rate home loans
- Variable-rate home loans
- Split home loans
- Interest-only loans
- Principal-and-interest loans
Aussie home loans have a maximum loan term of 30 years. Unlimited extra repayments are allowed in addition to the minimum repayments. Redraw facilities may also be available and offset accounts may be offered on some of Aussie’s home loan products.
Aussie home loan rates
The Aussie home loan rate you may be offered depends on the type of home loan you apply for, and your personal financial situation in regards to its eligibility criteria.
Typically, customers wanting to borrow money to buy a homes to live in as owner occupiers will be able to secure lower interest rates than those wanting to borrow money to invest in property.
Aussie borrowers may also get to choose between a variable interest rate on their home loan that may rise or fall, and fixed-rate home loan with an interest rate that will stay the same for a limited number of years.
Aussie home loans review
Aussie provides home loans to borrowers all over Australia, whether directly from its retail stores or via mobile mortgage brokers.
As well as offering its own home loans, Aussie works with lenders all over Australia – including the big four banks – to offer a choice of flexible home loans to suit different needs.
Aussie provides home loans suited to basic borrowers, such as standard owner-occupier home loans, as well as specialist home loans such as bridging loans.
Depending on the type of loan, Aussie home loans may offer other potentially useful features, such as offset accounts, redraw facilities and the ability to make extra repayments.
While Aussie offers competitive home loan interest rates and fees, these can vary according to what’s negotiated by the Aussie broker.
Learn more about home loans
What are the responsibilities of a mortgage broker?
Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.
In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).
These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for, actually meet your needs, and don’t prove unnecessarily challenging for you.
Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.
What do mortgage brokers do?
Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.
While bank staff recommend home loan products only from their own employer, brokers are independent, so they can recommend products from a range of institutions.
Brokers need to be accredited with a particular lender to be able to work with that lender. A typical broker will be accredited with anywhere from 10 to 30 lenders – the big four banks, as well as a range of smaller banks, credit unions and non-bank lenders.
As a general rule, brokers don’t charge consumers for their services; instead, they receive commissions from lenders whenever they place a borrower with that institution.
How to break up with your mortgage broker
If you find a mortgage broker giving you generic advice or trying to sell you a competitive offer from an unsuitable lender, you might be better off breaking up with the mortgage broker and consulting someone else. Breaking up with a mortgage broker can be done over the phone, or via email. You can also raise a complaint, either with the broker’s aggregator or with the Australian Financial Complaints Authority as necessary.
As licensed industry professionals, mortgage brokers have the responsibility of giving you accurate advice so that you know what to expect when you apply for a home loan. You may have approached the mortgage broker, for instance, because you have questions about the terms of a home loan a lender offered you.
You should remember that mortgage brokers are obliged by law to act in your best interests and as part of complying with The Australian Securities and Investments Commission’s (ASIC) regulations. If you feel you didn’t get the right advice from the mortgage broker, or that you lost money as a result of accepting the broker’s suggestions regarding a lender or home loan offer, you can file a complaint with the ASIC and seek compensation.
When you first speak to a mortgage broker, consider asking them about their Lender Panel, which is the list of lenders they usually recommend and who may pay them a commission. This information can help you decide if the advice they give you has anything to do with the remuneration they may receive from one or more lenders.
Do mortgage brokers need a consumer credit license?
In Australia, mortgage brokers are defined by law as being credit service or assistance providers, meaning that they help borrowers connect with lenders. Mortgage brokers may not always need a consumer credit license however if they’re operating solo they will need an Australian Credit License (ACL). Further, they may also need to comply with requirements asking them to mention their license number in full.
Some mortgage brokers can be “credit representatives”, or franchisees of a mortgage aggregator. In this case, if the aggregator has a license, the mortgage broker need not have one. The reasoning for this is that the franchise agreement usually requires mortgage brokers to comply with the laws applicable to the aggregator. If you’re speaking to a mortgage broker, you can ask them if they receive commissions from lenders, which is a good indicator that they need to be licensed. Consider requesting their license details if they don’t give you the details beforehand.
You should remember that such a license protects you if you’re given incorrect or misleading advice that results in a home loan application rejection or any financial loss. Brokers are regulated by the Australian Securities & Investment Commission (ASIC), as per the National Consumer Credit Protection (NCCP) Act.
How do I get a pre-approved home loan with Aussie?
Getting Aussie home loan pre-approval means receiving conditional support from Aussie Home Loans to borrow the money you need to buy a home.
It’s an indication of the approximate amount Aussie may offer you, subject to some terms and conditions. Keep in mind, having a pre-approved home loan does not guarantee an actual approval of your loan when it comes time to buy.
Aussie home loan pre-approval often involves speaking to one of the lender’s brokers. You can make an appointment online. You’ll often have to submit your personal details and other information about your assets, income, liabilities and expenses. It’s worth remembering that a pre-approved loan is usually valid for a few months.
How do you compare home loans?
To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.
Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.
Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.
What is a home loan?
A home loan is a finance product that allows a home buyer to borrow a large sum of money from a lender for the purchase of a residential property. The home is then put up as "security" or "collateral" on the loan, giving the lender the right to repossess the property in the case that the borrower fails to repay their loan.
Once you take out a home loan, you'll need to repay the amount borrowed, plus interest, in regular instalments over a predetermined period of time.
The interest you're charged on each mortgage repayment is based on your remaining loan amount, also known as your loan principal. The rate at which interest is charged on your home loan principal is expressed as a percentage.
Different home loan products charge different interest rates and fees, and offer a range of different features to suit a variety of buyers’ needs.
Do you compare mortgages using the comparison or advertised rate?
A lot of Australians compare home loans using the advertised interest rate, which indicates how much interest you’ll be charged on your mortgage repayments. The lower your rate, the cheaper your home loan should be.
However, interest charges aren’t the only cost associated with home loans. Most mortgage lenders also charge fees on their home loans. A mortgage with a low interest rate and high fees can sometimes cost more than a mortgage with a high interest rate and low fees.
A home loan’s comparison rate combines the cost of interest with the cost of standard fees and charges into a single percentage rate. Mortgage lenders are required to display a comparison rate alongside their advertised rate to better indicate the home loan’s overall cost.
Keep in mind that to ensure consistency, all comparison rates are calculated assuming a $150,000 principal and interest mortgage with a 25 year term. As your home loan may be different, the comparison rate may not accurately reflect exactly how much your home loan may cost. Also, the comparison rate doesn’t include every home loan fee and charge, so it’s still important to compare home loans and read the fine print before you apply.
Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?
No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.
However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.
How do I apply for a home improvement loan?
When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying.
Besides taking out a home improvement loan, you could also:
- Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement. Speak with your lender or a mortgage broker about accessing your equity.
- Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
- Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
- Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.
Are bad credit home loans dangerous?
Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.
Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).
That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.
When do mortgage payments start after settlement?
Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.
Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.
Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.
What are the features of home loans for expats from Westpac?
If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.
The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.
Cash or mortgage – which is more suitable to buy an investment property?
Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.
A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.
How can I get a home loan with bad credit?
If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.
One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.
Two points to bear in mind are:
- Many home loan lenders don’t provide bad credit mortgages
- Each lender has its own policies, and therefore favours different things
If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.
Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:
- You have a secure job
- You have a steady income
- You’ve been reducing your debts
- You’ve been increasing your savings
