The Essentials Loan features a very low rate and a number of benefits including redraws and discounts on multiple loan bundles.
While the loans.com.au Essential Loan is a variable rate product it does give you the option to split your loan, allowing you to allocate a portion of your loan to a variable rate and the remainder to fixed rate, which may give you both flexibility and peace of mind.
You have an option to make your repayments in either a weekly, fortnightly or monthly period to align your repayments with your pay cycle.
If you have more than one home loan with loans.com.au, you have the option to package them together and apply for one rate across both an investment loan and an owner-occupier loan.
The loans.com.au Essentials Loan is a good entry level product for both owner-occupiers and investors. The low rates are attractive for people looking for a good deal who still want some of the basic features. This loan doesn’t have an offset account however it does let you redraw any extra repayments you may have made. Importantly, it also lets you make unlimited extra repayments so there’s no barrier to getting ahead on your mortgage.
The main downside to this product is its relatively high upfront fees which should be considered against the low rate.
The Essentials Loan has two separate components, one for owner-occupiers and one for investors. They each attract a different rate.