Essentials Loan


The Essentials Loan features a very low rate and a number of benefits including redraws and discounts on multiple loan bundles.

While the 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, you have the option to package them together and apply for one rate across both an investment loan and an owner-occupier loan. 

Who is the Essentials Loan good for?

The Essentials Loan is good for both owner-occupiers and investors. While it is predominantly a variable rate loan, the ability to fix part of your mortgage means that you can opt for that added security if you want it. This may suit owner-occupiers especially. 

Review - What RateCity says

The 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. Essentials Loan Options

The Essentials Loan has two separate components, one for owner-occupiers and one for investors. They each attract a different rate. 

  • No monthly or annual ongoing fees.
  • Available for purchase and refinance.
  • Personal lending manager.
  • High discharge fee.
  • Settlement fee.
  • No offset account.

Must meet the serviceability criteria of the lender.

Must be an Australian citizen or permanent resident.

Deposit of between 10 and 20 per cent of the property’s value. 

About is an online-only lender. It doesn’t have any branches, however its call centre is open 12 hours a day, 5 days a week. It also provides round-the-clock access to your account and the ability to email and chat online.

While this limited customer service might deter some people, it does mean they can generally offer lower home loan rates than branch-based lenders who have bigger overheads.

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