The loans.com.au Offset Loan also offers you unlimited free redraws with no minimum withdrawal, plus the option of paying interest-only for five years.
This Offset Loan can be split across both fixed and variable interest rates, giving you the option to lock in a low rate for part of your loan.
The offset account comes with a debit card which allows you to make purchases and cash withdrawals.
Unlimited online account access makes managing your loan and offset accounts easy. While loans.com.au is an online-only lender, there is an online chat function as well as a customer support line.
It is worth noting that interest rates on investment only loans are slightly higher, but both loan options allow you to borrow up to 90 percent of the purchase price.
The loan.com.au Offset Loan is a good option for those wanting additional flexibility in their home loan. While investors will pay a slightly higher rate, they may find that this option is more competitive than their current loan.
The low variable rate, unlimited redraws, zero monthly fees and 100 perfect offset account are appealing to all borrowers. However, the high upfront fees and minimum loan term of 15 years may deter refinancers and the higher interest rates on investment loans may affect investors.
The upfront fees on this loan are noticeably higher than many other lenders. In saying that, there are some noteworthy features to this loan, specifically, the personal lending manager you’re assigned who takes you through your application right through to settlement.