Basic Home Loans

No frills home loan with low interest rates and fees...

Basic home loans are perfect for a first home buyer, home buyer or property investor if they do not require all the features attached to  variable rate loans or professional packaged loans.

Often these loans come with a discounted interest rate and low up front and or ongoing fees unlike fully featured loans that offer 100% offset Accounts, free redraw, fee free accounts and credit cards.

There are some excellent basic home loans about that allow you to reduce your mortgage just as effective as a loan with all the bells and whistles. Below is a list of features you should look out for.

What to look for... • Ability to make extra repayments • Nil or low up front and ongoing fees • Competitive interest rate compared to professional packaged discounts • The ability to redraw funds from the loan account without additional cost - aka redraw fees • Loans that allow for direct salary crediting salary crediting

Advantages	Disadvantages
• Competitive interest rate and lower fees • Extra payments can be withdrawn without fees with    some lenders • Can be just as effective at reducing interest paid and    loan term as fully featured home loans • Overall cost of loan is less than those with a offset    facility	• May have upfront and ongoing fees • Redraw facility may have redraw fees and minimum   redraw amounts • Not as flexible as professional packaged loans

 

Need Help...submit a mortgage quote and a qualified professional can help you find the right loan best suited to your lending needs.

 

Mortgage Quotes!

 

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Lenders Basic Homes, Fees and Features...

Lender		Home Loan to Look Out For	More Information
Note: Many More Lenders Available. This is just a representation of some of Australia's most longest standing lenders that offer ongoing competitive rates. Please discuss other lender options with your mortgage consultant.
MAJOR BANKS
	ANZ Bank Home Loans	Simplicity Plus Home Loan - $600 fee refunded for first home buyers, nil ongoing fees and nil redraw fees with a $2,000 minimum
	Commonwealth Bank Home Loans	Rate Saver and 3 Year Rate Saver Loans - $750 upfront fee, nil ongoing fees and $50 redraw fees with a $500 minimum
	NAB Home Loans	Base Rate Home Loans - $600 upfront fee, nil ongoing fees and nil redraw fees with a $2,000 minimum
	Westpac Home Loans	Flexi First Option Home Loan - $600 upfront fee, nil ongoing fees and $25 redraw fee
	Homeside Lending NAB Home Loans	No Basic home loans but their Home Plus Professional Packaged loans offer excellent value
SMALLER BANKS
	Adelaide Bank Home Loans	100% offset available for Basic - Smart Fit Home Loan -- $695 upfront fee, $10 monthly fee and  nil redraw fees and no minimum
	AMP Home Loans	100% offset available for Basic Loan - $895 upfront fee, nil monthly fee and  nil redraw fees and no minimum
	Bank West Home Loans	Lite Home Loans - $500 upfront fee, nil monthly fee and  nil redraw fees and no minimum
	Citibank Home Loans	Basic Home Loans - $600 upfront fee, nil ongoing fees and nil redraw fees with a $2,000 minimum
	ING Direct Home Loans	Mortgage Simplifier -  - Nil upfront fee, nil ongoing fees and nil redraw fees with no minimum
	St George Home Loans	Basic Home Loans - $700 upfront fee, nil ongoing fees and nil redraw fees with no minimum
	Suncorp Home Loans	Back to Basics - $600 upfront fee, nil ongoing fees and one free redraw with no minimum
BUILDING SOCIETIES
	Heritage Bank	Basic Home Loans - $600 upfront fee, nil ongoing fees and $20 redraw fees with no minimum
	The Rock Building Society	$600 upfront fee, nil ongoing fees and nil redraw fees with no minimum
OTHER LENDERS
	Homeloans Ltd	Basic loans available

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Alternatives to offset accounts...

Professional packaged  home loans can offer similar benefits to loans with offset accounts. Some basic home loans offer a low interest, low or nil ongoing fees and a free redraw facility. The only draw back is that you do not have the convenience of a separate account.

Line of Credit Loans also offer similar advantages but again you have to find a loan with low rates and ongoing fees

 

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Need Help?

To find out which lenders offer basic home loans with low fees and interest rates we recommend that you contact one of our mortgage professionals below.

They can show you all the all the hidden costs and restrictions as well as show you the most reputable lenders to choose from.

 

Mortgage Quotes