One Direct Home Loans corners the online low-rate lender niche with a number of extremely competitive products including variable, split and lo-doc loans. Although being a relative newcomer to the home loan market One Direct is owned by ANZ, one of Australia's largest and most respected retail banks.
One Direct cuts costs by doing everything over the phone or via the internet thereby cutting out branches and their associated costs. They provide services with no loan approval, monthly account keeping fees or redraw fees.
One Direct specifically chose their support team based on knowledge of the industry and marketplace. Staff have been rigorously trained on all aspects of lending to make sure they are well equipped to help each individual client to find the loan that suits them.
Three particular products are offered by One Direct; a variable loan, a fixed loan and an equity loan. The One Direct variable home loan rate at the time of writing is 7.71% p.a and is packed with features to simplify your finances and flexible enough to cater to your changing needs. Some of these features include a loan term of up to 30 years with a minimum loan amount of $50,000 and a maximum of 95% of the value of your property.
Other features include, allowing you to keep the same loan when you sell your property and buy a new one, without having to apply again, lenders mortgage insurance, interest only repayment periods, the ability to split your loan as well as the swath of usual home loan features.
The One Direct fixed loan gives you peace of mind by fixing your interest rate so you don't have to worry about unexpected increases. It's perfect if you want the comfort and security of knowing exactly how much your repayments will be. You can choose to fix your rate for up to 10 years and still make additional repayments of up to $10,000 per annum without incurring a fee.
The fixed loan interest rate at the time of writing starts at 7.74% and has the same features as the One Direct variable home loan with the option of repaying your loan early, and with no associated costs after the fixed rate period has expired providing you have had the loan for more than four years. Fees and charges apply if you fully repay your loan within four years or during the fixed rate term.
One Direct also has an equity loan that turns the equity in your home or residential investment property into a ready source of funds you can use for any purpose. You can repay and redraw as much as you like as long as you stay within your approved loan limit. Rates for these facilities start at 7.89% with all other features the similar to their other two loan options.
So if your searching for a low-rate direct lender that has the financial credibility of a major institution, but with very competitive rates and options then One Direct is definitely worth a look.