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Review Aussie Home Loans

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Published: September 4, 2019

If you're ready to purchase your first home or want to switch to a different mortgage, then you may be considering a home loan from Aussie.

With over 27 years' experience, a fixed or variable home loan from Aussie can help you purchase your dream home. An Aussie mortgage comes with a full range of features and mortgage brokers dedicated to assessing your application within 48 hours of receipt.

To determine whether an Aussie home loan will meet your requirements and budget, you might want to compare their interest rates and features with other Australian Lenders.

Take note: ComparingExpert and consultants are not mortgage brokers. The information provided in this article is to help you make an informed decision. Please contact the home loan provider or financial institution for advice and guidance.

About Aussie

Aussie is both a Lender and a mortgage broker so that you can compare over 20 Australian Lenders. They started with the goal of making it easier for the average Australian to get a mortgage. From their humble beginnings, they have grown into an institution with more than 1,000 Aussie mortgage brokers.

The company is wholly owned by The Commonwealth Bank but continues to operate as a separate business.

Aussie has been the winner of ‘The Adviser's Top Brokerage Award' for seven years running, from 2013 to 2019.

Different Aussie home loan options

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Variable rate home loan

A home loan that changes (rises and falls) with the market interest rates. When the rates decrease, Aussie variable interest rates could go down, which allows you to pay off your mortgage faster.

Fixed rate home loan

Fixed rate home loan

A home loan that provides more certainty by fixing your interest rates for up to 5 years. Your repayments will remain the same for your chosen period, making it easier to budget.

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Line of credit home loan

By using the equity you’ve built up from the property you already own, you’re able to access your funds through a free redraw facility.

Features of Aussie Home Loans

  • Maximum LVR of up to 95% on certain offers.
  • No application fees when you apply for an Aussie mortgage.
  • Flexible repayments: Weekly, fortnightly, or monthly.
  • Portable mortgage: Generally, if you decide to sell your home, your Aussie home loan can be transferred to any location for an extra fee.
  • Extra repayments: Pay off your home loan faster by making extra repayments. It is capped at 5% for fixed-rate home loans.
  • Redraw facility: With a variable rate home loan, you can redraw the extra repayments you made when you need it.
  • Partial offset account on Aussie Select Basic variable rates.
  • Split rate loan: You can divide your home loan between a fixed and a variable rate component.
  • Free broker advice: Qualified and accredited Aussie mortgage brokers usually provide advice for free.

Source: Aussie website (September 2019)

Who is eligible for a home loan from Aussie?

Each home loan type has specific eligibility criteria. However, generally, you need to be:

  • 18 years or older,
  • A permanent resident or Australian citizen, and
  • Able to provide proof that you can afford the mortgage repayment.

Documents required, include:

  • Proof of income: Two most recent payslips,
  • Proof of identity such as your birth certificate, passport or driver’s license,
  • Relevant bank and credit card statements that show your assets and liabilities.

If you are self-employed, you will usually need to prove that you have been able to sustain yourself for two years before your application. Provide your broker with two years’ worth of profit and loss statements, your ATO Assessments, as well as your business and personal tax returns.

Aussie Home Loan Application Process

  • 1Make an appointment with an Aussie mortgage broker and discuss which loan suits your requirements.
  • 2Your broker will submit and finalise your documents.
  • 3Once all additional documents have been provided, your loan might be conditionally approved.
  • 4A property valuation will be arranged.
  • 5If your mortgage gets fully approved, contracts will be exchanged.
  • 6You receive your loan offer and documents.
  • 7Sign and return all documentation, including insurance information.
  • 8Aussie will confirm your settlement and your solicitor will arrange a date for the agreement.
  • 9Finalisation of all other transactions and direct debits to ensure payments are correctly processed.
  • 10The process is completed. Your mortgage broker will check in with you to provide additional assistance.

Frequently asked questions and answers

Can you get a home loan if you’re not a permanent resident?

Generally, individuals who are not permanent residents of Australia might be able to apply for an Aussie home loan if they have a 457 Visa. They will usually need to apply for permission from The Foreign Investment Review Board and provide proof of income.

Is Aussie home loans a mortgage broker?

Aussie is both a Lender and an agency of mortgage brokers that act as intermediaries between you and over 20 other institutions that you can compare home loans with.

Who owns Aussie home loans?

Aussie home loans are 100% owned by The Commonwealth Bank of Australia and operate as a subsidiary.

How can you contact them?

Visit their website and contact Aussie home loans via email. Alternatively, you can call them directly and request the assistance of an Aussie mortgage broker.

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