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June Rate Review

While the Reserve Bank held the cash rate at 2.0 percent earlier this month, rate rises are on the cards for borrowers, according to our latest Reserve Bank Survey, which found that the majority of experts expect rates to rise to 3.70 percent.

With that in mind, borrowers need to carefully consider the features of a home loan before committing in the long-term. Seeking home loans with no application fees will minimise the upfront costs associated with a loan and potentially save you hundreds of dollars.

The highly saturated home loan market means that many home loans are offered without an application fee, as lenders compete for your business. However, you should pay attention to other charges associated with the loan. For instance, although some lenders may waive the application fee, they may charge higher fees for valuation, settlement or legal costs.

Best 3-year fixed home loans with $0 application fee

homeloanHQ Rate Lock Home Loan

Interest rate: 4.27% p.a.

For this loan both owner occupiers and investors are eligible and only residential properties can be held as security. Enjoy 24/7 access to your funds via online banking, but be prepared to budget for the $330 annual service fee.

Greater Building Society Ultimate Fixed Rate Home Loan

Interest rate: 4.29% p.a.

With insurance discounts, no monthly fees and the ability to borrow up to 95 percent of the property value, this home loan offers flexible repayment terms. Keep in mind that this loan is only available to NSW or QLD residents.

St.George Bank Fixed Rate Advantage Package

Interest rate: 4.49% p.a.

Suited for investors and owner occupants, this loan can also be used for the purchase of vacant land. When you opt for this package, you can avoid a range of fees and get a discount if your loan is over $150,000. Just be wary of the $395 annual fee.

Lowest variable home loans with $0 application fee

Mortgage House Pure and Simple Home Loan

Interest rate: 3.99% p.a.

Ideal for the purchase of owner-occupied residential property, construction or debt consolidation, the Repayment Sweep feature enables you to have part of your income directly deposited into your loan account to suit your income stream. However this product is only available for loans up to $500,000, which could be a problem for those looking for a bigger mortgage.

State Custodians Standard Variable Offset Home Loan

Interest rate: 4.09% p.a.

Featuring a 100 percent offset account, unlimited extra repayments and a free redraw facility this home loan is best suited for owner occupiers and first home buyers purchasing property or refinancing from another lender. Be mindful that this loan cannot be used for construction purposes.

UBank UHomeLoan

Interest rate: 4.09% p.a.

Catering to borrowers who need to refinance a current loan or purchase a new home, this loan waives both application and ongoing fees. It’s worth noting that this home loan is only available as a full-doc loan, which rules out self-employed borrowers.

Story by Michelle Hutchison. Read the full story here.

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