ChoiceLend Home Loan Review
Read Here for Our ChoiceLend Home Loan Review:
Do you want your loan application experience to be as simple as possible? You might want to try ChoiceLend. It’s a product offered by Choice Aggregation Services – an aggregator for mortgage brokers.
Although this product is only available via Choice mortgage brokers, the prices remain competitive and worth considering.
Types of ChoiceLend Home Loans
You can choose from the following products:
- Variable-rate loans
- Fixed-rate loans
- Combo loan (considered as a split loan)
- Line of credit
- Construction loans
- Investment or owner-occupied options are available
- Principal and interest or interest-only (maximum of 5 years for a personal loan and maximum of 10 years for an investment loan)
- The maximum loan term is 30 years
- Redraw facility (fees may be applicable)
- Repayment can be made weekly, monthly, or fortnightly
- Repayment via direct debit or salary credit
- Unlimited loan splits
- Additional repayments are possible, but limits are set for fixed-rate loans
- The account can be managed through phone, internet and BPAY
Why Should You Get a ChoiceLend Home Loan?
ChoiceLend makes it a point to prove to customers that price is not the only thing that matters. Their products combine flexibility, competitive rates, and great customer service.
- Simple and versatile loans
The products are easy to understand and managed. Banking arrangements don’t need to be changed.
- You get what you pay for
The products contain all the essential features you are looking for in a home loan. You don’t pay for those that you don’t need.
- You can save more
ChoiceLend does not charge ongoing monthly fees.
- The flexibility that matches your needs
Repayments can be done fortnightly, monthly, or weekly. You’re also free to stay with your present bank. You’re not required to transfer your bank account.
A redraw facility makes it easier for you to make additional variable home payments. You just need to use your ChoiceLend debit card at EFTPOS or most ATMs. Using NAB ATMs are free. Fees may apply for other types of ATMs.
- Easy to manage
You can manage your account 24/7 via secure phone and online channels with StarCall and StarNet.
Downsides of ChoiceLend Home Loans
There are always two sides of a coin. Below are some downsides you might want to consider before applying for a loan:
- No branch access
- Credit scoring is probably difficult
- People with a bad credit history will probably not be entertained
- No offset accounts are available
- Low doc loans are not possible
- Loan processing is quite slow
Will ChoiceLend’s rates remain competitive?
Yes, for the time being. Variable rates will remain competitive. These will only change if ChoiceLend decides to modify rates after the RBA announces the cash rate.
Your mortgage will return to the standard variable rate or its equivalent package interest rate once the fixed rate ends. If this sounds confusing, you can ask the mortgage broker to do the legwork for you. You will then choose from a selection of lenders to ask for better pricing.
Who’s Eligible to Apply for a Home Loan with ChoiceLend?
Each loan product has specific eligibility criteria. Some of these apply to all products, such as the minimum age requirement and source of income.
You will also be required to submit documents such as proof of identification, assets, liabilities, and income. This will be used to verify the information you provide during the application.
Find Affordable Home Loan Deals with Makes Cents
ChoiceLend home loans don’t have offset accounts. This may be a drawback for families with dual income that require a daily transaction account.
If you feel ChoiceLend is not a suitable match, there are other great loan products available. A comparison website like Makes Cents will help you find the perfect product in just one click.
Our ChoiceLend Home Loan Review is just one of many. You can also read reviews on many more Home Loan Reviews at MakesCents.