Kogan Money Home Loan Review

Kogan Money Home Loan Review

Read Here for Our Kogan Money Home Loan Review:

Should You Get Home Loans from Kogan Money?

Most people prefer going to experienced and reputable banks when getting home loans. However, it is still advisable to look at new players in the industry to see how their mortgage rates compare. Kogan Money has branched out to offering mortgages in Australia, among its other financial ventures. Read along to know if Kogan Money’s home loans are options worth looking into.

About Kogan Money

Kogan Money is an Australian online retailer known for its electronics, supplies, clothes, and beauty products. Apart from being a big-time online retailer, Kogan Money has also branched out to internet and phone services, insurance, and mortgages.

While the expansion of Kogan Money to mortgages may not inspire immediate confidence, the company is backed by two traditional and established players in the industry. Pepper Money supports Kogan Money for loans to credit-impaired and self-employed followers. On the other hand, Adelaide Bank supports the mortgage documentations of Kogan Money.

What are the most important features of Kogan Money’s mortgage packages?

Both investors and owner occupiers can enjoy fixed and variable mortgage rates with Kogan Money. Here are some of the key features in Kogan Money’s rates:

·      Lending to People with Bad Credit

One of the most known key features in Kogan Money mortgages is the allowance to lend to people with bad credit. Traditionally, banks and lenders will do their best to avoid lending to people without means. However, Kogan Money seeks to financially assist people who need it the most by providing packages designed for people with credit problems in the past.

·      Size of Deposit

Kogan Money allows homeowners and investors to borrow 90% of the property’s value. This means that as long as the person has 10% of the overall value of their desired property, they will have the chance to get the property they want off the market.

·      Ability to Redraw

Many people deposit more than the minimum amount needed for repayments to shorten the repayment period over time. Under Kogan Money, people who deposit more than the minimum can withdraw the extra amount they paid from their mortgage.

·      Offset Account

Kogan Money offers home loans that come with offset accounts. When used, these offset accounts can lessen the interest paid on mortgages. There are packages with offset accounts that do not come with a free, but there are other packages that come with an offset account fee.

Get Familiar with Kogan Money Home Loans

Kogan Money has a variety of home loan packages available. Here are some of its featured packages. Note that the figures apply assuming that the borrowing amount is $150,000 to be paid over a period of 30 years.

·      Kogan Money Essential Variable Home Loan (Principal and Interest, Mostly for Owner Occupiers)

This is a variable rate mortgage that required a 20% deposit. It has a 2.77% interest rate and a comparison rate 2.79%. It does not have an ongoing fee, but it has a $150 application fee. The monthly repayment needed for this package is $616.

·      Kogan Money Essential Variable Home Loan (Principal and interest, Mostly for Property Investors)

This package allows investors to borrow 80% of their desired amount and comes with its own offset account. This has an interest rate of 3.07% and a comparison rate of 3.21%. It does not have an ongoing fee, but it comes with a $150 application fee. The monthly repayment for this package is $640.

·      Kogan Money Essential Fixed Home Loan (Principal and interest, Mostly for Owner Occupiers)

This home loan package comes with a 1-year fixed rate loan clause. It also includes its own offset account. The interest rate for this is 2.40%, while its comparison rate is 3.27%. It has an application fee worth $150. The repayment amount monthly under this package is $587.

Compare Kogan Money Home Loans and see if they are worth it

Are you looking for the right lender to approach for your home loan? If your answer is yes, try looking at Kogan Money’s packages and see if they will work for you. It is also better to compare their packages with other lenders to see what home loan package best fits your needs. Kickstart your property ownership by selecting a home loan you think is worth it!

Our Kogan Money Home Loan Review is just one of many. You can also read reviews on many more Home Loan Reviews at MakesCents. 

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