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ChoiceLend Home Loan Review
4 out of 5
- Good interest rates and no ongoing fees.
- No branch access, strict credit scoring, and slow loan processing times.
Home Loan Experts
Founded
2009
Owned by:
AChoice Aggregation Services
Funded by:
NAB
LMI Provider:
QBE
Lender type:
Non Banks
Note: ChoiceLend is not an available lender on our panel. This is a review only.
ChoiceLend is a white-label product offered by Choice Aggregation Services, which is essentially an aggregator for mortgage brokers. The funder that sits behind Choicelend is Advantedge, a distribution arm for NAB.
That’s where it gets a bit tricky since ChoiceLend mortgages are only available through Choice Aggregation Services mortgage brokers.
Despite the conflict of interest, ChoiceLend provides simple home loans at competitive prices.
As mentioned above, ChoiceLend sell very basic home loan products in the form of a Fixed Rate Loan, a Variable Rate Loan, a Combo Loan (which is a split loan) and a line of credit.
Although there are no hidden fees when it comes to ChoiceLend home loans, their products don’t come with offset accounts, which can be a drawback for dual income families who tend to need a daily transaction account.
For the time being yes. Their variable rates are competitive, and will only change if they decide to change the rates after the Reserve Bank of Australia (RBA) announces the cash rate.
After your fixed rate ends, your mortgage will revert to a standard variable rate or an equivalent package interest rate.
The trick to getting around this is to hold ChoiceLend accountable, threatening to walk if they can’t offer you a better rate and knowing when to refinance your home loan.
If this sounds all too complicated, a mortgage broker can do it all for you and choose from a range of lenders in order to negotiate much sharper pricing.
Note: This is the latest loan application form effective August 2017. Please refer to ChoiceLend for their most up-to-date document requirements.