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Click Loans Home Loans Review

Click Loan

Home Loan Experts’ Review:
five star5out of5stars

Founded: 2015

Owned by: Australian Credit and Finance

Funded by: Macquarie and Pepper

LMI provider: Genworth

Lender type: Non-bank

Click Loans is not an available lender on our panel. This is a review only.

One of the newest non-bank lenders on the market, Click Loans are owned by one of Australia’s largest mortgage brokerages, Australian Credit and Finance.

Compared to other lenders out there, it’s fairly quick and easy to apply for a home loan because Click Loans are a completely online business.

The question you have to ask is whether you’re willing to sacrifice the personal touch that a broker can provide in favour of convenience.

How do Click Loans’ home loans compare?

They’re great at

  • Cheap interest rates and loan establishment fees
  • Simple home loans with easy setup
  • Application process is completely online making it easier and faster
  • Click Loans can verify your identity using ZipID which means it’s more convenient and a time-saver for you
  • Low interest rates means it’s a good option for refinancing

But they’ve got some drawbacks…

  • You won’t be given a comparison with other lenders
  • Funders Pepper and Macquarie are conservative when assessing property types (security) and your income
  • Click Loans’ staff don’t have a lot of expertise in someone wanting to purchase a property
  • Rapid growth has meant that many of their staff are not credit experts
  • No branch access
  • No low doc options

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What types of mortgage products do they offer?

Click Loans offer a few variable rate home loan options and they’re fairly easy to apply for.

Their variable rate products are the Online Prime Loan, Maxi Loan and their Basic Loan Package.

They also offer an online offset account, however, Click Loans require investors to have at least a 10% deposit.

Meanwhile, their prime loan doesn’t come with this offset feature, you need a 20% deposit and there is no interest-only option, which is a drawback for investors wanting to maximise their cash flow.

We know other lenders that will allow investors to borrow up to 95% of the purchase price.

Their most basic option, the Click Loans Online Loan, is good if you want to get a great interest rate but the problem is that the upfront and ongoing fees can be high depending on your Loan to Value Ratio (LVR) and the nature of your financial situation.

For example, they generally don’t offer low doc home loan solutions.

Will I keep getting their low interest rates?

It’s important to keep in mind that Click Loans are really no different to other lenders out there, even the major banks.

The promise of a really competitive interest rate is enough to entice most borrowers to choose Click Loans but your rate will likely be hiked over time, particularly after your fixed interest rate period.

By working with a mortgage broker, they will not only assess your needs and recommend the right lenders and products for you but they will help you to manage your mortgage over the life of your loan.

That means making sure that you’re still getting a competitive interest rate and refinancing your loan if need be, whether you want a cheaper interest rate, better customer service or a lender that will accept your current financial situation.

We have nearly 40 lenders to choose from so chances are that we can find the right lender for you!

Compare Click Loans to other lenders

With so many options of lenders and products out there, choosing the right one can be tough without a home loan specialist on your side.

Speak with one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.

  • FinnBal

    I’m not sure if I should keep my money in an offset account or let it sit on my saving account. What do you think?

  • Hi FinnBal, we can’t give you any financial advice but generally, your home loan interest rate will be more than what you earn through a savings account. So instead of earning, say, 3% in interest, you can avoid paying, say, 5% for the amount that you keep in your offset account. It’s a good idea to have a chat about this with your accountant or a professional financial adviser before you make a decision.