Finty
LCA

LCA Bare Home Loan

Variable rateRedraw

loans.com.au's Bare Home Loan is a no‑frills mortgage designed for straightforward home financing, offering competitive variable rates with principal and interest repayments only. Borrow up to $3,000,000 (up to 90% LVR), make unlimited extra repayments, and access funds anytime with a convenient redraw facility - all with no ongoing fees.

Written byDavid Boyd
Interest rate a year, from
6.19%
Comparison rate
6.23%
Upfront fees
$300
Annual fee
Not published
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.19% (variable, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,671
Total repayments
$1,321,532
Interest
$721,532

Rates

Every rate LCA publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestUp to 90%6.19%6.23%
VariableInvestmentPrincipal and interestUp to 90%6.49%6.53%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
$300
Annual fee
Not published
Monthly fee
Not published

Features

Offset account
No
Redraw
Yes
Highest LVR
90%
Loan amount
From $50,000 up to $3,000,000

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

6.19%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.23%

For the same rate. Typical is 6.70%.

Upfront fees

$300

Typical upfront fees are $600.

Smallest deposit

10%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • A lower variable rate. 6.19%, below the typical 6.62%. On a $600,000 loan, every 0.10% less saves about $600 a year in interest.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.