ChoiceLend Home Loan Review

There’s more to it than you think
  • 60%

    Market average loan approval rate

    Approximately 40% of home loan applications were rejected in December 2018 based on a survey of 52,000 households completed by 'DigitalFinance Analytics DFA'. In 2017 to 2018 Hunter Galloway submitted 342 home loan applications and had 8 applications rejected, giving a 2.33% rejection rate.
  • 97%
    our loan Approval rate
  • 1212
    5 star Reviews on google

You could say that ChoiceLend wears a few different hats as it’s essentially a mortgage broker within its own right. While it is not on our lending panel, I thought I’d share with you what’s it has to offer.

So if you’re thinking about setting up your home loan with ChoiceLend then you need to realise that you’ll only be able to use Choice Aggregation Services mortgage brokers (so no help from us, sorry). Even though this is the case, they still do provide some competitive rates which makes it worthwhile considering.

So let’s get started with my review on ChoiceLend and see if this one-stop shop is really as good as it sounds.

Note this review, interest rates and product information are correct as at 21st February 2019 and all of this information is subject to change without any further notification. Any applications for credit are subject to meeting the specific bank’s criteria and the decision is at their final discretion.



What are ChoiceLend Home Loans like?

The top 5 things ChoiceLend are good at:

  • Competitive Interest RatesChoiceLend offers sharp interest rates because it is only an online business, with no physical branches. 
  • Backed by a big bankChoiceLend is backed by NAB, one of Australia’s largest banks.
  • No frills approachSimple products with no monthly or ongoing fees make it a low cost, effective solution.
  • Construction loansChoiceLend provide construction loans, which means that if you’re ready to build, it might be a good option for you.
  • DiscountsFor those willing to pay an annual fee, you’ll be offered a discounted rate which could work out better for you in the long run.


brisbane riverfront property


The top 5 things ChoiceLend aren’t so good at:

  • No branch access or face to face accessIf you’re someone who really likes meeting face to face or simply prefers stopping into a branch to sort things out, then ChoiceLend can’t help you there. Also with no face to face access, if you prefer to meet with them face to face, then this might not be the best option for you.
  • Bad Credit – If you have a bad credit history, it could be difficult for you to get a home loan approval with ChoiceLend. I recommend finding another bank that offers leniency for those who have bad credit.
  • No offset accountsChoiceLend doesn’t provide offset accounts, sorry in advance.
  • Low DepositIf you’ve got a low deposit then you probably won’t benefit from working with ChoiceLend because its interest rates aren’t that great for low deposit applicants.  
  • Customer Satisfaction – Looking online, ChoiceLend has some pretty poor reviews with Product Review ranking them at 1.8 stars out of 5. 


What are the different home loan products they offer?

ChoiceLend provides some really basic home loan products, but its main offerings are Fixed Rate Loan, Variable Rate Loan, Combo Loan and Line of Credit. One of the benefits of it is that there are no hidden fees yet something that deters potential customers is that there are no offset accounts, which can make it hard for those who prefer a daily transaction account.

But as always, with low costs, come other compromises, so let’s dive right in.

Some of the general offerings of ChoiceLends loans for fixed or variable home loan features include

  • ✅ Owner-Occupied/Investment
  • ✅ Principal & Interest or Interest-Only
  • ✅ 30-year maximum loan term
  • ✅ Unlimited loan splits available
  • ✅ Weekly, monthly or fortnightly repayment options
  • ✅ Ability to make additional repayments (limits apply on Fixed)
  • ✅ Easy repayment options: salary credit/direct debit
  • ✅ Unlimited loan splits available
  • ✅ PAYG/Self-employed
  • ✅ Individuals/Companies/Trusts
  • ✅ Manage your home loan funds via the internet, phone, BPAY (In)®
  • ✅ Fixed vs Variable loan features


Read More: 10 [simple] Tips for Choosing the Best Home Loan in Brisbane ✅ ✅ ✅


  • ChoiceLend Fixed Rate Loan

ChoiceLend Fixed Rate Loan is an effective rate lock option if you’re looking to fix your loan. In some cases, you may qualify for a discounted interest rate and you’ll have to option to make interest-only or principal and interest payments. It allows additional repayments of up to $20,000 per fixed rate term so if you’re supercharging through your repayments then you have the option to pay it down faster. You’ll also have the choice to set up a fixed rate for a one year to five-year timeframe.

  • ✅Additional repayments of up to $20,000 per fixed rate term.
  • ✅One to five-year timeframe available.
  • ✅Choose between weekly, fortnightly or monthly repayments.
  • ✅No monthly account-keeping fees.
  • ✅The loan can be split up to four times and you’ll be eligible for an interest in an advanced option.
  • ⛔No redraw facility.
  • ⛔Fixed rate fee: $395 to lock the rate.
  • ⛔Loan processing fee $250


  • ChoiceLend Variable Rate Loan

ChoiceLend Variable Rate Loan offers a few more features than the fixed rate, with a redraw facility available. You’ll be able to benefit from any rate decreases during the course of your loan and it provides further flexibility than the fixed rate option. This loan package is offered on construction loans or vacant land. You’ll also be able to access your funds directly from a debit card or ATM so you can have peace of mind. This loan offers also provides unlimited repayments so you can put in extra funds at any time.

  • ✅ Redraw facility available.
  • ✅ Access your funds using a debit card or ATM.
  • ✅ Unlimited repayments.
  • ✅ No monthly fees and the same repayment options as the fixed rate loan.
  • ✅ You can split the loan up to four times.
  • ⛔ Loan processing fee $250


  • ChoiceLend Construction Loans

One of ChoiceLends best packages is the Construction Loan, and this loan can be offered for the total cost of constructing your home or just a portion of the building contract. For the building contract, you will simply pay interest as progress repayments are made to your builder. This flexibility means that you can choose a repayment style that suits your current situation.

  • ✅Redraw facility available.
  • ✅Access your funds using a debit card or ATM.
  • ✅Unlimited repayments.
  • ⛔Construction Drawdown Fee of $300
  • ⛔Construction Admin Fee $13
  • ⛔Loan processing fee $250


  • ChoiceLend Combo Loan

The Combo Loan gives you potentially what some would call, the best of both worlds.

Do you want tomato sauce AND mayonnaise with that sandwich? Well, you got it. Or maybe beef and reef for dinner? Well sure. Or what about buying a Porche and a Ferrari? Umm, why not?

The Combo loan allows you to fix up to 50% of your loan and you’ll be eligible to qualify for an interest rate discount. There are no monthly fees and the repayments will remain the same throughout the fixed rate period.

  • ✅ Redraw facility available.
  • ✅ Unlimited repayments.
  • ✅ No monthly fees and the same repayment options as the fixed rate loan.
  • ⛔ Loan processing fee $250


  • ChoiceLend Line of Credit

The ChoiceLend Line of Credit option provides you with an attractive variable interest rate with the flexibility to withdraw funds available in line with your daily limits. This is the ultimate flexibility because you’ll always have access to your funds through your debit card. But be careful because you’ll gain interest on the amount you withdraw, and if you decide to move, you’ll take the line of credit with you. While on the plus side, there are no monthly fees and you can make additional repayments for free.

  • ✅ Access your funds using a debit card or ATM.
  • ✅ Unlimited repayments.
  • ✅ No monthly fees and the same repayment options as the fixed rate loan.
  • ✅ You can split the loan up to four times but there is a minimum requirement of $20,000 per split.
  • ✅ The Line of Credit can be combined with a ChoiceLend home loan.
  • ⛔ Loan processing fee $250

Mortgage Broker Brisbane


What are ChoiceLend’s Interest Rates?

ChoiceLend offers a variety of loan products and interest rates to suit, but as explained above, it does come with some fine print. Depending on the loan package the interest rates can be competitive, but they aren’t quite as low as some other lenders like Suncorp or BOQ.


Read More: 16 [easy] tips to Find the Best Mortgage Broker


What documents does ChoiceLend need for a home loan?

ChoiceLend’s application is fairly standard compared to most banks and assuming you are a salaried employee and you are purchasing your first home they would ask for:


  • ☑️ Two of the three most recent computer generated payslips, and at least ONE of the following:
  • ☑️ 3 months personal bank statements from a financial institution showing regular salary credit
  • ☑️ Australian PAYG Payment Summary for the most recent financial year
  • ☑️ ATO tax return for the most recent financial year
  • ☑️ Current employment contract OR letter from employer
  • ☑️ 100 point identification form and copies of supporting documents
  • ☑️ Verification of any rental income or other income

Plus if self-employed:

  • ☑️ ATO Tax Returns and ATO Tax Assessment Notices for the last two financial years for both individuals, business entities, companies or trusts including balance sheet and profit and loss statements

And for companies and trusts:

  • ☑️ ATO Tax Returns and ATO Tax Assessment Notices for the last two financial years including balance sheet and profit and loss statements
  • ☑️ ATO Tax Returns and ATO Tax Assessment Notices for directors/guarantors for the last two financial years

Read More: Home Loan Process [Step-by-step guide] 

ChoiceLend-Home-Loan-application form


How do I apply with ChoiceLend?

If you think ChoiceLend is right for you then you’ll need to get in touch directly with Choice Home Loan’s mortgage brokers. You’ll need to meet the basic eligibility criteria as per below too:

  • You must be aged 18 years or older
  • You must be an Australian resident

As part of the application process, you’ll need to provide the following information:

  • Details of all income sources
  • Details about all your liabilities and assets
  • Number of dependants

Would you like to know your borrowing capacity? Chat with our home loan experts to see what you can afford.



How is a mortgage manager different from regular banking?

While a mortgage broker and mortgage manager sound almost the same, the difference in their role is huge.

Here’s an example:

Hunter Galloway act as mortgage brokers, so basically we have a panel for over 30 lenders to choose from, so when a client comes to us looking for the best loan package we offer an unbiased choice of lenders to the applicant so that they can find a lender that suits their situation.

We act as a middle ground between the lender and the applicant. Once you set up the loan – it is then taken over by the lender, and the mortgage broker will check in with you over the course of the loan to ensure that everything is going smoothly.

A Mortgage Manager on the other hand sources funds directly from finance wholesalers who do not necessarily have a retail presence. Due to this they often have fewer overheads because of no bank branch networks and they continue to manage your loan.

They set up your loan directly and then manage it until it’s repaid in full. They are your main point of contact. 

Mortgage Broker Brisbane


What are some of ChoiceLend’s Customer Reviews?

These aren’t grreeeaattt….

ChoiceLend Home Loan Review

Source: Product Review


A lot of the feedback online is around very slow processing times, really poor internet banking and after service…

ChoiceLend Home Loan Reviews

You can do some further reading yourself at Product Review, as we mentioned above we do not have Choice Lend on our panel so we haven’t dealt with them directly.


How does ChoiceLend compare to other banks?

Overall each Bank, and Credit Union has its own advantages and disadvantages which will come down to your personal situation.

Mortgage Broker Brisbane

The Hunter Galloway Mortgage Broker Brisbane team is here to help. We have a team of home loan experts.

So does ChoiceLend sound like it’s for you? Speak to our team of mortgage brokers for a free consultation to figure out which home loan option is best for you.

Talk to one of our mortgage brokers calling us on 1300 088 065 or complete our free assessment to find out more details and see if they are a good fit for you.

Why Choose Hunter Galloway As Your Mortgage Broker?
Mortgage Broker of the Year
in 2017, 2018 and 2019
The highest rated and most reviewed
Mortgage Broker in Brisbane on Google
One of the lowest rejection rates

across Mortgage Brokers in Australia

Approximately 40% of home loan applications were rejected in December 2018 based on a survey of 52,000 households completed by 'DigitalFinance Analytics DFA'. In 2017 to 2018 Hunter Galloway submitted 342 home loan applications and had 8 applications rejected, giving a 2.33% rejection rate.
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