5 minute read.

ChoiceLend Home Loan Review

Who are they and what are they good for?

Check to see if you are eligible for a home loan

You could say that ChoiceLend wears a few different hats as it’s essentially a mortgage broker in its own right. While it is not on our lending panel, this ChoiceLend home loan review will show you what it offers.

So if you’re considering setting up your home loan with ChoiceLend, then you’ll only be able to use Choice Aggregation Services mortgage brokers (so no help from us, sorry). 

Even though this is the case, it still does provide some competitive rates, which makes it worthwhile to consider.

So let’s get started with our 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 5 December 2022, and all of this information is subject to change without any further notification. Any credit applications are subject to meeting the specific bank’s criteria, and the decision is at their final discretion.

Choicelend Home Loan Review
Is ChoiceLend really as good as it seems?

Table of Contents

What are ChoiceLend Home Loans like?

The top 5 things ChoiceLend are good at:


  • Competitive Interest Rates.ChoiceLend offers sharp interest rates because it is only an online business with no physical branches. 
  • Backed by a big bank. ChoiceLend is backed by NAB, one of Australia’s largest banks.
  • No frills approach. Simple products with no monthly or ongoing fees make it a low-cost, effective solution.
  • Construction loans.ChoiceLend provides construction loans, which means that if you’re ready to build, it might be a good option for you.
  • Discounts. For 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.
ChoiceLend Home Loan Review
If you want to build, ChoiceLend might be the right choice for you as they are very good with construction loans

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

  • No branch or face-to-face access. If 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. 
  • 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.
ChoiceLend Home Loan Review
If you have a bad credit history, you might find it difficult to get your home loan approved by ChoiceLend.
  • No offset accounts. Sorry in advanceChoiceLend doesn’t provide offset accounts.
  • Low Deposit. If you’ve got a low deposit, 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. Product Review ranks 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 Loans, Combo Loan and Line of Credit. 

One of the benefits of it is that there are no hidden fees. But as always, with low costs come other compromises. For example, customers are often deterred by a lack of offset accounts, making it hard for those who want a daily transaction account.

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

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 the 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, you can pay down your loan faster. You’ll also have the choice to set up a fixed rate for 1-5 years. 

In summary, the loan features are as follows:


  • Additional repayments of up to $20,000 per fixed rate term.
  • 1-5 year timeframe available.
  • Choose between weekly, fortnightly or monthly repayments.
  • No monthly account-keeping fees.
  • The loan can be split up to 4 times, and you’ll be eligible for an interest discount in an advanced option.
  • No redraw facility.
  • Fixed-rate fee: $395 to lock the rate.
  • Loan processing fee of $250

ChoiceLend Variable Rate Loan

ChoiceLend Variable Rate Loan offers a few more features and flexibility than the fixed rate. It has a redraw facility available, and you’ll be able to benefit from any rate decreases during the course of your loan. 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 that you can have peace of mind. This loan also provides unlimited repayments so you can put in extra funds at any time.

In summary, the loan features are as follows:


  • 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 of $250

ChoiceLend Construction Loans

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

The construction loan is one of ChoiceLend’s best packages.

In summary, the loan features are as follows:


  • 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 of $250

ChoiceLend Combo Loan

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

Do you want tomato sauce AND mayonnaise with that sandwich? Well, you got it. Or 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 for an interest rate discount. There are no monthly fees, and the repayments will remain the same throughout the fixed rate period.

In summary, the loan features are as follows:


  • Redraw facility available.
  • Unlimited repayments.
  • No monthly fees and the same repayment options as the fixed-rate loan.
  • Loan processing fee of $250
The Combo Loan gives you the best of both worlds.

ChoiceLend Line of Credit

The ChoiceLend Line of Credit option provides you with an attractive variable interest rate plus the flexibility to withdraw funds available up to 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. On the plus side, there are no monthly fees, and you can make additional repayments for free.

In summary, the loan features are as follows:


  • 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 of $250

What documents does ChoiceLend need for a home loan?

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



  • 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
ChoiceLend-Home-Loan-application form

How do I apply with ChoiceLend?

If you think ChoiceLend is right for you, you’ll need to contact Choice Home Loan’s mortgage brokers directly. You’ll also need to meet the basic eligibility criteria:


  • 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

How is a mortgage manager different from regular banking?

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

Here’s an example:

Hunter Galloway acts as mortgage brokers, which means we have a panel of 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, the lender takes it over, and the mortgage broker will check in with you throughout the loan to ensure that everything is going smoothly.

On the other hand, a Mortgage Manager sources funds directly from finance wholesalers who do not necessarily have a retail presence. Because of this, they often have fewer overheads since they have no bank branch networks. They set up your loan directly and then manage it until it’s repaid in full. They are your main point of contact. 

What are some of ChoiceLend’s customer reviews?

These aren’t grreeeaattt….

ChoiceLend home loan review

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

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.

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

Unlike other mortgage brokers who are just one-person operations, we have an entire team of experts dedicated to helping make your home loan journey as simple as possible.

If you want to get started, please give us a call on 1300 088 065 or book a free assessment online to see how we can help.

Hunter Galloway - Our Dedicated Team
Our team of home loan experts is here to help you buy a home in Australia

Further reading for Home Buyers…

Why Choose Hunter Galloway As Your Mortgage Broker?

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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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