If you want a home loan that doesn’t come with the frills and fees of other loans, the Firstmac Fixed Home Loan may be the right solution for you.
A fixed rate home loan can be a smart choice if you want a home loan with repayments which won’t change from month to month. This allows you to write an accurate budget which can help you use your money for other expenses.
The Firstmac Fixed Home Loan offers fixed rate terms of two or three years so borrowers can rest easy knowing their rates won’t go up. It also offers a range of other features and low fees.
Things to consider about the Firstmac Fixed Home Loan
Firstmac Fixed Home Loan review
There are no ongoing monthly fees for this loan, which can potentially save you hundreds of dollars each year. This is a full documentation home loan, so self employed borrowers or others who can’t supply the usual full range of documents will need to compare low doc loans. Whether you are a first time home buyer or an investor, you can take advantage of this offer to buy the property you want.
Features of the Firstmac Fixed Home Loan
- Available for investment and personal purposes. The Firstmac home loan can be used to buy your home or an investment property.
- Flexible repayment options. You can choose to make weekly, fortnightly or monthly repayments, which can help you tailor your loan to your budget.
- Maximum loan to value ratio of 90%. You’re able to borrow up to 90% of property value, which is an option for first home buyers who may not be able to save up more of a deposit.
- Interest-only repayments. This flexible offering from Firstmac allows you to make interest-only repayments on loans with terms of up to ten years.
Fees you can avoid
- Application fee. This is charged to cover the initial costs which arise out of your home loan, and can cost hundreds of dollars. Firstmac doesn’t charge an application fee.
- Lender’s Mortgage Insurance. This is a fee charged if you borrow more than 80% of the property value. It covers your lender in the event that you default on your home. The cost can vary.
- Monthly fees. There are no ongoing monthly fees with this loan.
Fees you can’t avoid
- Valuation fee. There is a $220 fee which covers the cost of Firstmac getting an independent valuer to value the property you wish to use as security.
- Settlement fee. There is a $300 settlement fee which covers the settlement of loan funds.
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How to apply
To apply for a home loan with Firstmac, you need to provide personal information such as your name, employment details, address, and whether you have dependents. You will also need to provide proof of income and property documentation.
Proof of income
- Employment details. This is a basic requirement in applying for a Firstmac home loan. Firstmac will need to see your payslip and will require your employer’s contact details.
- Outstanding debt documents. If you have any debts that may hinder your ability to pay off the home loan, you will need to disclose them.
- Proof of assets. It’s important to provide the details of any assets or additional income you may have as this can improve your chances of being approved.
- Valuation: An assessment will be done on the property that you intend to purchase to determine its value. You will be asked to present the valuation form to Firstmac.
- Property title: Firstmac will want to see a copy of the property title to ensure that the seller is the actual owner of the home.
- Sales contract: Before the deal can be finalised, Firstmac needs to receive the sales contract of the transaction.
A Firstmac home loan offers significant advantages for borrowers, so if you think this might be the loan for you, add it to your comparison today.