If you are looking for a home loan that rewards you for having a larger deposit and can be used for a range of reasons, consider the Firstmac Home Loan.
The Firstmac Home Loan is a variable rate home loan which can be used for buying a home, as well as investment and construction purposes. It also comes with a 100% offset account, which can save you thousands on your home loan, and offers discounts for having a deposit of 20% or more.
Things to consider about the Firstmac Home Loan
|Product Name||Firstmac Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Maximum Loan Amount||$2,000,000|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$0 p.a.|
- No application fee, ongoing fee and discharge fee.
- 100% offset account .
- $220 valuation fee.
- $300 settlement fee.
The Firstmac home loan is noted for its flexibility. It offers a 100% mortgage offset, no maximum on the amount of additional repayments you make, and a split loan option. It’s an all-in-one product that lets you borrow up to 90% of the home value. This home loan is available for both first-time home buyers and property investors.
Features of the Firstmac Home Loan
- Purpose. This loan is available for a range of buyers, including those looking to buy or build their own home and those looking to invest in property. Note that the comparison rate can vary when taking this loan out for construction purposes.
- Flexible repayment frequency. Pay when it’s more convenient for you, whether that be weekly, fortnightly or monthly.
- Unlimited extra repayments. While other lenders may place a maximum limit on the amount of additional repayments you can make, Firstmac gives you the option to make additional repayments whenever possible. This can potentially help you save thousands of dollars over the life of the loan.
- Loan amount. You’re able to borrow up to 90% of the property value on loan amounts up to $2,000,000.
- Split loan facility. Firstmac lets you split your loan between fixed and variable, letting you take advantage of the benefits of both.
- Redraw facility. This is a useful feature that lets you access any additional repayments you have made.
- 100% offset account. Manage your money better with the mortgage offset facility from Firstmac. It lets you save money on your repayments by offsetting your principal loan amount with your savings account.
Fees you can avoid
- Application Fee. This loan from Firstmac doesn’t come with an application fee.
- Ongoing Monthly Fee. There are no ongoing monthly service fees with this loan.
Fees you can’t avoid
- Valuation Charge. $220 or at cost. This covers the cost of Firstmac having an independent valuation carried out on your property.
- Settlement Fee. $300. The settlement fee covers the cost of arranging your loan funds to be available.
How to apply for the Firstmac Home Loan
To apply for a Firstmac home loan, you need to provide personal and employment information such as identification, recent payslips, or tax records if you are self-employed. Below is the outline of the documents required:
- Employment information. Providing your recent payslips to Firstmac is a core requirement for the processing of the loan application.
- Asset and liabilities information. It’s important to present any assets that will help you pay off the loan. Similarly, you also need to provide all information regarding any outstanding liabilities.
- Property information. You must get a valuation of the property that you intend to purchase. This should include the property title to ensure that you are buying from the rightful owner of the property.
- Sales contract information. Before the sale can be finalised, Firstmac must first be able to receive the contract for the transaction.
There are many benefits to choosing Firstmac as your home loan provider.
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Firstmac Home Loan Review Interest Rate History vs RBA Cash Rate Graph
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