Compare home loans from Easy Street to see if you can save on interest.
Easy Street is a division of Community First Credit Union, which is the biggest credit union in Sydney. It prides itself on offering excellent products and efficient service.
Easy Street offers a variety of products and services including savings accounts, loans, insurance and internet banking. One of its best range of products are its home loans.
Special rate for new borrowersThis loan has a special interest rate for new borrowers taking out an owner-occupied principal and interest loan with a maximum LVR of 95%. To qualify, borrowers must be unconditionally approved by 30 June 2018 and funded by 30 September 2018. Other conditions may apply.
Easy Street home loans comparison
Who is Easy Street?
Easy Street is a division of Community First Credit Union, the biggest credit union in Sydney. As part of Community First, you can have the peace of mind that Easy Street is licensed and regulated like all Australian banks. Because Easy Street only offers its products online, it cuts down on overheads and can pass on competitive deals to you.
Home loans offered from Easy Street
Easy Street has designed their loans are designed to be as simple as possible. Here are Easy Street's loans.
Easy Street Honeymoon Home Loan
The Honeymoon Home Loan from Easy Street offers customers a great introductory period and then reverts back to the basic variable rate. This loan is designed to save you money during the first year of the loan, which can be very expensive.
This loan has a low capped interest rate for the first 12 months. This lets you have the security of knowing exactly what your loan repayments will be for the first year of the loan, so that you can budget your finances better after your big move.
After the introductory period, the rates will revert back to those of the basic variable loan which has the added benefit of not having any monthly fees or any ongoing fees. The application fee is $500, which will cover the legal and the valuation fees for the property. In addition to this, borrowers are able to make additional repayments of up to $25,000 every year for no charge. So in addition to your payments every week, fortnight or month, you can make additional repayments so that your loan can be paid off faster and without any penalties.
In addition to this, there is a free redraw option which has no minimum amount. Your borrowing power will be the same, as loan amounts start from $50,000 and can be up to 80% of the property’s purchase price. There is also a 100% offset account that is attached to this loan.
Easy Street Fixed Home Loan
The Fixed Home Loan from Easy Street allows you to be protected against increasing interest rates. You’ll always know precisely what the repayment amounts will be for your home loan for the next two or three years - depending on what you choose. This is a great way for to establish a budget and to have more control over your finances.
The terms for this loan allow you to have to borrow as much as 80% of the property’s purchase price. The minimum amount for this loan is $50,000.
Another great feature is that this loan does not have any monthly fees or any ongoing fees. The application fee is $500, which will cover your legal fees and the valuation fees for the property. Like the Honeymoon Home Loan, the Fixed Home Loan allows you to make additional repayments of up to $25,000 every year at no extra charge. These additional repayments can see you pay your loan off early.
There’s also a free redraw facility with this loan, which has no minimum redraw amount.
Easy Street Basic Variable Home Loan
The Basic Variable Home Loan from Easy Street is designed to be a straightforward and simple home loan that offers a very competitive ongoing rate. It allows borrowers to have as much as of the property’s purchase price. The minimum loan amount is .
This loan does not have any monthly fees or any ongoing fees. There’s an application fee of , which will cover your legal fees and the valuation fees for the property. This loan also gives you the ability to make additional repayments, which can shorten the life of your loan, and these are fee-free.
As with many Easy Street loans, there’s also the ability to redraw additional repayments made on your loan, and this has no minimum amount.
Easy Street Split Loan
The Split Home Loan allows you to take advantage of both a fixed loan and a variable loan by being able to have both. This lessens the effects of interest rate increases and enables you to take advantage of the interest rate when it is lower.
This is a great option, as it allows you to choose the loans that you think will be best for you. It is especially useful when you cannot decide between a fixed or a variable loan, as you get the benefits of both.
How to apply for a home loan from Easy Street
In order to be eligible to apply for a home loan from Easy Street, you will have to be a resident of Australia and you must be 18 years old or more.
Since Easy Street only operates online, the application for a home loan is completed online. There are only six steps and the form can be completed in as little as 10 minutes if you have the required information on hand. The information that you provide Easy Street with is in a secure form and when you submit it, the information will be assessed by the loan reviewing team. After your application has been submitted, you will receive a response from Easy Street within 48 hours regarding your home loan application.
You will have to provide quite a lot of information for the application process as it progresses. Here is a list of what you will need:
- You will need to provide the details of your salary and for any other income that you receive - this includes any rent or dividends that are paid to you
- If you are self employed, then you will have to provide your income figure from your tax return from the last tax year
- You will have to provide the contact information for your current employer (their name, address and telephone number)
- If you have been employed at your existing job for less than three years, you will have to provide the contact information for your previous employer
- You will have to provide the number from your driver’s licence
- If you have been living at your current address for less than three years, you will have to provide your previous address
- You will have to provide the details of any assets and liabilities that you have. This will include your home and the value of any other property that you own, the value of your investments and savings, any shares that you own, your life insurance policy, and any vehicles and personal effects that you own that can be considered assets or liabilities
- If you are applying for a mortgage for a new home and already have an existing mortgage, you will have to provide the details of your current monthly mortgage payments
- If you are currently renting or boarding, you will have to provide the contact details for your landlord or your real estate agent. You will have to provide their name and their contact telephone number
- You will also have to provide the details of your current monthly financial commitments. This includes payments that you make for any other loans, or credit cards or any store card accounts that you have.