With no application fees and no ongoing fees, Economy Home Loans could prove to be ‘economical’ for your budget.
Focusing entirely on mortgages, Economy Home Loans is able to provide an alternative lending solution for owner occupants and investors interested in buying residential property. In their product line there are three distinct home loan options designed to meet specific needs.
Who is Economy Home Loans?
Australian residents of Victoria, New South Wales, Queensland, Western Australia and Tasmania are all able to benefit from the competitively priced products from Economy Home Loans. Economy Home Loans is a part of the Loan Market Group, one of the largest family-owned loan brokers operating in Australia.
Together with their partners, Economy Home Loans approaches the home loan industry with a focused attention to product design and risk management. This allows them to offer a number of versatile and money saving home loan products. First home buyers, seasoned investors or home owners who are trying to refinance can all find a loan product to meet their needs.
Compare Economy home loans
Home loans provided by Economy Home Loans
Maxi Basic Home Loan
Designed for refinancing or for a first time home buyer who needs an affordable home loan, the Maxi Basic is a variable rate loan that can be used for financing between $50,000 and $1 million. With Lender’s Mortgage Insurance (LMI) a new loan can be obtained for up to 90% loan to value ratio (LVR) but can be capitalised to bring the LVR to 95% LVR.
There is no application fee for the Maxi Basic nor will there be any ongoing fees for the life of the loan, which can extend to up to 30 years. Repayments are flexible, allowing for weekly fortnightly and monthly repayments that can be paid using direct debit or salary credit. Extra repayments are allowed and accessible using a free redraw facility where you can make unlimited deductions of a minimum of $100.
Platinum Basic Home Loan
The Platinum Basic is a variable rate loan for those borrowers who need $250,000 or more towards an investment property or to refinance. Like the Maxi, this loan allows for interest-only repayment options for the first ten years. Repayments can be directed debited or credited from your salary on a weekly, fortnightly or monthly basis.
This loan package also lets the borrower make extra repayments which can be withdrawn at any time using the free redraw facility. There is a $299 application fee that is payable at settlement, but there are no monthly or annual fees over the life of the loan.
Free Start Home Loan
The Free Start is a home loan whose value can range from $50,000 to $1 million. There are no ongoing or application fees for this variable rate home loan making it an option to consider for both owner occupants and investors for a purchase or refinance. You have the option of borrowing up to 95% LVR with LMI or avoid the extra expense of insurance and borrow 80% LVR.
Structure this loan to work with your circumstance by opting to make weekly, fortnightly or monthly repayments, or choose to pay interest only for up to ten years. Extra repayments are allowed and can be accessed using a free redraw account at a minimum of $250 per transaction.
Benefits and considerations of an Economy home loans mortgage
- Flexible repayments. With all of the home loans offered you can choose the repayment schedule that works with your budget or even set it up to make interest only repayments and use that extra money towards investments.
- LVR. For a home buyer with limited cash for a down payment, having a loan that allows for 95% LVR can help to get you into a home quicker.
- Pre-approval. Economy Home Loans offers a pre-approval program to give you the peace of mind in knowing how much house you can afford before starting to shop for one.
- Fees. There are two home loans available where the application fee is not charged.
- Other products. Economy Home Loans only offers home loans, so you can’t bundle your package with a credit card or transaction account.
- Lack of facilities. There is only one main office for Economy Home Loans and no online service to process applications. You'll be speaking to a mobile lender who will come to you and help you get started with an application.
How to apply for an Economy home loan
Economy Home Loans will send someone to you any day of the week to help you fill out your application.
- Pick your loan. Look over the comparison table above to help you decide which of the home loans products they provide is right for you.
- Call their office. Set up an appointment by phone and an experienced loan broker will meet with you seven days a week.
- Information pack. If you would like more information first you can call the office and request an info pack be sent to you.
Documents needed to apply for a Economy Home Loans home loan
All lending products including home loans require that you are able to prove your identity using a 100 point system. To help with that you will need to show one of these forms of photo identification:
- Passport. Your passport qualifies as a photo ID so long as it has not yet expired.
- Driver’s Licence. A valid Driver’s Licence meets the criteria for documentation needed to prove identity.
Before being offered final approval on a home loan, Economy Home Loans is going to need to see copies of the following documents:
- The Sales Contract. This is drawn up between you and the seller and lists the details of the sale including specifics about the property and the terms of the sale.
- The Certificate of Title. A certificate of title showing the seller's name as the owner of the property will be necessary before a loan can be approved.
- The Transfer of Land. A transfer of land document shows that as the buyer you are now listed as the registered owner of the property.
Your personal finances are also very important in order to be considered for a home loan. You’ll need to provide details regarding your:
- Income. The amount of your salary along with any other regular earnings you may receive.
- Assets. These are items you own of substantial value such as property, automobiles or investment portfolios.
- Liabilities. Your monthly financial obligations including other loans, credit cards and living expenses.