Take advantage of low interest rates from one of Australia's leading non-banks.
For more than 25 years Homeloans has been working to provide Australians with flexible home loans at competitive interest rates. The company strives to provide exceptional customer service and they specialise in helping customers to find the right loan to suit their specific financial situation.
Unlike banks, which tend to offer a wide variety of banking and financial products, Homeloans specialises only in home loans. This gives them 25 years of insight and awareness of exactly what their customers want and need. They have formed a healthy array of home loan products that are designed to help as many customers as possible to enter the housing market.
As a home loan specialist, Homeloans also strive to provide every customer with a highly personalised service wherever possible. It's even encouraged to call Homeloans and ask for a specific person by name, if that's the bank representative you prefer dealing with.
There are several variable rate home loans available, offering customers plenty of choice when selecting the right one to suit their needs.
Homeloans Ultra. This is the basic variable product, which is essentially a 'no frills' loan. It offers a highly competitive discounted interest rate and there are no ongoing monthly account fees charged. Flexible payment options are available, so you can make payments weekly or fortnightly instead of just monthly. Additional payments are also fine and won't be penalised. There is a redraw facility available on this loan, so it's possible to withdraw any additional payments made, if required. This loan is intended for personal use only, for purchasing, constructing a new home or refinancing an existing home loan. It is not intended for business use, even though applications from self-employed or company borrowers is encouraged.
Homeloans Ultra Plus. The Ultra Plus mortgage is also a 'no frills' home loan, but it offers an even cheaper interest rate than the Ultra product. This low interest rate is offered in exchange for a $330 annual fee. This offers an excellent way for borrowers with larger mortgage amounts to take advantage of the cheap interest rate and still save money on interest costs, despite the annual fee. The Ultra Plus loan offers the same features as the Ultra home loan, so a redraw facility is available and you can make extra payments off the mortgage without penalty.
Homeloans MoniPower. The MoniPower home loan is available at a very competitive interest rate and doesn't charge any monthly account fees. This loan also has a 100% offset account attached, which makes it ideal for any borrowers who wish to reduce the amount of interest they pay on the mortgage. This loan type is suitable for both personal and business use. Borrowers can be individuals, self-employed, companies, trusts, or non-Australian residents. It's also fine to be used for bridging finance purposes. Payments can be set to principal and Interest payments, or interest-only if required. It's also possible to adjust the payment frequency from monthly over to weekly or fortnightly for principal and interest loans. Interest-only loans have interest charged monthly in arrears.
Homeloans Prosmart Home Loan. The Pro Smart home loan offers a competitive interest rate and has a bunch of features. On top of that, you are offered a Lender’s Mortgage Insurance Waiver fee, that isn’t available on other HomeLoans products. Along with no annual fee, this mortgage is an excellent way for borrowers with larger mortgage sizes to take advantage of because of the longer minimum loan term. Redraw facilities are available and you can make extra payments on the mortgage without penalties. This loan is suitable of owner-occupiers and investors.
For those borrowers who would rather lock in the interest rates over a fixed term, Homeloans does offer some very competitive fixed interest rates.
The rates available are very dependent on the base type of home loan chosen. This is because the loan will revert to a variable rate once the fixed term expires, so it's important to choose the correct home loan type.
Rates also vary depending on the loan-to-value ratio (LVR). You are able to borrow up to 95% of the property value on a fixed rate home loan. However, an additional discount off the advertised fixed rates is available for those customers with a LVR lower than 75%.
Homeloans offers customers a highly flexible line of credit mortgage. This type of home loan can be treated as a transaction account as well as a mortgage, where you're able to withdraw funds whenever you want up to the available credit limit.
It's possible to credit your salary directly to the home loan account, which actively reduces the amount of interest you pay. You then access your funds as you need them throughout the month.
Payments are made based only on the amount of interest due, and interest is calculated only on the outstanding balance, not on the total credit limit.
The line of credit home loans are suitable for personal use and can be used to purchase a property, refinance an existing loan or consolidate debts. This loan is not suitable for purchasing vacant land or for construction purposes. It's also not suitable for business purposes.
You are able to borrow up to 90% of the property value on a line of credit home loan. Keep in mind that Lender's Mortgage Insurance fees may apply if you exceed 80% of the property value.
HomeLoans Ultra Line of Credit. The Ultra line of credit account is available at a discounted interest rate and doesn't have any monthly account fees charged.
HomeLoans Ultra Plus Line of Credit. The Ultra Plus line of credit is almost identical to the Ultra product in terms of setup. The primary difference is that this loan is available at an even cheaper interest rate. The reduced interest rate is offered in return for a annual fee. This offers borrowers with larger loan amounts to save money on interest costs overall.
HomeLoans MoniPower Line of Credit. The MoniPower line of credit can be operated like an all-in-one account. This loan allows you to credit your salary into the account. Unlike regular lines of credit, this particular loan also allows you to set your payments to Principal and Interest, rather than just Interest-Only. Setting the payments to Principal and Interest will mean that the available credit limit on the account will begin to reduce as you make more payments. Yet you can still operate the account the same way you would use a normal line of credit.
Homeloans Prosmart Line of Credit Loans. The Prosmart Line of Credit loan is suitable if you’re purchasing a home, refinancing so looking to consolidate your debts. You can borrow up to 90% of the purchase price and is only available as a variable interest loan. Interest-only repayments can be made on a either a fortnightly or monthly basis. You can have the option of splitting your loan if you package your loan with the Prosmart Variable Home loan. You can have a credit card linked to your account, as long as you have a minimum of $500. Additional repayments are free, but compensates for the annual maintenance fee of $150.
Homeloans Line Of Credit Home Loans
Lo Doc Home Loans
HomeLoans does offer a range of lo doc home loans. These are ideal for self-employed borrowers who aren't able to show a full set of financial documents to verify income. The amount of documentation required is greatly reduced, making it much easier for self-employed applicants to access the funds they need.
The maximum amount you can borrow on a low doc home loan is limited to 80% of the property value. Keep in mind that low doc borrowers are required to pay lender's mortgage insurance for exceeding 60% of the property value.
The home loan types available for low doc borrowers include the variable products, such as the Ultra, the Ultra Plus and the MoniPower loans. Fixed rate home loans and lines of credit are also available.
Only the HomeLoans MoniPower loan type is suitable for business use. The remaining loans are designed for personal and investment use by self-employed borrowers.
Applying for a Homeloans Home Loan
The application process with Homeloans is very simple and convenient. It's possible to make an appointment to discuss your financial needs with a Homeloans consultant at a time to suit you.
The consultant will happily come to visit you at a place that is convenient for you and discuss the range of mortgages available. This will make it much easier for you to determine which one is most likely to be most suitable for your financial needs and goals.
Pay no application or ongoing fees and get access to a redraw facility and flexible repayment schedule. Get $1,000 cash into a USaver account when you apply for a loan of $200,000 or more. Terms and conditions apply.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.