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Rates last updated October 23rd, 2017
Rates last updated October 23rd, 2017
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Homeloans Home Loans
Rates and fees last updated onHome Loans Available from Homeloans
Variable Rate Home Loans.
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.
The Ultra Variable Rate Home Loan
- 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.
The MoniPower Variable Rate Full Doc Home Loan
- 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.
The ProSmart Fixed Rate Home Loan
Fixed Rate Home Loans
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%.
Line of Credit Home Loans
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.
The Ultra Line of Credit Home Loan
- 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.
The Ultra Plus Line of Credit Home Loan
- 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.
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This page was last modified on 27 September 2017 at 10:07am.
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Ask an Expert
Possibly a 40 year loan would be right for us. Do you have a listing of 40 year home loan lenders?
Hi Bill,
Thanks for your question.
Homeloans Ltd offers a 40 year term on some of their home loans.
If you would like to compare alternatives, please see this page.
Cheers,
Shirley
Hi,
I would like to sell my current house, payback my mortgage and get a loan for a new house. Also, i’ll need finance for an investment property which will be ready in May 2014.
Michel
Hi Michel,
thanks for the question.
I’d recommend speaking to Homeloans directly regarding this matter. You can do so by clicking the ‘Go to site’ button on this page and then filling out an enquiry form. A Homeloans consultant will get back to you.
Cheers,
Marc.