Homestar Finance specialises in online and phone-based lending with competitive rates.
As a non-bank lender, Homestar functions without the normal costs associated with bank branches and is able to pass its competitive operating costs on to the consumer.
All funds from Homestar are securely backed by major international banks. If you are a first home buyer, are looking into investment opportunities or in need of construction funds, Homestar may have a financing option for you. The company’s range of loan options come with competitive features and are structured to fit specific niches in the home loan market.
Home loans provided by Homestar
Homestar Fixed Rate Home Loans
Homestar’s Fixed Rate Home Loan are designed for customers looking for certainty with their home loan repayments. The loan is available to first home buyers, investors or people looking to refinance an existing home loan. Key features include flexible repayment and loan structure options, the ability to make extra repayments as well as the ability to pay interest only for a period of up to five years.
Homestar Variable Home Loans
Homestar’s Variable Home Loan has no application, settlement or annual fees. The loan can be converted to a fixed rate at any time. Repayments can be made for principal and interest or interest-only, and extra repayments can be made without penalty.
These loans also come with a 100% offset account that allows you to easily access your money if you need to redraw against the loan. The offset account comes with a Visa debit card to access your funds.
Homestar Construction Home Loan
This is a variable rate loan for borrowers who want to buy land and build their own home on it, renovate their existing home or complete a full knock-down and rebuild of a property. Five to six progress payments are made during the various construction phases, and you are only required to make interest payments on the loan during this time. Interest is only charged on the funds you have used from the loan. This loan converts to one of Homestar’s Variable loans once construction is completed.
How to apply for a Homestar home loan
Homestar makes it very easy to apply for a home loan online. Here’s how:
- Submit a pre-approval application. You can submit an application to be pre-approved for your loan through a mortgage broker. Your mortgage broker will ask for details about your income, your contact information and the type of loan you want. You also need to let them know the purpose of the loan and the repayment type.
- Your mortgage broker will help you through the process. After submitting a pre-approval application, your mortgage broker will then help you with your application all the way through settlement.
- Shop around for building insurance. You will need to have building insurance on the property you are buying before your application is processed to completion.
What do you need to apply for a Homestar home loan?
To apply for a Homestar home loan you'll need to provide information about your income, the property you're buying/using as security, your debt and asset information and personal information such as your contact details and identification details.
Homestar offers multiple lending options to home buyers and investors. Look into the different home loan options before deciding on one loan, and compare home loans to find the best package for you.