Get some of the benefits of both fixed and variable rates with homeloanHQ's Rate Lock Home Loan
If you would like the stability of a fixed interest rate, but also want the convenience of a variable rate, then the homeloanHQ Rate Lock home loan is worth including in your comparison. The fixed interest rate is a three year term.
homeloanHQ is currently offering a $600 rebate when you settle your Rate Lock home loan.
|Product Name||homeloanHQ Rate Lock Loan|
|Interest Rate Type||Variable|
|Interest Rate (p.a.)||4.01%|
|Comp Rate^ (p.a.)||4.04%|
|Minimum Loan Amount||$200,000|
|Maximum Loan Amount||$1,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||80%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$120 p.a.|
|Early Termination Fee||$0|
- Interest only options for up to 10 years
- Extra repayments available
- Redraw facility
- Annual fee of $120
- Valuation fee starting at $660
What are some considerations about this loan?
You can use this loan for a new purchase or to refinance your current property. There are approved postcodes Australia wide that can hold your security location, the Northern Territory and Tasmania are currently excluded. Both owner occupiers and investors are eligible and only residential properties can be held as security. Substituting securities is allowed though this will incur extra legal and valuation fees.
What are the features and benefits of this account?
- Loan amount. You can borrow from a minimum of $200,000 to a maximum of $1,000,000 with this loan. However, homeloanHQ will consider loan amounts above $1,000,000 on a case by case basis.
- Loan to value ratio. You can borrow up to 80% of the property's value , which means you'll need a deposit or equity of at least 20%.
- Loan term. You can have a loan term of up to 30 years with the Rate Lock Home Loan.
- Interest only repayments. You can opt for interest only repayments of up to 10 years. This can be useful if purchasing an investment property, as interest only payments can come with tax benefits.
- Repayments. You can make repayments on a weekly, fortnightly or monthly basis using BPAY to better coincide with how often you get paid. Direct salary credit is available.
- Fixed rate options. Your loan will initially be fixed for three years and you'll have a fixed or variable option after this initial term. This gives you the ability to enjoy some security from the fixed rate in addition to the flexibility of a variable rate if rates are cut.
- Extra repayments. You can make extra repayments on this loan to pay it off earlier, but keep in mind there may be fees if the fixed rate portion is paid out early.
- Redraw facility. You can access the extra repayments you made using this facility at times of need, such as to pay for unexpected bills or even to go on a holiday.
- Internet banking. Enjoy 24/7 access to your funds with online banking.
- Linked Visa debit card. You'll get a linked card with your home loan account which allows you to access your funds from an ATM and make transactions wherever Visa is accepted.
What are the fees and charges for the homeloanHQ Rate Lock?
Fees you can avoid
- Settlement fee, $0. homeloanHQ is currently waiving their settlement fee, usually payable when the accounts are set up and the funds are released.
- Early repayment fee, $0. There are no early repayment fees for this loan though break costs could apply to the fixed portion.
Fees you can't avoid
- Ongoing fee, $330 each year. This fee covers the cost of maintaining your home loan account, charged on an annual basis.
- Lender's legals, starts at $110. These are the fees to cover the cost of legals that are homeloanHQ's responsibility to organise. This fee varies from state to state and extra fees and incurred if you'd like to add a guarantor, security property, trusts and split loans.
- Valuation fee, starts at $264. This fee is to cover the cost of sending a valuer to the security property and assessing its value. For a valuation that results over $1,000,000 the fee is $495 per property. Less than $1,000,000 the fee is $264 per property.
How do I apply or find out more information about this loan?
If you would like to apply for or find out more information about this loan, please click on the secure links provided on this page to be taken to the homeloanHQ website. With a few of your details, a homeloanHQ consultant will get in touch with you to further your options. A sample image of the enquiry box is pictured to the right.
What documentation do I need to supply?
- Signed application form
- Last two years of tax returns plus ATO notice of assessments
- An employer letter if you've started a new job
- Two consecutive and current pay slips
- 100 points of ID plus medicare card
- Evidence of savings or equity
- Contract of sale if purchasing
- Six months of loan statements for all debts being refinanced
- Current rates notices for existing properties