Looking to refinance to a cheaper home loan with money-saving features?
If the most important feature in a home loan to you is a competitive interest rate, then you may want to consider the homeloanHQ RE-FI Special home loan. While it does come with a range of features like extra repayments and a redraw facility that help you pay off your loan faster, the standout is the interest rate.
homeloanHQ is a member of the Mortgage and Finance Association of Australia (MFAA) and adheres to the National Consumer Credit Protection Act. This means they'll ensure that you're provided with a loan that suits your needs. The group started in 1985 and are an independent operation of their own Credit Licence.
They're also members of the Credit Ombudsman Service, an external resolutions organisation.
| Product Name | HomeloanHQ RE-FI Special |
|---|---|
| Interest Rate Type | Variable |
| Interest Rate (p.a.) | 3.99% |
| Comp Rate^ (p.a.) | 4.15% |
| Minimum Loan Amount | $200,000 |
| Maximum Loan Amount | $1,000,000 |
| Minimum Loan Term | 1 year |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 80% |
| Mortgage Offset Account | No |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Fixed Interest Option | No |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $0 |
|---|---|
| Lender's Legal Fee | $660 |
| Valuation Fee | $660 |
| Ongoing Fees | $120 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $295 |
| Early Termination Fee | $0 |
Pros
- Low rate
- Make repayments and redraw funds online
Cons
- Available to those refinancing only
- Discharge fee of $295
What should I consider about the homeloanHQ RE-FI Special Home Loan?
This product is only available for refinancers and you can only borrow up to 80% of your property's value. Both owner occupier and investors are welcome to apply for this loan. All applications are required to be completed online.
Since homeloanHQ is an online lender, it's important to ensure that you're comfortable with internet banking the lack of face-to-face communication.
What are the benefits and features of the loan?
- Loan amount. You can borrow a minimum of $200,000 up to a maximum of $1,000,000.
- Loan term. There's a minimum term of 1 years, to a maximum of 30 years for this loan.
- Loan-to-value ration. There is a maximum loan-to-value ratio (LVR) of 80% for this loan.
- Extra repayments. You can make additional repayments with this home loan, which enables you to pay it off faster.
- Redraw facility. You'll be able to access your extra repayments made in the past with a redraw facility. This gives you flexibility incase you need cash to pay for unexpected bills or expenses, or you want to use your extra repayments to go on a holiday.
- Split loan facility. You'll be able to split portions of your loan into different accounts provided by homeloanHQ, except for a fixed interest rate.
- Portability. If you decide to move into another property with the same value, you can take your loan with you so you don't need to refinance.
- Repayments. You can make principal and interest or interest only repayments on a monthly, fortnightly or weekly basis with this loan. This helps you to pay your loan off in the same way you get paid.
Fees and charges
Fees you can avoid
- Application fee, $0. homeloanHQ is currently waiving the fee for applications.
- Settlement fee, $0. The settlement is also waived.
- Early termination fee, $0. If you pay out the loan before the agreed loan term, this early termination fee will also be charged. However, homeloanHQ has waived this fee.
- Annual service fee, $120. This fee is usually charged on a yearly basis to cover the cost of maintaining your account.
Fees you can't avoid
- Legal/Valuation fee, $660. This fee is charged to cover the cost of sending an independent valuer to your property.
- Exit fee, $295. When you finish paying off the loan or decide to leave for another loan, this fee will be charged.
What are the advantages and considerations of the homeloanHQ RE-FI Special Home Loan?
Advantages
- Low interest rate rewards customers who have an established track record.
- A single, discounted legal and valuation fee.
- You can make your repayments and redraws using internet banking
- You can withdraw extra funds from your mortgage via the redraw facility (minimum redraw amount is $500)
Considerations
- Refinance only offer.
- A discharge fee of $295 applies on loan closure.
How do I apply or find out more information about the homeloanHQ RE-FI Special Home Loan?
Image: homeloanHQ
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 securely taken to the homeloanHQ website. You'll be able to:
- Download an application form straight away
- Get homeloanHQ's contact details to call them for more information
- Fill in the form provided to get pre-approval and homeloanHQ will contact you
Documents you'll be asked to supply if you decide to apply
- Certified copies of your passport, driver's licence and medicare card. If your passport has expired you can attach a copy of a recent bank statement or utility bill in your name
- Two recent payslips for each applicant and your latest PAYG summary
- For self-employed applications, a copy of your two most recent tax returns and ATO Notice of Assessment
- If you own a company, a copy of your two most recent tax returns
For refinancers
- Last six months clear payment history, online statements are acceptable
- Copy of your council or water rates notice over the property that is to be refinanced
