Rates and Fees verified correct on January 23rd, 2017
Rates last updated January 23rd, 2017
Be safeguarded against rising rates with a fixed rate
The HomeLoans home loan lets you take advantage of discounted interest rates. You will pay an annual fee for your package, but you benefit by saving money with the competitive interest rates available.
Homeloans Fixed Rate Home Loan: Overview
Choosing to fix your home loan interest rate gives you the benefit of being able to avoid any future interest rate rises for the entire fixed rate term. You also have the additional benefit of knowing your repayments can’t change throughout that time. This is a great way to retain control of your household budget without fear of your payments rising for the next few years.
Rates and fees
The current rates and fees that apply to the Fixed Rate home loan are as follows:
Split your loan so that some is variable and some is fixed.
Borrow up to 80% of the property value.
There is a valuation fee of $0.
There is a $330 annual package fee.
*The discounted fixed rate for loans with a LVR (loan to value ratio) of less than 75% also needs to be higher than $200,000 for the discount rate to apply.
Flexible loan options
There are a number of flexible loan options you can benefit from with the Fixed home loan. If you wish to make additional repayments off your mortgage during the fixed term, you may need to choose a split loan option. This lets you benefit by locking in your interest rate at a very low fixed rate, but also gives you the flexibility of a variable rate on your second split. While your fixed rate loan portion can't change during that fixed term, your variable rate portion can. This means your rate may go up, but it also may continue to fall, which drops your payments. You get the best of both options with this choice.
Payments can be set so you pay them weekly, fortnightly or monthly around whenever you get paid. You're also able to make your payments by direct debit from your usual transaction account, or via BPAY, or even by salary crediting some of your pay into your account each time you get paid.
You can choose to set your payments so you're making a full Principal and Interest payment, which reduces your mortgage balance with every payment you make. You also have the option of setting your payments so you pay the interest-only amount due.
There is also a redraw facility available if you wish to withdraw those extra payments. However, you will need to keep in mind that you can only redraw those excess payments after the fixed term has ended and your loan has reverted to a variable rate. You can redraw your money via internet banking or phone banking. Alternatively, you can redraw from your account via ATM or EFTPOS transaction if you prefer.
Who can apply for the Homeloans Fixed Home Loan?
Individuals over the age of 18 are able to apply for this home loan account. Homeloans will also accept applications in the name of a company or trust. Non-Australian residents are also encouraged to apply.
If you’re looking for a home loan that features no ongoing fees, competitive interest rates and redraw facilities, look no further than the HomeLoans ProSmart Fixed Rate home loan. This is a fully-featured home loan that offers a variety of benefits.
The RAMS Fixed Rate Home Loan offers customers plenty of flexibility, with the added peace of mind that comes with knowing the interest rate won’t change. This can be a great way to avoid rising interest rates and keep your budget stable at the same time.
This page was last modified on 20 January 2015 at 13:48.
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.
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.