Homeloans MoniPower Variable Rate Full Doc Home Loan

Rates and Fees verified correct on December 9th, 2016

Enjoy a full featured home loan and low fees with the Monipower Full Doc home loan

With the Homeloans MoniPower Full Doc Home Loan you are entitled to all of the benefits and features that normally come with a home loan package. You can pick the options that work best for your circumstances and configure a home loan package that helps you maximise your finances.

Homeloans MoniPower Full Doc Home Loan Features:

Interest Rate Max Insured LVR Max LVR
LVR <=80% Owner Occupier
4.14% p.a.
Comparison Rate
4.18% p.a.
80% 80%
LVR > 80% Investor
4.69% p.a.
Comparison Rate
4.73% p.a.
95% 80%
LVR > 80% Owner Occupier
4.39% p.a.
Comparison Rate
4.43% p.a.
95% 80%
LVR <=80% Investor
4.14% p.a.
Comparison Rate
4.18% p.a.
80% 80%
Product NameHomeloans MoniPower Variable Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$10,000
Maximum Loan Amount$2,000,000
Minimum Loan Term5 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Loan Redraw FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Lender's Legal Fee$0
Valuation Fee$260
Ongoing Fees$0 p.a.
Settlement Fee$0

Pros

  • There is a $0 application fee
  • There is an annual fee of $0
  • You can link a 100% offset account to your mortgage
  • Verify income with a self-declaration form
  • No need to show tax returns

Cons

  • There is a $260 valuation fee

Things to consider about the Homeloans MoniPower Full Doc Home Loan

This full doc home loan is available for individuals and companies or trusts with little limitation on what the mortgage can be used for. You’re able to purchase your new home or refinance your existing one. You can also use it to buy land and build a home, taking advantage of the bridging finance option available while you are carrying the cost of two houses. This loan is even available for business purposes if you are interested in an investment opportunity.

As mentioned, this loan is a full documentation loan, meaning it requires the full range of income evidence requested. Homeloans also offers a large range of low doc loans which you might want to investigate if you’re self employed or won’t be able to supply the full range of income evidence.

Features of the Homeloans MoniPower Full Doc Home Loan

  • Loan-to-Value Ratio (LVR). You’re allowed to borrow up to 95%of the property’s value so long as it’s an owner-occupied property. For bridging finance you are allowed an 85% LVR and for investment properties it is 90%. Keep in mind that borrowing over 80% will come with Lender's Mortgage Insurance (LMI) fees.
  • Loan terms. This is a 5 to 30-year home loan. If you choose shorter terms with higher repayments you can pay off the loan faster and with less charged in interest.
  • Repayment frequency. Choose the frequency that works best with your budget. Either weekly, fortnightly or monthly repayments may be made.
  • Repayment types. You are permitted to make interest-only repayments or combined interest and principal repayments. Unlimited extra repayments may be made during the variable rate period, but during the fixed rate term you are limited to up to $20,000 per year.
  • Offset account. This home loan includes an offset account, where you can redraw additional repayment funds if you need them. An offset account helps you to pay off the interest on your home loan faster.

Fees

Fees you can avoid

  • Annual fees. All annual and monthly charges are waived for this home loan.
  • Application fee. There is no application fee charged with this loan.

Fees you can’t avoid

  • Valuation fee. $260. Any third-party charges that come from the valuation of the property being used as security will be the responsibility of the buyer.
  • Settlement fee. $0. Homeloans charges $0 to pay for settlement costs.

How to apply for the Homeloans MoniPower Full Doc Home Loan

If you would like to apply for this home loan, you can speak to a mortgage broker or contact Homeloans directly.

Before you apply for the MoniPower Full Doc loan, you will first want to ensure that you meet Homeloans’ eligibility criteria.

  • Age. Homeloans mortgage products are only available to individuals over the age of 18.
  • Residency. This home loan is available to Australian citizens and permanent residents. Homeloans will also consider applications submitted by temporary residents.

If you meet these terms, continue through the application with the following documentation handy for quick reference:

  • Contact information. You will be asked to provide your full name and current address.
  • Income. Your employer’s contact information will be needed in addition to details of your gross annual income.
  • Debt. This includes detailed descriptions of your current liabilities. Make sure to include all open credit cards along with the current balance and available credit.

This is a home loan option for a first-time home buyer to consider. The flexibility it affords makes it easy to fit into almost any budget. Compare the rates and options with other complete full doc home loans to see if there are features that you may be missing out on.


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Homeloans MoniPower Variable Rate Full Doc Home Loan Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 30 May 2016 at 9:42.

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Homeloans MoniPower Variable Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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