Homeloans ProSmart Fixed Rate Home Loan

Rates and Fees verified correct on December 11th, 2016

Enjoy a fully-featured home loan that comes with a redraw facility plus no ongoing fees at a fixed rate for between one and five years.

The Homeloans ProSmart Fixed Rate Home Loan lets you know exactly how much you need to repay over a given time period. It eliminates the guesswork involved with interest rates and can offer you peace of mind. This loan can be used for a variety of purposes including purchasing, refinancing, and also debt consolidation.

Individuals, companies, and non-residents can all apply for the Homeloans ProSmart Fixed Rate Home Loan if they submit complete documentation to support their application.

Awards

  • Winner 2014.

    First Home Buyer Lender at the The Adviser’s Non-Bank Lending Awards

  • Winner 2014.

    First Home Buyer Lender at the The Adviser’s Non-Bank Lending Awards

Things to consider about the Homeloans ProSmart Fixed Rate Home Loan

The Homeloans ProSmart Fixed Rate home loan offers borrowers an alternative to the big banks. It features a competitive interest rate that is comparable to the standards in the industry. The loan term is flexible, with the option of choosing a timeframe of anywhere between 10 and 30 years, although the fixed rate periods you can choose from range from one to five years. You can borrow up to 95% of the value of the property, or 90% if you're refinancing.

The loan repayment frequency can be set as weekly, fortnightly, or monthly. This loan also features a redraw facility which can be accessed over the phone or online. If you would like to make additional repayments to pay off the loan quicker, the ProSmart Fixed Rate Home Loan also lets you do that without any penalties as long as you don't make more than $10,000 in extra repayments during the fixed period.

Features of the Homeloans ProSmart Fixed Rate Home Loan

  • Loan-to-Value Ratio (LVR).
    You can borrow up to 95% of the value of the property with this home loan, or 90% if you're refinancing from another loan.
  • Loan term.
    The loan term of this loan is quite flexible, allowing borrowers to choose a term between 10 and 30 years.
  • Repayment options.
    You have the option to make repayments weekly, fortnightly, or monthly with this loan, allowing you to make payments according to your salary.
  • Accessibility.
    The Homeloans ProSmart Fixed Rate home loan comes with phone and internet banking access.
  • Redraw facility.
    The redraw facility is available with no strings attached so you have access to the additional funds you've paid when you need it.
  • Additional repayments.
    Repay your loan quicker by making additional repayments when you have extra cash. You can make up to $10,000 in extra repayments during the fixed term without incurring penalties.

Fees

Fees you can avoid

  • Ongoing fees.
    There's no ongoing monthly/yearly fees with this loan. This lets you repay the principal loan quicker.
  • Application fee.
    There's no fee associated with submitting an application.
  • Redraw facility fees.
    Some banks charge a fee whenever you use the redraw facility. There is no such fee with this loan.
  • Valuation fee.
    There's no valuation fee with this loan.

Fees you can’t avoid

  • Settlement fee.
    There is a fee of $150 to cover the cost of funds settlement with this loan.

How to apply for the Homeloans ProSmart Fixed Rate home loan

You will need to provide your personal details, employment details, and information on the property that you are interested in purchasing.

  • Personal information.
    You'll be required to provide your name, address, and your partner’s details. You also need to provide information about your dependents.
  • Employment information.
    You'll have to disclose your position within the company, your employer’s details and your annual salary. If you earn bonuses and commissions, it's best to provide this information as well.

Aside from providing your personal and employment details, Homeloans will also ask for additional financial information. This include details of your existing assets, income aside from employment, as well as other benefits.

  • Other income.
    Should you have additional income sources such as family tax benefit or rental income, provide these details as it can help you get the most suitable package.

The Homeloans ProSmart Fixed Rate Home Loan is suitable for buyers who want to have the security of knowing what their interest rate will be over the next one to five years.

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This page was last modified on 20 January 2015 at 11:49.

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