Homeloans Ultra Line of Credit Home Loan

Rates and Fees verified correct on December 7th, 2016

Enjoy a line of credit home loan without hefty fees.

The Homeloans Ultra Line of Credit is suitable for home owners who want to access their equity, whether that be to pay for a holiday or large lifestyle purchase, or to invest in a property or other asset. This Equity Loan provides access to funds through EFTPOS, direct credit, internet, and phone banking. It is suitable for individuals who want to borrow up to 90% of their property’s value.

You can apply for the Homeloans Ultra Line of Credit for purposes such as purchase, refinance, debt consolidation, or equity release. It's a flexible package that also provides portability and redraw facilities.

  • Winner 2014 - First Home Buyer Lender (The Adviser Non-Bank Lending Awards)
  • Winner 2014 - First Home Buyer Lender (The Adviser Non-Bank Lending Awards)
  • Winner 2011 - Australia’s Best Non-Bank Lender (Australian Lending Awards)
  • Winner 2012 - Excellence Award - Mortgage Manager of the Year 30+ Employees (Mortgage and Finance Association of Australia)
Product NameHomeloans Ultra Line of Credit
Interest Rate TypeVariable
Interest Rate (p.a.)4.54%
Comp Rate^ (p.a.)4.58%
Minimum Loan Amount$30,000
Maximum Loan Amount$2,000,000
Maximum Loan Term25 years
Maximum LVR90%
Maximum Insured LVR90%
Loan Redraw FacilityYes
Split Loan FacilityYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditYes
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$150

Pros

  • There is no application fee, legal fee and ongoing fee.
  • Make any number of extra payments at any time with no penalty

Cons

  • There is a $0 valuation fee
  • $150 settlement fee.

Things to consider about the Homeloans Ultra Line of Credit

This home loan is an equity loan, meaning you borrow funds using the equity in your home. This makes this loan more like a revolving line of credit than a regular home loan, meaning you should carefully consider the reasons for accessing equity in your home.

Also note that this home loan is a full documentation loan, requiring you to provide the full range of employer and occupation information, including payslips and taxation information.

Features of the Homeloans Ultra Line of Credit

  • Loan to value ratio (LVR). The Homeloans Ultra Line of Credit lets you borrow up to 90% of the property’s value.
  • Loan term. You can have a loan term of up to 25 years depending on your requirements.
  • Redraw facility. Access your extra payments when you need it with no restrictions. It's easy and convenient to use the redraw facility. This facility is also available through phone and internet banking, ATM, EFTPOS and direct credit.
  • Available for a range of borrowers. This home loan is available for individuals, companies, trusts and even non residents. Additional lending criteria applies to non-residents.
  • Repayment options. You can make your repayments on a weekly, fortnightly or monthly basis. They can be done through salary credit, BPAY and direct debit.
  • Additional repayments. Making extra repayments incurs no penalties with this loan. It lets you pay off the loan faster.

Fees

Fees you can avoid

  • Ongoing fees. Save money on ongoing fees. Unlike other lines of credit, Homeloans Ultra Line of Credit does not charge an ongoing fee.
  • Application fee. Submit an obligation-free application. The staff from Homeloans will determine if you meet their eligibility criteria.
  • Redraw facility fees. Many lenders charge a fee for the redraw facility. This loan lets you use this feature without charging a fee.
  • Stamp duty on property. This is applicable to property purchases. The exact amount you need to pay depends on the value of the home and the state where you live. However, some exemptions may apply.

Fees you can’t avoid

  • Settlement fee $150. This is charged when your loan settles.

Calculate your repayments by filling in some of your details

How to apply for the Homeloans Ultra Line of Credit Home Loan

You’ll be asked to provide personal information, employment details and the description of the property you want to buy.

  • Personal information. Simply give your name, address and your partner’s name. You will also be asked if you have dependents.
  • Employment information. Provide your employer’s details and your annual salary. If you earn bonuses and commissions, include that information as well.
  • Other income. If you have additional income sources, enter those details because it can help get your application approved.

The Homeloans Ultra Line of Credit offers attractive features such as no ongoing fees, redraw facility and the option to make additional repayments. This loan is suitable for a variety of purposes. Apply now if you need a home loan line of credit.


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Homeloans Ultra Line of Credit Home Loan Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 19 January 2015 at 18:43.

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2 Responses to Homeloans Ultra Line of Credit Home Loan

  1. Default Gravatar
    Maggie | November 2, 2016

    hi

    I have a low income of 20k/yr plus 20k/yr of child support for 1 dependent child. Tax returns available.

    I have no mortgage on my home, market value 2-2.5 million. I have no other debts.

    I am looking for a low rate line of credit. I would most likely use it for share investing. Once shares are sold I need the flexibility to repay the loan in full until I find the next shares to buy so I can draw the fund again. So the goal is to minimize interests and have fund readily available when needed.

    Can you recommend a product to suit this purpose. Thanks.

    • Staff
      Anndy | November 10, 2016

      Hi Maggie,

      Thanks for your question.

      If you are looking for a line of credit personal loan, you can compare your options on this page

      You can use the loan calculator on top of the table to know how much your monthly repayment will be under each loan product.

      To check the eligibility criteria and requirements to apply for a particular loan, please click on its name to visit its review page.

      Cheers,
      Anndy

Homeloans Ultra Line of Credit

  • Interest Rate

    4.54% p.a.

  • Comparison Rate

    4.58% p.a.

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    90%

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