Whatever the purpose of your loan is, the Homeloan Ultra Plus can be suitable for you.
The Homeloan Ultra Plus provides a discounted interest rate in return for an annual fee. This loan is best for larger loan amounts and investors as you pay less in interest so you can own your home faster, or use it as part of your investment strategy.
|Product Name||Homeloans Ultra Plus Variable Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$30,000|
|Maximum Loan Amount||$2,000,000|
|Minimum Loan Term||5 years|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$330 p.a.|
- Split your loan so that some is variable and some is fixed.
- Make additional payments into the variable portion at any time.
- Get a discounted interest rate for staying below 80% of the property value.
- There is a valuation fee of $260.
- There is a $330 annual package fee.
- No additional payments into the fixed portion during the fixed term.
Things to consider about the Homeloans Ultra Plus Home Loan
One of the key features of this product is it’s flexibility. In addition to being able to use this loan for the usual purposes like purchasing a home or to refinance an existing home loan, it can also be used to consolidate debts, make use of the equity you’ve built up in your home, purchase vacant land, or construct a home. If you’re looking to construct a home with this loan there is a 0.10% p.a interest rate loading that will apply. The Ultra Plus is still a full documentation home loan, so you’ll need to supply the full amount of paperwork usually required by a lender on application.
Features of the Homeloans Ultra Plus Home Loan
- Maximum LVR and loan term. This loan has a maximum loan-to-value ratio of 80%, meaning you might be able to purchase a property with a deposit of as little as 10% of the purchase price. If you have 90% or less you can qualify for the lower interest rate. If you’re an owner occupier taking a loan out to finance your home you could borrow 95%. This loan is also available for a maximum term of 5 years - 30 years.
- Available to non-residents. The Ultra Plus Home Loan is available to borrowers who aren’t residents of Australia, as well as individuals or companies. If you are a non-resident this comes with further borrowing conditions.
- Repayment flexibility. The Homeloans Ultra Plus allows borrowers to pay their loan off weekly, fortnightly or monthly. They can also choose interest and principal payments, or interest-only repayments, which can be good if you’re trying to maximise your cash for other investments.
- Additional repayments. If you run into extra cash or want to devote more of your salary to your loan you can make extra repayments. This can be done through salary crediting, BPAY or direct debit.
- Redraw. Having the ability to make extra repayments would be less useful if you couldn’t then withdraw these extra funds if you needed them. The Ultra Plus allows you to do this using the phone, internet banking, EFTPOS or at an ATM.
- Split your rate. The Ultra Plus also gives you the option to split your loan so you can experience the advantages of both a fixed rate and a variable rate. If rates rise a portion of your loan will stay the same because of your fixed rate and if rates decrease the variable rate portion will see you make savings.
As with most home loans the Ultra Plus Home Loan has fees associated with it.
Fees you can avoid
- Lenders mortgage insurance (LMI).. This is a fee usually charged to cover your lender in the event you default on your repayments; however, the borrower is required to pay the premium. The LVR of the Ultra Plus is required to be 80% or below to qualify for the advertised interest rate. This means you can avoid paying LMI as it’s usually applicable when your LVR is above 80%.
- Construction loan fee. $300. This fee covers the cost of offering a drawdown function with your loan. A drawdown facility will allow you to progressively withdraw money to pay your builder as he or she requires it and saves you money because you only pay interest on what you withdraw. This is avoided if you’re not building a home.
Fees you can’t avoid
- Annual fee. $330. This is charged to cover the cost of upkeep on your loan and other facilities you make use of.
- Valuation fee. Approximately $260. This covers the cost of having your property professionally valued after being conditionally approved for your loan.
- Settlement fee. $0. This fee covers the cost of transferring funds between your lender and your vendor.
How to find out more about the Homeloans Ultra Plus Home Loan
If the Ultra Plus home loan seems like the right loan for you, you can find out more information by clicking the ‘find out more’ or ‘details’ button located on the right side and bottom of the page. This will take you to an electronic form which will ask you to input some basic contact details as well as loan information.
After you’ve done this a Homeloans mortgage expert will contact to you to have a chat about your options.
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Homeloans Ultra Plus Home Loan Interest Rate History vs RBA Cash Rate Graph
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