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Homeloans Ultra Plus Line of Credit Home Loan

Put your equity to good use with a line of credit home loan and save with a competitive interest rate from Homeloans.

Homeloans offers a revolving line of credit at a competitive interest rate. With this equity loan you can access your equity to pay for major renovations or investments. The Ultra Plus Line of Credit comes with a range of features that can make it easy to manage.

A first time home buyer might be more interested in the Homeloans Optima Home Loan. This loan offers options between fixed and variable rates along with a 100% offset account to help you bring your repayments down. This is something to consider if you don’t need a line of credit home loan.

Product NameHomeloans Ultra Plus Line of Credit
Interest Rate TypeVariable
Interest Rate (p.a.)4.39%
Comp Rate^ (p.a.)4.75%
Minimum Loan Amount$30,000
Maximum Loan Amount$1,500,000
Maximum Loan Term25 years
Maximum LVR80%
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$330 p.a.
Settlement Fee$150


  • Get a discounted interest rate in return for an annual fee
  • Split your loan into sub-accounts to keep personal funds separate from business or investment funds.
  • Link a Visa card, debit card and cheque book to your line of credit to make accessing funds easier.


  • There is a $0 valuation fee.
  • There is a $330 annual package fee.
  • Not available for investors.

Things to consider about the Homeloans Ultra Plus Line of Credit Home Loan

The Ultra Plus Line of Credit Home Loan is a full doc home loan that is designed for investors or home buyers who want to access the equity in their home loan for a range of reasons. This type of loan package comes fully equipped with features that make it easy to withdraw money when you need it.

With this line of credit home loan you will be paying a discounted variable interest rate of 4.39% p.a., though his discounted rate is offset by a higher annual fee of $330. You can get a similar line of credit home loan, Homeloans Ultra, that has an interest rate of 4.54% p.a. but no annual fees.

Features of the Ultra Plus Line of Credit Home Loan

The Homeloans Ultra Plus Line of Credit comes fully equipped with a variety of features that are worth considering:

  • Loan to value ratio (LVR). You may borrow up to 80% of the homes value with this line of credit home loan.
  • Loan terms. The terms for this loan are a maximum of 25 years. This refers to the time you have to pay the loan off.
  • Repayment frequency. With a line of credit home loan you can make your repayments weekly, fortnightly or monthly.
  • Repayment types. You're only required to pay off the interest due each month with this loan, and this can be paid using a salary credit, BPAY or direct debit. Additional repayments towards the principal can be made at any time.
  • Redraw. As this is a revolving line of credit, so long as you have a balance you can use those funds. These can be accessed using EFTPOS, ATM’s, direct credit, internet and phone banking or cheque.
  • Availability. Individuals and investors can qualify for this home loan as well as trusts or companies, and under certain conditions non-residents of Australia.
  • Purpose. The money from the line of credit can be used to purchase a home or to refinance one. You can also use it to consolidate other debts or release equity. It cannot, however, be used for business purposes except as an investment in residential property.


Fees you can avoid

  • Application fee. Homeloans charges no fees for applying for their home loan products.

Fees you can’t avoid

  • Annual fee. In exchange for a discounted interest rate, you are charged $330 annually for the loan.
  • Settlement fee. There's a charge of $150as part of the settlement costs of this loan.

Find out what your repayments will be in a few seconds

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

Before doing so make sure that you meet the following eligibility requirements:

  • Age. You must be at least 18 years of age to qualify for this home loan.
  • Documentation. This is a full doc loan product that will require detailed financial information from you. If you are self-employed you might need to consider a low doc loan instead.

If you meet these requirements, fill out the enquiry form on the right to speak to a mortgage broker about this loan. You will need to have the following documentation handy to proceed to this step:

  • Personal information. Your full name and street address along with contact information like your phone number and e-mail.
  • Purchase price. The estimated price for the property you are planning on buying.

When looking for a home loan that offers maximum flexibility, this is one to consider. Compare the features, particularly the annual fees, with those offered by other lenders to find that one that is most beneficial for your circumstance.

Enquire about this home loan
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Homeloans Ultra Plus Line of Credit

  • Interest Rate

    4.39% p.a.

  • Comparison Rate

    4.75% p.a.

  • App Fee / Annual Service Fee

    $0 / $330

  • Max LVR


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