Homeloans Ultra Variable Rate Home Loan

Rates and Fees verified correct on October 24th, 2016

The Homeloans Ultra Home Loan is available with a range of flexible features and for a variety of purposes.

The variable rate home loan from Homeloans is available for just about any type of borrower and purpose. With its flexibility, individuals, companies and even temporary residents can access funds for a new home, refinance their existing loan or consolidate other debts.

Things to consider about the Homeloans Ultra Home Loan

There are multiple options available with this loan that will allow you to make it work best for your circumstances. You’ll have flexibility with your repayments, as you can choose whether you want them directly debited from your account or from your ongoing salary. This will make it easy for you to ensure that you are never late on a repayment.

This loan is a full doc loan available to those who can supply the usual full range of income evidence. It’s available for those refinancing, purchasing, consolidating debts, constructing a home, purchasing vacant land or try to get access to their equity.

Features of the Homeloans Ultra Variable Rate Home Loan

  • Loan amount. You can borrow between $30,000 and $2,000,000 with this loan, meaning it can suit a variety of borrowers.
  • Maximum loan to value ratio (LVR). You are allowed to borrow up to 80% of the value of the property with this loan. With Lender’s Mortgage Insurance (LMI), that amount can go up to 95%.
  • Loan terms. You can choose from terms ranging from 5 to 30 years, giving you the ability to refinance to this loan even if you don’t have long before it’s paid off.
  • Repayment frequency. You have the option of monthly, fortnightly and weekly repayments with the Homeloans Ultra Home Loan. This helps you make repayments when it suits you.
  • Repayment types. You can make interest plus principal repayments or interest-only payments. You may also make as many additional repayments as you want, enabling you to pay your loan off sooner and save on interest.
  • Redraw facility. You are allowed to redraw any additional repayments at an ATM, EFTPOS, online, over the phone or with direct credit.
  • Split rate. You can split the loan into both variable and fixed portions, and choose between fixed rates of 1 - 5 years.


Fees you can avoid

  • Application fee. There’s no charge to the borrower when applying for this loan product.
  • Monthly fee. Your account will not be charged any monthly maintenance fees.
  • Legal fees. Homeloans will waive the cost of any legal fees as part of the application process.

Fees you can’t avoid

  • Valuation fee. You will be liable to pay $0, which goes towards the third party who will assess the value of the property.
  • Settlement fee. At the time when the loan is settled you will have to pay $150.
  • Exit fee. Once you have completed the terms of the loan you will be charged a $545 exit fee.

Know how much you want to borrow? Use our calculator to find out what your repayments will be

How to apply for this home loan

Please ensure that you meet the following requirements:

  • Age. You will have to be at least 18 years of age to apply for this loan.
  • Income. Depending on the amount of money you wish to borrow, you will have to meet certain yearly income requirements.

If Homeloans determine that you are eligible for one of their loan products, a representative will be in touch with you to help you get started on filling out the rest of the application. Have the following documentation ready for easy reference:

  • Driver’s licence. You will be asked to provide a driver’s licence number.
  • Assets. Have a complete listing of your assets readily available. Include your savings and any investment accounts.
  • Liabilities. All of your current debts. This will include other loans and credit cards. You will be asked to provide the balance of these debts as well as your available credit.

The Ultra Variable Rate Home Loan from Homeloans may be a good option to consider if you want a simple loan that gives you different repayment options. Compare its rate and fees with similar loan products before choosing the one that will work best for your needs.

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This page was last modified on 20 January 2015 at 11:34.

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