Homestar First Home Buyer Loan

The Homestar First Home Buyer Loan is a full-featured home loan with a low variable rate.

The Homestar First Home Buyer Loan offers a sharp variable rate without sacrificing features. The loan is specially tailored to help first home buyers get into the market with a low rate and the flexibility to take charge of your home loan.

Who is Homestar?

Homestar is an online lender backed by major international banks. As a purely online mortgage provider, Homestar Finance doesn't have the expenses associated with bank branches, which means that it can offer lower rates to consumers.
Product NameHomestar Finance First Home Buyer Loan
Interest Rate TypeVariable
Interest Rate (p.a.)3.54%
Comp Rate^ (p.a.)3.55%
Minimum Loan Amount$150,000
Maximum Loan Amount$750,000
Minimum Loan Term5 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest
Application Fee$440
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$0
Discharge Fee$535

Pros

  • 100% offset account
  • Redraw facility
  • No ongoing fees

Cons

  • There is a $440 application fee
  • There is a $535 discharge fee

What do I need to know about this loan?

The Homestar First Home Buyer Loan is available to first home buyers looking to buy a new home or refinance. It carries no ongoing fees and comes with useful features often absent from low-rate home loans.

What are the features and benefits of the Homestar First Home Buyer Loan?

  • Loan amount and loan-to-value ratio (LVR). This loan has a minimum borrowing amount of and a maximum borrowing amount of $750,000. Its lower maximum borrowing amount is specifically aimed to cater to first-time buyers. There is a maximum loan-to-value ratio (LVR) of 90%, but be aware that borrowing more than 80% means you'll pay a lenders mortgage insurance (LMI) premium.
  • Repayment flexibility. The Homestar First Home Buyer Loan allows weekly, fortnightly or monthly repayments. You can make as many extra repayments as you like without penalty.
  • Redraw. The Homestar First Home Buyer Loan offers fee-free redraw, so you can access any extra funds you've paid into your home loan.
  • 100% offset account. This loan offers a 100% offset account, a feature missing from many low-rate home loans. The linked account allows you to save on interest charges, potentially saving you thousands over the life of your mortgage.

What fees and charges come with this loan?

  • Application fee: $440. This fee covers the administrative costs involved with processing your home loan application.
  • Discharge fee: $535. This one-off fee is charged when you close your home loan account either by refinancing or paying off your mortgage.

How do I apply for this loan?

If you've compared your options and believe the Homestar First Home Buyer Loan is the loan for you, click the button below to be redirected to Homestar's website where you'll be guided through the application process.

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Homestar Finance First Home Buyer Loan

  • Interest Rate

    3.54% p.a.

  • Comparison Rate

    3.55% p.a.

  • App Fee / Annual Service Fee

    $440 / $0

  • Max LVR

    80%

Ask a question