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Homestar Star Classic Owner Occupied Fixed Special Home Loan
The Classic Owner Occupied Fixed Special Home Loan from Homestar is one of the lowest fixed rate loans around.
The Homestar Star Classic Owner Occupied Fixed Special Home Loan offers homebuyers a very low one year interest rate. The loan is for home buyers, not investors, and you need a 20% deposit to get it.
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Expert review
Review by
Richard Whitten
richard.whitten@finder.comRichard Whitten is a senior writer at Finder, and has been covering home loans and the property market in Australia for the last 4 years. He has written for Yahoo Finance, Money Magazine and Homely, as well as multiple banks and lenders. Richard has a Certificate IV in Finance and Mortgage Broking, a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communication. He enjoys helping people understand the ins and outs of mortgages so they can make smarter property decisions. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea.
Expert review
The Homestar Star Classic Owner Occupied Fixed Special Home Loan is only for owner-occupiers and has principal-and-interest repayments. Your rate won't change for the first year of the loan. After that, it reverts to a variable loan with a different rate.
This is a basic home loan that doesn't have an offset account, but it does have a redraw facility and flexible repayment options.
About this loan
What are the features and benefits of the Homestar Star Classic Owner Occupied Fixed Special Home Loan?
- Loan amount. The Homestar Star Classic Owner Occupied Fixed Special Home Loan has a minimum loan amount of $150,000 and a maximum loan amount of $1,000,000.
- Loan to value ratio (minimum deposit). The maximum insured loan to value ratio for this product is 80%. In other words, you need a 20% deposit to get this loan.
- Extra repayments. You can make extra repayments and access them via a redraw facility. The loan does not have an offset account.
- Other options. This loan has a split facility, allowing you to separate the loan into fixed and variable portions. It is not portable.
What fees and charges come with this loan?
This loan has a few fees to look out for.
- Application fee: $0. This one-off fee is charged to process your application.
- Valuation fee: Starting at $250. This fee covers the cost of having your property valued.
- Legal fee: $265. This fee covers the lender's legal costs.
- Discharge fee: $535 (plus 3rd party cost). You pay this fee at the end of the loan (whether by paying it off or refinancing).
How to apply
If you want to apply for the Homestar Star Classic Owner Occupied Fixed Special Home Loan or get more information about the product, simply click the green button and leave your details. Then a lending specialist from Homestar will get in touch with you and help you take the next step.
