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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.

Product NameHomestar Star Classic Owner Occupied Fixed Special
Interest Rate TypeFixed
Interest Rate (p.a.)1.98%
Comp Rate^ (p.a.)2.51%
Minimum Loan Amount$150,000
Maximum Loan Amount$1,000,000
Minimum Loan Term5 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR80%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Loan PortableNo
Suitable for InvestmentNo
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest
Application Fee$495
Lender's Legal Fee$265
Valuation FeeStarting at $250
Ongoing Fees$0 p.a.
Discharge Fee$535 (plus 3rd party cost)

Pros

  • Low fixed rate
  • Extra repayments
  • Redraw available

Cons

  • The loan has several fees
  • No offset account
  • 20% deposit required

What do I need to know about this loan?

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.

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: $495. 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 do I apply for this loan?

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.

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Homestar Star Classic Owner Occupied Fixed Special

  • Interest Rate

    1.98% p.a.

  • Comparison Rate

    2.51% p.a.

  • App Fee / Annual Service Fee

    $495 / $0

  • Max LVR

    80%

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