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Homestar Star Essentials Home Loan
Homestar's Star Essentials mortgage is a variable rate loan for homebuyers that sticks to the basics and offers a very low rate.
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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
This loan has a variable rate for principal and interest owner-occupier borrowers. The loan has a maximum LVR of 80%, which means you'll need a 20% deposit.
Homestar is an online lender. It doesn't have physical branches but offers customer support online and over the phone.
About this loan
What are the features and benefits of the Star Essentials Home Loan?
- Loan amount. You can borrow as little as $150,000 and as much as $1,000,000.
- Purpose. This product is only for owner-occupiers buying a home to live in, not an investment property.
- Repayment flexibility. You can repay this loan monthly, weekly or fortnightly. You can also make unlimited extra repayments.
- Deposit size. You can borrow up to 80% of your property's value. There's no low deposit option.
What fees and charges come with this loan?
The Star Essentials Home Loan keeps fees to a minimum.
- Settlement fee. There may be a third-party disbursement fee. This isn't charged by Homestar.
- Late payment fee: $20. If your payments are overdue, there's a small fee.
- Redraw. There's no fee for online redraw but there's a small fee for manual redraw.
How to apply
To apply for this product or get more information, click the green "Go to site" button and follow the application process to speak to a Homestar mortgage specialist. They'll talk you through eligibility requirements and help you with the application.
