Homestar's Star Essentials mortgage is a variable rate loan for homebuyers that sticks to the basics and offers a very low rate.
If you're hoping to buy a home and you have a 20% deposit then the Star Essentials Home Loan could be a good option. The loan is flexible, keeps fees to a minimum and has a very low interest rate.
It doesn't have options for investors or interest-only repayments.
| Product Name | Homestar Star Essentials Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $150,000 |
| Maximum Loan Amount | $1,000,000 |
| Minimum Loan Term | 5 years |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 80% |
| Mortgage Offset Account | No |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Suitable for Investment | No |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest |
| Application Fee | $0 |
|---|---|
| Lender's Legal Fee | $265 |
| Valuation Fee | $250 |
| Ongoing Fees | $0 p.a. |
| Discharge Fee | $535 |
Pros
- No application fee
- No monthly fees
- Make extra repayments
Cons
- $535 discharge fee
- $250 valuation fee
- No offset facility
What do I need to know about this loan?
This loan has a single 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.
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 do I apply for this loan?
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.
