Illawarra Home Loans First Home Fast Track

Rates and Fees verified correct on December 10th, 2016

Get into your first home and save with no annual or monthly fees and you only need a 5% deposit.

Buying your first home is expensive, so a loan without high upfront or monthly fees can save you money which is better used elsewhere. The First Home Fast Track loan features a competitive variable rate with no ongoing fees and minimal start-up costs.

First home buyers can take advantage of this competitive option even if they have only a small amount saved, as Illawarra Home Loans only requires a 5% deposit to be made. It should be noted that borrowing with anything less than a 20% deposit will require borrowers to take out Lender’s Mortgage Insurance (LMI). Take a look at some of the other features on offer to see if this is the right loan for you.

Things to consider about the loan

Product NameIllawarra Home Loans First Home Fast Track Home Loan
Interest Rate TypeVariable
Interest Rate (p.a.)5.86%
Comp Rate^ (p.a.)5.88%
Minimum Loan Amount$100,000
Maximum Loan Amount$750,000
Minimum Loan Term10 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$0 p.a.

Pros

  • No application fees
  • Basic legal costs are covered

Cons

  • Loan documentation fee of $150

Awards

  • Illawarra Home Loans was ‘Highly Commended’ at the Financial Review’s Smart Investor Blue Ribbons Awards in 2011.

Who is this loan suitable for?

This loan is geared towards first home buyers and is available for buying or refinancing owner-occupied and investment properties. It can also be used for debt consolidation. The low deposit amount makes this loan a viable option for first home buyers who don’t want to wait as they save their deposit and the 100% offset account makes it useful for those looking to minimise interest costs.

Features

This loan has some great features which make it a competitive option in the first-home buyer market.

  • Flexible repayment options. You can choose from principal and interest repayments and you can make these payments via direct debit, salary credit or through your deposit book. You can also make unlimited extra repayments.
  • Dynamic Repayment. This type of repayment is available after the interest-only period has finished. Dynamic Repayment means that Illawarra Home Loans will recalculate your interest after you make additional repayments or redraw from your loan.
  • Offset account. This loan comes with a 100% offset account. Any amounts in the account offset the same amount on your home loan. For example, an offset account with $20,000 in it on a loan of $100,000 will mean you'll only pay interest on $80,000.
  • Redraw. You can get access to any additional repayments you make through the redraw facility.
  • Loan terms and amount. You can borrow between $100,000 and $750,000 for anywhere between 10 and 30 years.
  • Loan to Value Ratio (LVR). This loan features a maximum LVR of 95% as well as allowing you to capitalise your LMI premium into your loan.
  • Save on upfront costs. For a limited time you can save $935 on the application fee, valuation fee and lender's basic legal costs.
  • Visa Credit Card. Borrowers can enjoy a Visa Credit Card with their account that offers 55 days interest free on purchases.

Fees you can and can’t avoid

Fees you can avoid:

  • Illawarra Home Loans will pay the application fee of $0.
  • They will also cover the basic legal costs up to $0.
  • By not splitting your home loan you can save on the split fee of $50.
  • Break costs for fixed rates may apply if the loan is repaid during any fixed rate period.
  • LMI premiums don't need to be paid if you have a deposit of 20% or greater. If you do need to pay these premiums the amount you pay will depend on the property price and other factors.

Fees you can't avoid:

  • There's a loan documentation fee of $150.
  • Other government and legal fees may be payable.

Eligibility criteria

To be eligible for this loan you need to meet the following criteria:

  • Have saved a minimum 5% deposit
  • Be employed with PAYG documentation or be self-employed with full documentation

How to apply

If you would like to apply for the Illawarra Home Loans First Home Fast Track you can follow the secure link on this page to the online web form. From there, you can either apply online or have a qualified consultant call you for an obligation-free discussion. You can also download the online application form and send it to Illawarra Home Loans.

You will need to provide personal details, contact details and details of your finances including assets, loans, debts and income.


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Illawarra Home Loans First Home Fast Track Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 27 July 2015 at 14:41.

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2 Responses to Illawarra Home Loans First Home Fast Track

  1. Default Gravatar
    Warren | May 3, 2015

    can 1st home be a existing home

    • Staff
      Jodie | May 12, 2015

      Hi Warren,

      Thank you for your inquiry.

      You have come through to finder.com.au, a financial comparison site, please clarify directly with Illawarra Home Loans regarding your eligibility for this loan. Generally speaking the home can be a pre-built existing dwelling however it would be recommended that you speak to the lender or a mortgage broker to receive advice suited to your specific circumstances.

      Regards
      Jodie

Illawarra Home Loans First Home Fast Track Home Loan

  • Interest Rate

    5.86% p.a.

  • Comparison Rate

    5.88% p.a.

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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