Illawarra Home Loans First Home Fast Track Fixed Rate Home Loan

Rates and fees last updated on

Enjoy the security of a home loan with a fixed rate period and a low minimum deposit requirement.

This fixed rate option from Illawarra Home Loans offers first home buyers the opportunity to save with low setup costs and no ongoing fees, in addition to a 100% offset account and the ability to make extra repayments.

The First Home Fast Track delivers what its name promises by giving first home buyers the ability to get into their first home faster, with a maximum LVR of 95% inclusive of any fees added to the loan amount. Borrowers can enjoy a competitive interest rate, choose a fixed term of between 1 and 5 years and also have the ability to make additional repayments of up to $20,000 per year.

Interest Rate Max Insured LVR Max LVR
1 Year Fixed
4.31% p.a.
Comparison Rate
4.35% p.a.
95% 80%
2 Year Fixed
4.49% p.a.
Comparison Rate
4.53% p.a.
95% 80%
3 Year Fixed
4.62% p.a.
Comparison Rate
4.66% p.a.
95% 80%
4 Year Fixed
4.74% p.a.
Comparison Rate
4.78% p.a.
95% 80%
5 Year Fixed
4.84% p.a.
Comparison Rate
4.88% p.a.
95% 80%
Product NameIllawarra Home Loans First Home Fast Track Home Loan
Interest Rate TypeVariable or Fixed
Comp Rate^ (p.a.)
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
Split Loan FacilityYes
Suitable for InvestmentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$330
Lender's Legal Fee$285
Valuation Fee$330
Ongoing Fees$0 p.a.
Settlement Fee$0

Pros

  • No application fees
  • No legal fees
  • No valuation fees

Cons

  • Loan documentation fee of $150

Awards

  • Illawarra Home Loans was awarded the Highly Commended award for their Variable Rate Home Loan at the 2011 Financial Review Smart Investor Awards.

Who is this loan suitable for?

This loan is suitable for first home buyers. The high Loan to Value ratio (LVR) of 95% makes it a viable option for people who have not saved a sufficient deposit, as some other first home buyer loans on the market require a 10% deposit or more. The loan can be used to purchase an owner occupied property. It can also be used for investment and refinancing, but a minimum 10% deposit is needed.

Features

This fixed rate home loan has some attractive features for first home buyers, including:

  • High LVR. Illawarra Home Loans offers a high LVR of 95% when purchasing owner-occupied property.

  • Interest rates. Illawarra Home Loans offers competitive fixed rates from

  • Repayment options. Choose to make principal or interest repayments weekly, fortnightly or monthly. Borrowers can make repayments via Direct Debit, Salary Credit or Deposit Book.

  • Dynamic Repayment. This 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.

  • Fixed rate period. Choose from a fixed rate period of between 1 and 5 years.

  • Additional repayments. Borrowers can choose to make up to $20,000 in additional repayments per year.

  • Offset account. There is a 100% offset account option which is available during the fixed rate period.

  • Save on setup costs. For a limited time you can save $935 on setup costs, which includes lender's basic legals, the application fee and valuation fee.

Fees

Fees you can avoid:

  • Illawarra Home Loans will pay the $330. application fee.

  • For loans that proceed to settlement, the $330 valuation fee is waived.

  • The lender's legal costs, which can be up to $285., are paid by the lender.

  • Break costs may apply if the loan is repaid during any fixed rate period.

  • There are no annual and monthly fees with this loan.

Fees you can’t avoid:

  • There is a loan documentation fee of $150.

  • There may be additional government and legal fees.

How to apply

Illawarra Home Loans is an online lender, so if you would like to apply you can either apply for pre-approval or download an online application form to fill out. You can also submit a simple ‘callback request’ form on their website. You can choose any of these options by following the secure link on this page to Illawarra Home Loans’ website.

Pre-approval involves a three step application process which requires you to provide basic personal and financial details. You can then select a time and day for a qualified consultant to call you back and discuss your options, obligation-free, within 24 hours.

If you prefer to download the online application form you will be required to provide a more detailed overview of your personal details and financial history, including assets, debts, loans and income.

Eligibility criteria

In order to be eligible for this loan you need to be able to provide full documentation to prove your employment and finances. This means providing PAYG statements or other documents if you are self-employed. You will need to provide detailed information regarding your income, employers, expenditure and debts when you apply.

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This page was last modified on 28 March 2017 at 1:24pm.

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Illawarra Home Loans First Home Fast Track Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $330 / $0

  • Max LVR

    80%

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