Online Home Loans Horizon Fixed Rate Loan

Rates and fees last updated on

Looking for a home loan that combines the security of a fixed rate with the convenience of flexible repayment options? Meet the Online Home Loans Horizon Fixed Rate Loan.

For some borrowers, the security of a fixed interest rate on their home loan is an absolute must. Knowing exactly how much your repayments will be and that the rate won’t be affected by changes to the RBA’s official cash rate provides peace of mind and allows you to budget accordingly.

The Online Home Loans Horizon Fixed Rate Loan combines the security of a competitive fixed rate with a number of flexible features, including your choice of repayment options and a free redraw facility.

Interest Rate Max Insured LVR Max LVR
3 Years (Owner occupier)
4.19% p.a.
Comparison Rate
3.99% p.a.
95% 95%
3 Years (Investor)
4.59% p.a.
Comparison Rate
4.26% p.a.
95% 95%
Product NameOnline Home Loans Horizon Fixed
Interest Rate TypeFixed
Interest Rate (p.a.)4.34%
Comp Rate^ (p.a.)4.10%
Minimum Loan Amount$150,000
Maximum Loan Amount$1,500,000
Minimum Loan Term15 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$275
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$299 p.a.
Settlement Fee$0
Discharge Fee$308
Early Termination Fee$608

Pros

  • Free redraw facility
  • Split loan facilities available
  • Borrow up to $1500000

Cons

  • Application fee of $275
  • Annual fee of $299

Details to consider about the Online Home Loans Horizon Fixed Rate Loan

The Online Home Loans Horizon Fixed Rate Loan is available to owner-occupiers and investors who want to purchase residential property. A full-doc loan, it allows you to lock in a fixed rate and enjoy fixed repayment amounts for three years. Once the fixed-rate period ends, the loan reverts to an Online Home Loans Horizon Variable Rate Loan.

The loan has a maximum LVR of 95%, although some rates are only available with an LVR of 80%. Investors also have the freedom to choose interest-only repayments over principal and interest repayments for a limited period if they wish.

Features of the Online Home Loans Horizon Fixed Rate Loan

The Online Home Loans Horizon Fixed Rate Loan offers a competitive fixed interest rate and an extensive range of other flexible features, including:

  • Maximum LVR. The Online Home Loans Horizon Fixed Rate Loan allows some borrowers to borrow up to 95% LVR, remembering that loans of more than 80% LVR may have different rates and will also attract the extra cost of lender’s mortgage insurance.
  • Loan amount. You can borrow amounts between $150,000 and $1,500,000 with this loan.
  • Loan term. You can lock in a competitive fixed interest rate with this loan for three years, ensuring the security of guaranteed repayment amounts. Once this three years is up, the loan reverts to the Horizon Variable Rate Loan.
  • Repayment options. You can choose from three repayment schedules: weekly, fortnightly or monthly.
  • Free redraw facility. Although there are no additional repayments allowed on a fixed-rate loan, you can make additional repayments on the variable portion of your loan. Those funds can then be accessed through the loan’s free redraw facility.
  • Loan split. The Online Home Loans Horizon Fixed Rate Loan also features a loan split facility that allows you to split your loan up to six times for free.

Fees

  • Application fee: $275. This fee must be paid to cover the administrative costs incurred while preparing and establishing your loan.
  • Annual service fee: $299. The Online Home Loans Horizon Fixed Rate Loan includes this ongoing annual service charge.
  • Discharge fee: $308. You will need to pay this exit fee once you have paid off your loan.

How to apply for the Online Home Loans Horizon Fixed Rate Loan

If the Online Home Loans Horizon Fixed Rate Loan sounds like it could be the ideal loan for you, click on one of the “Apply now” links on this page. This will take you to the Online Home Loans website, where you can read up on the full features of this loan and even begin the online application process.

However, you will need to satisfy a few criteria in order to be eligible for this loan:

  • Age. You must be at least 18 years old.
  • Residency. You must be a permanent Australian resident.
  • Loan purpose. The Online Home Loans Horizon Fixed Rate Loan is only available to owner-occupiers and investors purchasing an existing residential property.

As part of your application, you will be required to provide a range of personal and financial information to the lender. This will help with its assessment of your repayment capacity. You will be asked to supply:

  • Personal details. These include your name, address, date of birth and contact details.
  • Proof of ID. You’ll need to supply a valid form of photo identification, for example a driver’s licence.
  • Income details. The lender will request proof of employment and evidence showing your income, such as pay slips and bank statements.
  • Assets and liabilities. You’ll need to report any liabilities you have, such as credit card debt, as well as any assets you own.
  • Property details. The lender will also require details of the property you plan to buy so it can organise an independent valuation of the property.

The Online Home Loans Horizon Fixed Rate Loan is definitely worth closer inspection if you want the security of a fixed interest rate. Compare it with a range of other fixed-rate loans before making a decision on where to obtain finance to buy a home.

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This page was last modified on 20 January 2017 at 11:27am.

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Online Home Loans Horizon Fixed

  • Interest Rate

    4.34% p.a.

  • Comparison Rate

    4.1% p.a.

  • App Fee / Annual Service Fee

    $275 / $299

  • Max LVR

    80%

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