Easy Street Home Loans

Easy Street is a financial provider that operates completely online. They pride themselves in offering excellent products and a service that is delivered in an extremely efficient way.

But just because they do not operate like a “normal” bank, and only conduct their business online, does not mean that they are any less reputable. In fact, Easy Street is controlled under the Community First Credit Union, which is the biggest credit union in Sydney. They have over $700 million in assets and more than 75,000 members.

Because Easy Street is controlled under Community First, they have to follow financial regulations, just like any other credit union or bank. They have to follow exactly the same laws that the banks are regulated under, which makes them, from a legal standpoint, just as reputable and secure as any other bank or credit union.

Easy Street offers the products and services that are offered by any other financial provider. These include savings accounts, loans, insurance and Internet banking. One of their best range of products are their home loans. Let’s find out more about the home loans from Easy Street to see how they can help you.

Easy Street Fixed Home Loan

Apply for a Easy Street Fixed Home Loan and enjoy no annual fees, no account keeping fees, 100% offset account, an unlimited redraw facility and the ability to make additional repayments.

• Interest Rate of 6.29%
• Comparison Rate of 6.57%
• Application Fee of $500
• Maximum LVR With LMI: 95%
• Minimum Borrowing: $100,000
• Maximum Borrowing: $0

Enquire about the Easy Street Easy Home Loan – 2 Year Fixed Rate terms and conditions

Easy Street Home Loans Comparison

Home Loan	Details	Interest Rate (p.a.)	Comp Rate^ (p.a.)	App Fee / Ongoing Fee	Max LVR	Min & Max Borrowing
Easy Street Honeymoon Home Loan Special	Get a discounted fixed interest rate for the first 12 months while you settle in to your new loan	5.89%	6.56%	$500 / $0	95%	$100,000 / $2,500,000
Easy Street Easy Home Loan – 2 Year Fixed Rate	Apply for Easy Street fixed rate home loans and get a competitive loan with a fixed interest rate.	6.29%	6.57%	$500 / $0	95%	$100,000 / $0

Easy Street Home Loan Overview

Easy Street prides itself on offering a completely stress free service. As such, their home loans are designed to make your life easier and the costs for your loan lower. Easy Street can appreciate how stressful it can be to purchase a new home, so their loans are designed to give you one less thing to worry about.

The home loans that are offered by Easy Street are:

• The basic variable home loan
• The honeymoon home loan
• The fixed rate home loan
• Split loans

Let’s take some time to get acquainted with these great loan options so that you can see which product will be best for you.

Easy Street Honeymoon Home Loan

The honeymoon home loan from easy street offers customers a great introductory period and then reverts back to the basic variable rate. This loan is designed to save you a very large amount of money during the first year of the loan, as we know that the first year in a new home can be very expensive.

This loan has an introductory low capped interest rate for the introductory period of 12 months. This lets you have the security of knowing exactly what your loan repayments will be for the first year of the loan, so that you can budget your finances better after your big move.

After the introductory period, the rates will revert back to those of the basic variable loan which has the added benefit of not having any monthly fees or any ongoing fees. The application fee is $500, which will cover your legal fees and the valuation fees for the property. In addition to this, lenders are able to make additional repayments of up to $25,000 every year for no charge. So in addition to your payments every week, every fortnight or every month, you can make additional repayments so that your loan can be paid off faster and without any penalties.

In addition to this, there is a free redraw option that is available to you, which does not have a minimum redraw amount. Your borrowing power will be the same, as loan amounts start from $100,000 and can be up to 95% of the property’s purchase price. There is also a 100% offset account that is attached to this loan.

Easy Street Fixed Home Loan

The fixed home loan from Easy Street allows you to be protected against inflation rates increasing. A fixed rate actually has a lot of benefits. In addition to not having to worry about inflation, a fixed rate means that you will always know precisely what the repayment amounts will be for your home loan for the subsequent 2 or 3 years – depending on what you choose. This is a great way for you to budget and to have more control over your finances.

The terms for this loan are really great and this loan allows you to have to borrow as much as 95% of the property’s purchase price. The minimum amount for this loan is $100,000.

Another great feature is that this loan does not have any monthly fees or any ongoing fees. The application fee is $500, which will cover your legal fees and the valuation fees for the property. In addition to this, lenders are able to make additional repayments of up to $25,000 every year for no charge. So in addition to your payments every week, every fortnight or every month, you can make additional repayments so that your loan can be paid off faster and without any penalties.

In addition to this, there is a free redraw option that is available to you, which does not have a minimum redraw amount. There is also a 100% offset account that is attached to this loan. The interest rates for this loan are very competitive.

The fixed home loans give customers a great product for an excellent price. The comparison rate allows you to have the full cost of the loan, which makes it easier for you to compare products.

Easy Street Basic Variable Home Loan

The basic variable home loan from easy street is designed to be a straight forward and simple home loan that offers a very competitive ongoing rate. It allows borrowers to have as much as 95% of the property’s purchase price. The minimum loan amount is $100,000.

This loan does not have any monthly fees or any ongoing fees. The application fee is $500, which will cover your legal fees and the valuation fees for the property. In addition to this, lenders are able to make additional repayments of up to $25,000 every year for no charge. So in addition to your payments every week, every fortnight or every month, you can make additional repayments so that your loan can be paid off faster and without any penalties.

In addition to this, there is a free redraw option that is available to you, which does not have a minimum redraw amount.

Easy Street Split Loan

The split home loan from Easy Street is a great way for you to split your loan up in to various different loans.

The benefit of this is that you will be able to take advantage of both a fixed loan and a variable loan by being able to have both. This gives you a lot more flexibility when it comes to your loan and will actually lessen the effects of interest rate increases and will enable to you take advantage of the interest rate when it is lower.

This is a great option, as it allows you to choose the loans that you think will be best for you. It is especially useful when you cannot decide between a fixed or a variable loan, as you get to have the benefits of both!

What Is The 100% Offset Account?

All of the loans from Easy Street, except the basic variable home loan, give you access to the a 100% offset account. An offset account is a separate account that is attached to your home loan. Essentially, it works just like a normal savings account.

The balance of the savings that you have is offset against the outstanding amount that you still owe on your home loan. The interest that you earn on this savings account is then earned at the exact same rate as the rate of your loan.

In the long run, an offset account can actually lower the amount of interest that you have to pay. This will help you to pay of your loan a lot faster or to increase your current level of equity.

There are a lot of benefits to having a 100% offset account. This account does not have any transaction fees or any account management fees. You can monitor and transfer your funds to any account by using the Internet banking service that is provided by Easy Street.

In addition to this, you have the ability to easily link this account to your fixed home loans. You will find that a lot of lenders do not give you this option. You can manage your offset account in a lot of different and convenient ways. You can have access to this account by the following methods:

• By Direct Debit
• By Direct Credit
• By Periodic Payments
• By the convenient Internet banking service
• By Pay Direct

Let’s look at an example of how an offset account actually works. When you make a deposit into your offset account, the amount of this deposit is then deducted from the balance of your loan before any interest is calculated on to it. Essentially, because you are paying less interest, you will be able to shorten the length of your loan because you will have less interest to pay.

We will pretend that you have a home loan of $100,000, and you have made a deposit of $5,000 in to the 100% offset account that is attached to your loan. The $5,000 would be deducted from the balance of your loan, leaving you with a $95,000 notional balance which will you have to pay interest on. You will not have to pay any interest on the $5,000 in the offset account.

In the long run, this can be really beneficial, and can save you a lot of money and a lot of loan payments. If you currently hold a home loan from Easy Street that has a 100% offset account, you will not have to apply for the offset account, as it will be automatically created for you when you apply for your loan.

Easy Street Charges & Fees

Easy Street has very competitive charges and fees and aims to make your home loan a lot more economical than those of the competition.

We have covered some of the fees already, but let’s review the types of fees that you can expect with a home loan from Easy Street.

• The application fee is $500, which will cover your legal fees and the valuation fees for the property
• If you are applying for a home loan that will be used to top up your existing home loan, then the application fee will be up to $250
• The production of deeds has a fee of $110
• If you wish to switch your home loan from one product to a different one, fee is $500
• There is a late payment fee that is charged when your loan reaches 7 days in arrears which is $25
• There is an additional late payment fee that is charged when your loan reaches 14 days in arrears which is $25
• There is a default notice fee of $50
• There is a mortgage default notice fee which is priced at cost
• There is a failure to comply notice of $25
• If you request a rental or contract performance guarantee, the fee will be $250
• If you are requesting a split loan, the fee is $200

There may be an early repayment fee, but this will depend on your individual loan contract, so you should make sure that you look over this to see if this fee will be applied and how it is calculated. In addition to this, there is Lender’s Mortgage Insurance (LMI), which is payable when a home loan exceeds 80% of the property’s valuation or of its purchase price, whichever amount is less. The price of this will be available when you apply for the home loan.

How Do I Apply And What Information Will Easy Street Need?

In order to be eligible to apply for a home loan from Easy Street, you will have to be a resident of Australia and you must be 18 years old or more.

Since Easy Street only operates online, the application for a home loan is completed online. There are only 6 steps and the form can be completed in as little as 10 minutes if you have the required information on hand. The information that you provide Easy Street with is in a secure form and when you submit it, the information will be assessed by the loan reviewing teams. After your application has been submitted, you will receive a response from Easy Street within 48 hours regarding your home loan application.

You will have to provide quite a lot of information for the application process. Here is a list of what you will need, so that you can have everything on hand when you apply:

• You will need to provide the details of your salary and for any other income that you receive – this includes any rent or dividends that are paid to you
• If you are a self employed individual, then you will have to provide your income figure from your tax return from the last tax year
• You will have to provide the contact information for your current employer (their name, their address and telephone number)
• If you have been employed at your existing job for less than three years, you will have to provide the contact information for your previous employer
• You will have to provide the number from your driver’s licence
• If you have been living at your current address for less than three years, you will have to provide your previous address
• You will have to provide the details of any assets and liabilities that you have. This will include your home and the value of any other property that you own, the value of your investments and savings, any shares that you own, your life insurance policy, and any vehicles and personal effects that you own that can be considered assets or liabilities
• If you are applying for a mortgage for a new home and already have an existing mortgage, you will have to provide the details of your current monthly mortgage payments
• If you are currently renting or boarding, you will have to provide the contact details for your landlord or your real estate agent. You will have to provide their name and their contact telephone number
• You will also have to provide the details of your current monthly financial commitments. This includes payments that you make for any other loans, or credit cards or any store card accounts that you have

In order to make the application process faster, make sure that you have this information easily accessible so that you can submit your application a lot quicker.

After you have submitted the application to Easy Street via the website, you will receive an e-mail or a telephone call to acknowledge the receipt of the application form. You will then be contacted by e-mail after your application has been processed to inform you of the result. Usually, this happens within 48 hours of your application being submitted. After your approval, the mobile lenders from Easy Street will contact you to make arrangement for you to sign the documentation for your new loan and for you to receive the funds, so that you can buy your new home.

How Much Will My Deposit Be And How Do Repayments Work?

The deposit for your home loan is similar to that of most other lenders. Easy Street requires you to pay a deposit of a minimum of 5% of the value of the new property. In addition to this, you will have to pay the other costs that are associated with purchasing a new property. These include fees for the valuation, any legal fees and the mortgage stamp duty.

Your loan repayments can be paid on a weekly, a fortnightly or a monthly basis. This depends on what will be best for you. Your repayments can be made in a number of different ways, you can choose to make them with automatic direct debit from a bank account of your choosing, or you can have your payments taken directly from your salary. If you have an existing bank account with Easy Street, you can make transfers from your account to pay your mortgage. It depends on what will be best and easiest for you.

You can also increase the number of payments that you make towards your home loan. By adding more payments, you will be able to lower the principal amount of your home loan a lot faster. This is really beneficial as it means that you will be able to lower the length of your loan significantly and you can begin paying your loan off a lot faster.

Easy Street has an online tool called the Extra Repayments Simulator, which allows you to see how making extra payments will affect the length and balance of your loan. This is a great tool that will show you how much money you will be able to save by making these extra repayments towards your loan.

A statement of your loan account will be sent to you every 4 months from Easy Street. If, in the meantime, you want to find out how much you are owing or when your last payment was, you can access all of this information and more by using the online banking service from Easy Street.

What Else Do I Need To Know?

There are some properties that are not eligible for a home loan from Easy Street. The home loans form Easy Street are not granted for owner-builder properties, they are not given for use with the purchase of vacant land, nor are they granted to the purchase of rural properties that are greater than 10 hectares in size.

If you have a question regarding whether or not the property that you would like to purchase will qualify for a loan from Easy Street, then the best solution for you would be to contact Easy Street directly to give them the details of your prospective property.

There is also the First Home Owners program that will be granted to some home buyers. Usually, if the new property that you are thinking of purchasing is the first home that you will have owned (either by yourself or even with your partner), then there is a very good chance that you will be eligible for this the First Home Owners Scheme.

The grant amounts are subject to change, but if the prospective home has had previous occupants, then the grant will be $14,000. If, on the other hand, the prospective home is a brand new home that has not been occupied previously, the grant will be $21,000.

So if you are purchasing a home for the first time, then you should find out whether or not you will be eligible for grants under this scheme, so that you will be able to receive some additional funding that can be put towards your new home.

Although Easy Street is not like a “normal” bank with branches, they are still able to offer you an excellent and competitive service that will ensure that your home loan is as easy to obtain and understand as possible. With their wide range of products and flexible options, you are bound to find something that is perfect for you and your individual needs.

In addition to this, because their services are all online, you will not have reams and reams of paper to trawl through. Instead, you will find all of the information provided in a simple and concise way on the website.

Also, the application is very straight forward and can be completed quickly, easily and securely via the form on the website. If you are still not sure whether a home loan from Easy Street will be right for you, then you should contact Easy Street directly so that the friendly and professional staff can help you and address any questions that you might have. There is bound to be at least one of their award winning services that will be a perfect fit for your home loan requirements.

The home loans that are offered by Easy Street are intended to help you purchase your new home in an easier and less stressful manner. Purchasing a new home can be very difficult, and a lot of financial institutions make the process very complicated. But, Easy Street know that you have plenty of other things to worry about and with their range of home loans, they take the worry away from your financing so that you can concentrate on finding the best moving company and making the other necessary arrangements for your upcoming move.

Related Resources

• Easy Street Fixed Rate Home Loan
  Purchasing the perfect house can be a very tedious and tiring process. For too many people, getting the finances needed to afford the perfect home is a dream and some never accomplish this. Easy Street Fixed Rate Home Loan does not want anyone to give up on their dream of owning a home because there is not sufficient funding. They consider having a home an integral part of life and will provide funding in a easy and quick way so that you can go about getting your home right away.
• Easy Street Offset Account Home Loan
  Becoming a home owner could be a very disappointing process if you are not satisfied and funds are insufficient. Having your own home, especially if it is a first time experience, should be exciting and beneficial to you. Easy Street Offset Account Home Loan is ready to provide you with a plan which will set your mind at ease, will provide enough funding to cover the cost of your new home and will come with numerous benefits which will not leave you penniless even after repayments. Read on to find out more...
• Easy Street Split Loan Home Loan
  If your desire is the purchase of your own home and you do not have enough money to do so, then taking out a loan could be the best plan for you. Many banks and other financial institutions can make it very difficult for persons to get a loan and if you are approved for a loan, it can be very burdensome to you. As a valued customer, this does not have to be the case because your satisfaction should always come first. It is the responsibility of the banking institutions to provide you with options which look after your best interests. Read on to learn more...
• Easy Street Variable Rate Home Loan
  Having a home which you can call your own, is important and brings relief and security to a person. Knowing that there is a roof over your head and a place to have a family is of great comfort to the body and mind. Learn more now...

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• Easy Street Honeymoon Home Loan Special
  With home loan lenders battling for business online lender Easy Street is looking to take on the giants of the high street with it’s new Honeymoon Home Loan Special. How does 12 months discount on your interest rate sound?
• Easy Street Fixed Home Loan