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HomeSide Home Plus Package
Posted February 15th, 2011
and last modified April 19th, 2012Corporate buyers often receive discounts because they are buying in large volumes – whether it be cars, electronics or uniforms. But what about you the little guy, just trying to get through a normal life, and paying off what feels to you like a pretty big home loan? Well with a Homeside home loan you can get a discount based on the volume of your loan, and you’ll also get some great extras thrown in too, if you add the Homeside Home Plus Package to your mortgage.
Features of the Homeside Home Plus Package
The Homeside Home Plus Package is what is known as a professional package, but you don’t need to be a professional borrower to qualify. A wide range of Homeside borrowers are already eligible to enjoy the features and benefits of the Home Plus Package, which include:
- A fixed interest rate term. If you’re worried about where interest rates are going or you’d just like some certainty in your life, you can choose to fix your home loan interest rate for one to five years. A fee applies to fix your rate, but at the end of the fixed rate term you can choose to fix your rate again at the new fixed rate, or revert to the variable rate for your loan.
- Discounted variable rate. You could be eligible for a discounted variable interest rate for the life of your loan, according to your loan to value ratio and the amount you have borrowed.
- A 100% offset account. While your loan is in a variable interest rate period, you can make use of a linked offset account to save on interest charges. When the interest is calculated daily on your home loan, interest is calculated on the loan balance less the balance of your offset account. There is no minimum balance required for your offset account, and you still have transaction account access to the funds.
- Accessible offset account. You can access the funds in your 100% offset account using a cheque book, a linked Homeside debit/ATM card, a NAB Visa card, Homeside telephone banking, NAB internet banking or in branch at NAB or Australia Post. You can make unlimited deposits and withdrawals from your offset account, and free ATM withdrawals at NAB ATMS.
- Construction loan. The Home Plus Package can make building your own home easier and more affordable because you can make interest only repayments for up to five years, while drawing down on your loan amount in instalments to pay builders or contractors. As a result, you only pay interest on the amount drawn down.
- Gold Visa card. You are eligible to apply for a gold Visa card which can be used to access the offset account. the annual card fee will be waived for the life of the loan and you can collect Flybuys rewards. You will also get up to 44 days interest free to make purchases and keep your funds in your offset account to save you interest.
- Interest only repayments. You can choose to make principal and interest repayments for your entire loan term, or you can make just interest only repayments for the first five years. You can also switch back to principal and interest repayments at any time during the interest only period.
- Additional repayments. You can make additional repayments without penalty on a variable interest rate loan. During a fixed term you can make additional repayments up to the value of $20,000. If you repay the loan in full within the first four years you will be charged an early exit fee.
- Redraw additional repayments. If you need access to additional payments you have made, you can redraw from your loan for free. There is a minimum redraw amount of $2,000.
- Take a repayment holiday. If you and your budget need a break from your mortgage repayments, you can apply for a repayment holiday where you can stop paying your home loan, without default.
- Low doc borrowers. If you are a low doc borrower you don’t have to miss out on all the extras because you can make a low doc application, by just paying the additional fee.
- Loan fees. There is a $600 application fee and a $10 monthly service fee for the Home Plus Package.
How a Professional Package Helps You Save
The features and benefits of a professional package do not suit everyone, and you have to make sure the benefits and the savings you make will outweigh the extra costs of adding a Home Plus Package to your home loan. For some tips on how to use a professional package to save you time and money on your home loan:
- Offset account saves you interest, and more. When you are able to keep your offset account topped up, you reduce the amount of your loan which attracts interest charges. This in turn means that you pay less monthly interest and your monthly repayments are lower. To make sure you are maximising your savings of both time and money, keep paying the same monthly repayment amount, and the difference will be taken off of your principal loan amount as an additional repayment, so you pay off your loan sooner.
- Save with your credit card. Credit cards aren’t typically known for their savings abilities, however, when you receive a credit card with no annual fee as part of your Home Plus package, make sure you use it for all of your monthly purchases and expenses. You can then leave your wages and other income in your offset account for longer, only taking out what you need at the end of the month to pay off the credit card. Thanks to the interest free days on the credit card, you’ve been using the bank’s money for free, while your money has been saving you interest.
| Minimum Loan Amount | $100,000 | |
|---|---|---|
| Maximum Loan Amount | $10,000,000 | |
| Maximum LVR | 95% | |
| Maximum Insured LVR | 95% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| 1 Year Fixed Rate | 6.59% | |
| 2 Year Fixed Rate | 6.69% | |
| 3 Year Fixed Rate | 6.69% | |
| 4 Year Fixed Rate | 6.99% | |
| 5 Year Fixed Rate | 7.04% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $600 | |
|---|---|---|
| Legal Fee | $0 | |
| Valuation Fee | $0 | |
| Service Fee | $10.00 |
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded the 2011 Non bank Lender of the Year this feature-packed loan rewards customers with a bonus rate drop of 0.25% after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
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