Homestar Fixed Rate Loan 1 Year

The Homestar, fixed home loan is an ideal home loan for owner occupiers, property investors and those carrying out the construction of their own home, as well as for the refinancing of an existing home loan, investment or business loan that is secured by a property.

Homestar fixed home loan gives both protection gives peace of mind.

With a Homestar, fixed home loan for one year you will have peace of mind going forward in the knowledge that for the first 12 months of your home loan you will have protection against any increase in the general interest rate and that at the expiration of the 12 month period the loan will revert to a variable interest rate home loan, with a low interest with no fees being incurred. On top of all that you are still getting a fully featured home loan.

A Homestar fixed home loan basic benefits comprise the following:

• A Homestar, fixed home loan can be arranged for properties valued between $150,000 and $2,000,000 for terms from 10 to 30 years with repayments covering both principal and interest or interest only.
• Interest only repayments for periods from two, three or five years, are important if you are in the situation where you need to maximize your monthly cash flow, especially valuable for investors who plan on making their main profit on the basis of rising property values when the property is eventually resold.
• All loans must be secured through a registered first mortgage over residential property.
• A Homestar, fixed home loan can be arranged for up to 95% of property value and up to 90 percent if you are willing to take out a lenders mortgage insurance.

Repayment frequency is also flexible on a Homestar, fixed home loan in that you can choose to repay the loan on a weekly, fortnightly or monthly basis. Weekly and fortnightly repayments can fit in with your salary earnings and at the same time cut many thousands of dollars off the total interest payable over the term of the loan. All repayment must be made through electronic direct debit or direct salary credit arrangements.

Additional repayments are allowable with the following benefits:

• Extra repayments can be paid over and above your regular repayment obligations without penalty when the loan is in a variable interest rate repayment structure.
• This feature also allows you to pay off the loan faster when you have any extra funds available, such as work bonuses or taxation refunds, while at the same time saving thousands of dollars in interest over the course of the loan.
• Break cost will apply however if the home loan is in a fixed interest rate situation when any full pay out is being arranged before the expiry date.

Although the Homestar, fixed home loan is a fixed interest rate home loan for the first 12 months after which it automatically switches to a low interest variable interest rate home loan. It can be converted back to a fixed home loan again if you so wish for a further fixed interest rate term. All or part of your Homestar, fixed home loan, after it reverts to a variable interest rate loan, can be changed back to a fixed rate again at any time. The usage of this feature will depend on your particular circumstances but will be invaluable if interest rates begin rising and you feel you might be heading towards ‘mortgage stress’ if you continued with your variable interest rate structure.

Homestar fixed home loan includes up to four ’splits’.

A Homestar, fixed home loan also allows you to ’split’ your home loan into four components. Your usage of this feature will be your own personal choice and many circumstances may be a driving factor such as:

• You may wish to ‘have a bet each way’ against any movements in interest rates and therefore choose to have a portion of your home loan structured at a fixed rate and another portion structured at a variable interest rate.
• You may also like to invest in shares or need to have the flexibility to raise funds at short notice. In this case you may consider an equity loan or line of credit in the split arrangement.

Homestar, fixed home loan will allow you up to four extra ’splits’ whereby you will be able to transfer funds between each account using an inter-account payment facility.

A redraw facility is also accessible that allows for an unlimited amount of redraw from which you can make outside payments to anybody such as to any building society, credit union or bank directly from your home loan using a BSB and account number. You will be limited to a amount of $5,000 a day however and this feature is not accessible during any fixed interest rate period.

A Homestar fixed home loan is a complete home loan to suit all purposes be you an owner occupier, an investor or looking to refinance. It will give you peace of mind during uncertain financial periods when interest rates start rising while allowing you to take advantage of any interest rate falls.

You can follow the secure link here for more information or advice about choosing the best home loan for your needs.

Read the HomeStar Fixed Rate Loan - 1 Year Fixed Rate terms and conditions.

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