Homestar Line of Credit
Posted September 11th, 2010
and last modified January 31st, 2012Because of its flexibility and features, a Homestar, line of credit home loan, will let you do more than simply buy your own home.
A Homestar, line of credit home loan is a credit facility secured with a first mortgage on a residential property. It works in a similar way as does a credit card which allows for a withdrawal of funds, up to a certain limit, at any time 24 hours a day seven days a week. Repayments can be deposited back into the home loan as lump sum payments or on a weekly, fortnightly or monthly basis, either through electronic direct debit or direct salary credit arrangements with your employer.
A Homestar, line of credit home loan, can be used for the purchase of property, refinance an existing home loan or for debt consolidation and as long as you make the minimum repayments you can use the unlimited line of credit redraw facility to carry out any necessary renovations, invest in shares, pay your bills or simply cash out when you need it. It will allow you cheque book access to your funds, otherwise you can pay anybody or organization through an inbuilt direct debit functionality.
A Homestar, line of credit home loan, has an enviable low interest rate and no upfront fees whatsoever, along with an option to enjoy up to 15 years of paying interest only if you choose to do so. This is a great way of increasing your own cash flow, when you want it most during the early years of your career and whilst caring for a young family.
A Homestar, line of credit home loan, can therefore offer main features consisting of the following:
- Up to 15 years interest only repayments if you choose.
- Discounted low interest rates.
- No upfront fees.
- Unlimited redraw facility.
With a popular Homestar, line of credit home loan, you are able to borrow up to 90% of your properties value without having to take out a lenders mortgage insurance but you are able to access up to 90% if willing to do so, as long as you are within the loan limits of between $250,000 minimum to a $1,000,000 maximum. The terms of a Homestar, line of credit home loan, allow the loan to be taken out over a 25 or 30 year period.
An interesting feature of a Homestar, line of credit home loan, is that you can arrange to only pay interest off the loan in repayments for up to 15 years you can also take advantage of interest capitalization up to an approved limit where interest is allowed to accrue.
Homestar is a non-bank home loan lender that has won the prestigious ‘Non-Bank Lender of the Year Award’ for the last three years in a row. 2008, 2009 and 2010 because of its ability to offer great home loans with low interest rates and no application fees.
The award is chosen from over 19,000 financial products and services produced by more than 300 financial organizations in the market.
Julian Mitton, Homestar Chief Executive, stated that the award is a great recognition of the company’s expert lending team and service proposition. He went on to say that you don’t win these awards year after year by accident. This demonstrates the professionalism and commitment of the Homestar team and validates the personal service the company delivers through phone based home loans.
“The Homestar team prides itself on excellent service and being the lenders you can depend on,” he said.
Four of the Homestar home loans met the high standards demanded by Canstar Cannex and were awarded five stars as a result. Canstar Cannex is the research group that makes the assessments on behalf of Money magazine’s annual consumer finance awards.
All line of credit home loans, much the same as credit cards, require a degree of financial discipline and responsible budgeting skills so that you always stay within your personal financial limits. If you are careful with your spending and seek the flexibility a line of credit home loan offers, a Homestar, line of credit home loan, will be the home loan you are looking for.
Follow this secure link for further information regarding this competitive loan from HomeStar.
| Minimum Loan Amount | $250,000 | |
|---|---|---|
| Maximum Loan Amount | $1,000,000 | |
| Maximum LVR | 90% | |
| Maximum Insured LVR | 90% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 6.47% | |
| Comparison Rate | 6.78% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $0 | |
|---|---|---|
| Service Fee | $0 |
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| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
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 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 |
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 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 |
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|
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