Homestar Quickstart First Home Buyer
Posted September 11th, 2010
and last modified January 31st, 2012The three year running winner of the home loan industry’s prestigious, ‘Non-Bank Lender of the Year’ award, Homestar, now give hope to first home buyers who are having trouble getting a deposit together for the purchase of their home. If you have no genuine saving you no longer have to feel left out in the cold as far as home ownership is concerned because if you become a Homestar, first home buyer, you can:
- Use your first home owners grant as part of the deposit.
- Parents guarantee accepted for balance of the deposit if required.
- No upfront fees.
- A home loan specifically designed for the first home buyer.
The First Home Owners Grant is a Commonwealth Government funded and State and Territory Government administered grant of $7,000 to assist first home buyers in the purchase of their first home. A Homestar, first home buyer home loan will allow you to include this grant as part of your deposit.
If, after factoring in the first home owner grant, and you are still short of the required funds, Homestar, first home buyer home loan will accept the balance from your parents, either in cash or in the form of a guarantee.
As further assistance towards making your entry into home buying as financially painless as possible, Homestar, first home buyers, will not have to pay any application fee.
It is realized that Homestar, first home buyers, are often starting out in life and that means you are often at the beginning of a career and on a smaller salary than you will be further down the track. A Homestar Quickstart – First Home Buyer home loan is therefore specifically designed for you because of the following features:
- A Homestar, first home buyer can borrow up to 92.5% of the properties valuation as long as it is within the range of $50,000 to a maximum of $1,000,000 over terms from 15 to 30 years. Repayments can be arranged to be paid on a weekly, fortnightly or monthly basis, whichever suits you best.
- A very useful benefit to the Homestar, first home buyer is that you will have a choice of whether you want repay the loan on the basis of principal and interest, or interest only, for periods from two, three or five years. Interest only can keep your repayments to a manageable level in the early years while you are becoming established, family wise as well as career wise. However you will not be lowering the debt owing on your loan during these periods. When things normalize again you are allowed to make any extra repayments whenever you have the ability to do so, when the home loan is in a variable interest rate structure, this feature means you can pay off the loan much sooner than originally planned therefore saving many thousands of dollars in interest repayments.
- A further important benefit is the ability you will have to change your variable interest rate home loan to one of fixed interest, or part thereof, if your circumstances warrant it. A Homestar, first home buyer home loan is completely flexible in order to make buying your fist home that much easier. You will not have the over bearing costs of having to refinance if interest rates look like rising, to the extent that you could find yourself in what is commonly referred to as ‘mortgage stress’. You will have the ability to repay your home loan at a fixed interest rate for a period that would see you safely out ride any such occurrence.
- The Homestar, first home buyer home loan has a redraw facility that gives you an unlimited redraw resource. When you use this feature you can pay anybody direct from your home loan account, or any one of up to four split accounts that you can organize yourself to transfer funds, using your inter-account payment facility. Payments can be made to any credit union, bank or building society using a valid BSB and account number. Withdrawals are however limited to $5,000 a day and is not available during the periods that you may be enjoying the benefit of having the loan structured as a fixed interest home loan.
You have a lot to gain by financing your first home purchase with a Homestar Quickstart First Home Buyer home loan because of the following:
- It is specially designed for first home buyers.
- A deposit or guarantee from your parents is acceptable.
- Homestar will arrange to have the First Home Owners Grant of $7,000 paid into your deposit amount.
- There are no set up or ongoing fees to worry about.
| Minimum Loan Amount | $50,000 | |
|---|---|---|
| Maximum Loan Amount | $1,000,000 | |
| Maximum LVR | 92.50% | |
| Maximum Insured LVR | 92.50% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 7.03% | |
| Comparison Rate | 7.03% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $0 | |
|---|---|---|
| Service Fee | $0 |
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