Homestar RateStopper Loan
Posted September 11th, 2010
and last modified January 31st, 2012Despite the big four Australian banks holding the majority of home loans in the country because of the commonly held perception of them being safe and secure, the many other smaller and non-bank home loan providers keep coming out with revolutionary home loan products. One such company is Homestar and its revolutionary RateStopper home loan.
This product is no longer available. Follow this secure link to view the other home loan products currently on offer from HomeStar
Homestar RateStopper home loan is revolutionary in the home loan industry.
The Homestar RateStopper home loan is regarded as being revolutionary in the home loan world because it protects its home loan holders from any rate rise impacts for two years after taking out the loan, while at the same time, will allow borrowers to take advantage of any lowering of rates during that time.
Potential home buyers are also assured that they are fully protected by placing their business with smaller banks and non-bank home loan providers, such as Homestar, as all are equally monitored by industry associations as well as independent governmental bodies whose purpose is to make certain that your financial interests are protected and that your home is secure at all times under all conditions.
Homestar ratestopper main benefits.
The main benefits that make the Homestar ratestopper home loan stand out are the following important features:
- The current interest being charged is 7.04% with the comparison rate at 7.05%.
- Protection against any rate rises for two years.
- No upfront fees.
- Redraw facility through a 100 percent offset savings account with Visa debit card that facilitates withdrawals from ATM outlets, EFTPOS, BPAY, online or phone (IVR).
- Transactions are unlimited and free on all withdrawals other than for ATMs which are limited to 5 transactions a month. Cheque facilities are also available.
Homestar ratestopper details.
A Homestar ratestopper home loan is available to owner occupiers, investors or people looking to refinancing their existing investment or residential properties.
At the present time the Homestar ratestopper initial interest rate stands at 7.04% which is capped to not rise above 7.54 percent for two years. After the expiration of two years the interest will revert to the interest rate applicable at that time which is currently 6.64 percent.
Borrowers who can access the loan for amounts from $250,000 to a maximum of $600,000 can enjoy loan terms of 30 years with repayments of principal and interest only made weekly, fortnightly or monthly. There will be a maximum of four splits allowed.
The redraw facility included in the Homestar, ratestopper home loan, is built around the 100 percent offset transaction account that is linked to the home loan. This arrangement also works to lower the interest rate if sufficient savings can be retained in the account.
Home buyers can borrow up to 80% of LVR ( loan to value ratio) with no mortgage insurance having to be negotiated and a Homestar, ratestopper home loan while portable does attract a service fee of $0 a year.
Homestar funds secured by tight monitoring.
Even though the big banks attract customers through the perception of them being big, safe and secure, Homestar have shown that through their revolutionary approach, in order to protect their customers against rate increases, a valuable and workable home loan can be put together that effectively throws down the gauntlet for others to follow.
Home buyers can rest assured that their interests will be looked after and their homes will remain secure at all times through close monitoring by home loan industry associations and independent government bodies.
Homestar – ‘Non-Bank Lender of the Year’ three years in a row.
Non-bank home loan lender Homestar has won the home loan industry’s, Non-Bank Lender of the Year, award again this year (2010) making it three years in a row that they have received the same recognition from the industry. Homestar use secure bank funds from the big banks to secure their lendings. This arrangement means that by arranging your home loan through Homestar you get the security of bank funds without having to pay the same overheads the big banks carry.
You can follow the secure link here for further information on the Homestar RateStopper loan, or to learn more about your eligibility or home loan requirements.
| Minimum Loan Amount | $250,000 | |
|---|---|---|
| Maximum Loan Amount | $600,000 | |
| Maximum LVR | 80% | |
| Maximum Insured LVR | 80% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 7.04% | |
| Comparison Rate | 7.05% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $0 | |
|---|---|---|
| Service Fee | $0 |
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