Illawarra Home Loans First Home Fast Track Home Loan
Review: Illawarra Home Loans First Home Fast Track Home Loan
The First Home Fast Track product lets you borrow up to LMI + 95% of a property’s value plus the LMI, and if you apply quickly you may even be able to avoid stamp duty charges before the first home owners grant changes.
Let’s find out more.
Illawarra Home Loans First Home Fast Track Home Loan – The Facts
- Interest rate: 6.67%
- Term: 10-30 years
- Fixed rate option: 1-5 years
- LTV ratio: LMI + 95%
- Interest only payments: Yes
- Additional payments: Yes
- Online availability: Yes
- Valuation fee: $330
- Application fee: $0
- Lenders legals: $275 (plus disbursements)
- Loan Documentation Fee: $150
- Title insurance fee: $132
There are a number of major positives to this product. The first of course being the LMI + 95% loan-to-value ratio. It means just a 5% deposit will be enough to secure your loan and property, making this product available to a huge amount of home buyers currently locked out of the market.
Lenders Mortgage Insurance Included
The other big advantage is that Illawarra Home Loans also includes lenders mortgage insurance in your loan, so you won’t have to find any additional money up front. Remember, as the insurance fee gets added to your loan it will also be subject to interest charges so you will pay more back in the long run.
This probably won’t be a major problem to most people as getting on the property ladder will be more of a concern to a slightly more expensive lenders mortgage insurance fee.
You are able to make over-payments with this product which allows you to repay the debt quicker, thus saving money on interest charges. You can also fix your rate for up to 5 years if you want that extra little bit of security and protection from any sudden interest rate rises.
Buy Now and Save on Stamp Duty
As part of the governments ongoing attempts to kick start the housing market, part of their 2011 budget was to wipe stamp duty for homes bought for over $500,000 until 31st December this year.
Whilst few first time buyers will be paying more than $500,000 for their first property, it may ensure those with more money to spend make their move, leaving some of the more affordable properties available for those with less of a deposit set aside.
Illawarra Home Loans has be lending for over 20 years, and recently won the “Highly Commended” award for their variable home loan product from the Smart Investor Blue Ribbon Awards, so you can be assured when you borrow from this company you’re in very safe hands.
With the economy being under the shadow of uncertainty, what is now more than certain is that the First Home Fast Track Home Loan from Illawarra Home Loans is going to help a number of first time buyers onto the property ladder. I think it’s fair to say than “any other mortgage product currently available. “
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