Homeloans Accerelate Red Plus Homeloans Accerelate Red Plus LVR >80% up to 85%

6.49%

p.a Standard Variable
6.58%

p.a Comparison**
$1,369

Upfront fees
$180

Annual fees
85%

Max LVR
$2,376

Per Month*

Loan Amount

$

Loan term

About Homeloans

Homeloans has provided Australians with an alternative to banks for their home finance since 1985. They specialise in home loans, and have a wide range of products to meet the needs of all customers, from first home buyers to investors. Homelaons were listed on the Australian Securities Exchange (ASX) in 2001, and today their major shareholders include National Australia Bank and Macquarie Bank. They pride themselves on quality award-winning service.

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Standard Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*: $2,376
rate per annum: 6.49%

Loan to Value Ratio

Borrow up to the maxium of 85% of the value of the property.

Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.

However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.

Lvr: 85%
Capitalise LMI: Yes

Availability

For Construction, Equity, Investment, Owner Occupied, and Vacant Land in NSW, NT, QLD, SA, WA, VIC, TAS, and ACT.

Term: 1 - 40 years
Min: $50,000
Max: $1,000,000

Eligibility

The level of financial documentaion and credit history required to apply for the loan.

Financials: Full Doc
Credit History: Non Conforming
Genuine Saving: Not Required

Offset Account

Save on interest repayments by holding spare cash in an offset account.

Offset account: Yes
Offset: 100%

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility: Yes
Min Redraw: $50.0
Redraw fee: $0

Banking Features

Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.

Some features you may wish to consider include:

an offset account;
ability to make extra repayments;
a redraw facility; and
linked credit card and savings accounts;
ability to split your loan between fixed and variable interest rates

Offset Account: Yes
Redraw Available: Yes
Credit Card: No
Internet Banking: Yes
Telephone Banking: Yes
BPay Option: Yes
Portability of Loan: No
Professional Pack: No
Check Account: No
Direct Salary Credit: No
Free Transactions: No
Minimum Redraw: Yes
Redraw Fee: No

Repayments

You can make your repayments Fortnightly, Monthly, and Weekly.

Interest Only Option: Yes
Max Interest Only: 5 years

Upfront Fees

Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.

Total: $1,369
Application: $599
Valuation: $330
Legal/Solicitor: $440

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total: $180
Ongoing Monthly: $15

Exit Fees

Fees associated with prematurely ending the loan.

Total: $350
Exit: $350
Early Repayment: $0
Switch To Fixed: $0

Notes

** Loan greater than 30 years must be P&I. Construction loans Interest Only for the first year converting to P&I post construction. ** Product Overview: The Homeloans Accelerate Red product has been designed for borrowers who dont meet strict credit scoring criteria yet have a history of managing their debts well. Offering a competitive rate and flexible features, the Accelerate Red is available both as a lo doc for self employed borrowers or business owners or a full doc for those borrowers who have a number of debts to be consolidated, or just need their application to be considered on its merits rather than a credit score. The product is ideal for either self-employed small business owners or PAYG borrowers looking to buy or refinance their home or investment property and obtain cash out for business purposes including refinancing ATO or high cost overdraft debts, purchasing equipment and working capital requirements. Key Benefits: - No Lenders Mortgage Insurance Risk Fee applies to all loans - Unlimited adverse credit (paid or unpaid) when registered >24 months prior to application. Minor defaults <$1,000 ignored. - No limit on the number of debts that can be consolidated - Available for refinance, including Non-Conforming. Construction loans Suitable for clean credit clients who want to build up to 2 properties on 1 title including townhouses and duplexes OO and INV allowed, up to 95% LVR inclusive of fees on full doc, up to 85% on alt doc Borrow up to $1.25M (1 property) or $1.5M (2 properties)

LVR Notes

Risk Fee replaces LMI. Risk Fee applies to all loans regardless of LVR. Max LVR 95% for Purchases with any capitalised Risk Fee. Construction/Equity max LVR 90% and Vacant Land 80%. Refer to Product Guide for further information.

Fee Notes

$400 Title Protection Fee. Solicitor Fee does NOT include disbursements. Valuation cost payment required following conditional approval. Quoted valuation fee of $300 is the average cost of valuation. The borrower/s will be charged the exact cost of the valuation.