Homeloans MoniPower LOC Homeloans MoniPower LOC (Owner Occupied)

  • 4.77%
    p.a Standard Variable
  • 4.86%
    p.a Comparison**
  • $363
    Upfront fees
  • $180
    Annual fees
  • 95%
    Max Lvr
  • $2,014
    Per Month*

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.

Standard Variable

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

Monthly repayment*
$2,014
rate per annum
4.77%

Loan to Value Ratio

Borrow up to the maxium of 95% 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
95%
Capitalise LMI
Yes

Availability

For ["Line of Credit", "Equity", "Owner Occupied", "Vacant Land"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].

Term
1 - 25 years
Min
$50,000
Max
$1,200,000

Eligibility

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

Financials
Full Doc
Credit History
Conforming
Genuine Saving
Not Required

Redraw Facility

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

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

Repayments

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

Interest Only Option
Yes
Max Interest Only
7 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
$363
Establishment
$150
Settlement
$213

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total
$180
Ongoing Yearly
$180

Exit Fees

Fees associated with prematurely ending the loan.

Total
$1,108
Exit
$808
Early Repayment
$0
Switch To Fixed
$300

Notes

SPECIAL OFFER – Homeloans Ltd is waiving its $199 Application Fee for new loan submissions until further notice Also until further notice the Secured Visa facility attached to the Homeloans MoniPower LOC Product will no longer be accepted for loan applications submitted for above 80% LVR. For loans submitted equal to and below 80% LVR, the Secured Visa facility will continue to be available under the current guidelines. Fore more information, please contact your BDM. OTHER PRODUCT INFO: This Homeloans MoniPower LOC product is ideal for eliminating debt as quickly as possible by making your money work smarter for you. It allows easy access to funds via internet and telephone banking, cheque book, cashcard, ATMs, EFTPOS and giroPost. Both a Secured or unsecured Visa is available with up to 55 days interest free and Salary and other direct credits can be paid directly into the loan facility. Features: -Choice of Repayment Frequency -Interest capitalisation -Extra Repayments -Secured Visa

LVR Notes

Max LVR 90% LMI can be capped above 90%. Max 95% LVR for o/oc purchases inclusive of LMI. Max 90% LVR for investment purchases, Refinance, companies and trusts, debt consolidation and vacant land. LMI required above 80% LVR . Max loan amounts for >80% LVR will vary for Genworth and QBE. Please refer to your BDM for further details.

Fee Notes

$150 Loan processing fee quoted as Establishment fee. Additional contracts $50 for each loan split. Valuation cost nil for standard val up to $300 post conditional approval.

*Monthly Repayments

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

  • Variable rate loans show the monthly repayments at the current rate.
  • Fixed rate loans show the monthly repayment during the fixed period only.
  • Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

  • The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.
  • Cost savings such as fee waivers or special rate discounts.
  • Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees
  • Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.
  • Government charges such as stamp duty or mortgage registration fees.
  • Fees and charges which aren’t available at the time the comparison rate is provided