Homeloans MoniPower Standard Variable 80 Homeloans MoniPower Standard Variable 80 (Owner Occupied)

  • 4.14%
    p.a Standard Variable
  • 4.20%
    p.a Comparison**
  • $363
    Upfront fees
  • $120
    Annual fees
  • 80%
    Max Lvr
  • $1,885
    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*
$1,885
rate per annum
4.14%

Loan to Value Ratio

Borrow up to the maxium of 80% 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
80%
Capitalise LMI
No

Availability

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

Term
5 - 30 years
Min
$10,000
Max
$3,500,000

Eligibility

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

Financials
Full Doc
Credit History
Conforming
Genuine Saving
Required

Redraw Facility

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

Redraw Facility
Yes
Min Redraw
$500.0
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
Yes
Professional Pack
No
Check Account
No
Direct Salary Credit
Yes
Free Transactions
Yes
Minimum Redraw
Yes
Redraw Fee
No

Repayments

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

Interest Only Option
Yes
Max Interest Only
10 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
$120
Ongoing Monthly
$10

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 OTHER PRODUCT INFO: The Homeloans MoniPower product is a fully featured loan for purchase, refinance and debt consolidation. The option of Bridging finance is also available. Features: - Redraw (Not available during Go Between period) - Choice of Repayment Frequency - 100% offset account with no ongoing fees ( Repayments must be debited from the offset balance). - Product Split - Extra Repayments - Go Between bridging finance available ( Max LVR 85%, Minimum loan amount $20K) Up to 10 Years Interest Only, converting to P&I for the remainder of the term. Investment Loans: I/O repayments are capped to a maximum of 90% LVR during a Fixed rate IO period, the I/O term must be the same or longer than the fixed rate period. Repayment frequencies of weekly, Fortnightly, Monthly with options of Direct Debit, BPay or salary crediting. Additional Repayments are allowed . Borrower: Self employed or PAYG, non resident, company and trust borrowers acceptable . Company Title & Studio/Serviced apartments excluded. At the expiration of the fixed term, the loan reverts to the standard variable rate Borrowers may apply to convert to a fixed rate at any time and rate conversion fee may apply. Borrowers may re-fix the loan free of charge within 14 days of expiration, or any time after that for which a rate conversion fee applies.

LVR Notes

LMI is payable for > 80% LVR. Capitalisation allowed up to 95% LVR inclusive of LMI. Max LVR for P&I owner occupied purchases and construction 95% including LMI. Max LVR of 90% applies to IO, companies and trusts & other purposes such as Investment purchases, Refinance, Debt Consolidation, Vacant Land. Max LVR for Cash Out ($100K Max) and Go Between 85%. Max loan amounts (Please refer to ABL postcode guide for further info): Up to 80% - $2m (Only for Cat 1 & 2 locations), Up to 75% - $2.5m, Up to 70% - $3m, Up to 65% - 3.5m.

Fee Notes

$150 Go-Between loan processing fee quoted as Establishment fee. Loan processing fee quoted as Settlement fee. Additional Contracts $50 for each split, $80 for EFM. Free redraw via internet or telephone and $50 fee via Client Services.(Redraw not available during Go Between period) Valuation cost payment required following conditional approval. Quoted valuation fee of $260 is the average cost of valuation. The borrower/s will be charged the exact cost of the valuation.

*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