Homeloans MoniPower Standard Variable 80% Homeloans MoniPower Standard Variable 80% (Principal & Interest) (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*

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*: $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, and Vacant Land in NSW, NT, QLD, SA, WA, VIC, TAS, and ACT.

Term: 1 - 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: 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: $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
Internet Banking: Yes
Telephone Banking: Yes
Credit Card: No
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: Yes

Repayments

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

Interest Only Option: No
Max Interest Only: 0 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 5 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 not required for <80% LVR.

Fee Notes

Valuation cost nil for standard val up to $300 post conditional approval Loan Processing/Contract Fee $150 Additional Contracts $50 Solicitors fee - No cost to borrowers for standard loans only (individual borrower (s), and a single security property.) Includes document preparation, search fees, bank cheques, postage and all other sundries. Solicitors fees on all other non standard loans (e.g. additional securities, companies, guarantees, trusts etc) are subject to higher fees.