Homestar drops new home loan with 2.69% variable rate
17 Feb 2020
Today, mortgage lender Homestar has introduced a new member of its home loan family, and it comes with a shiny new interest rate.
Homestar’s Star Gold Home Loan has a variable rate of 2.69% (2.72% comparison rate*), which is currently one of the lowest in Mozo’s database.
However, there is a catch - you must have at least a 40% deposit. So if you have a decent money pile for your next property or are looking to refinance an existing loan, introduce yourself to the new kid on the home loan block.
Don’t have enough for a 40% deposit? Well, Homestar also offers a Star Essentials Home Loan, which only requires a 20% deposit.
While it may be the older version of the two, there’s nothing rusty about this loan, it comes with a competitive interest rate and a handy features as well.
So without further ado, here’s what you need to know.
Homestar Star Gold Home Loan
2.69% (2.72% comparison rate*)
No application fee
Free extra repayments and redraw facility
If you have a decent stash for you next house deposit, Homestar’s new Star Gold Home Loan could be a great option for you. While you must have at least a 40% deposit saved up for the property you are purchasing, the loan comes with a competitive 2.69% (2.72% comparison rate*), one of the lowest rates on Mozo’s database. And if you’re after repayment flexibility, with this loan that’s what you’ll get as you can choose whether to make weekly, fortnightly or monthly repayments, plus you can make extra repayments and redraws for free! Just bear in mind, that while there is no application or ongoing service fees - you will front up a $264 legal fee and $248.08 fee when you first take out your loan.
Homestar Star Essentials Home Loan
2.74% (2.77% comparison rate*)
Free extra repayments and redraw facility
No application fee
For home buyers looking for a loan that is both competitive and flexible, the Homestar Star Essentials Home Loan may be what you’re looking for. With a competitive rate of 2.74% (2.77% comparison rate*), free extra repayments and redraw facility as well as no application or ongoing service fees, there's plenty of pluses with this loan. Borrowers have the option to choose a weekly, fortnightly or monthly repayment schedule and can borrow anywhere between $150,000 and $850,000. Just keep an eye on other fees though, there are hefty legal ($264), valuation ($248.08) and discharge ($535) fees.
*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for the amount and term you entered.
**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home loans Awards
Want to check out how Homstar’s new loan stacks up against others on the market? Head over to our home loan comparison tool or have a read of all our latest home loan news.
