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Homestar Star Classic Fixed Home Loan

Fixed 3 year rate
2.06% p.a.
Comparison Rate*
2.38% p.a.
Service fee
$0.00
Upfront fee
$495

Mozo editorial review Homestar Star Classic Fixed Home Loan

Last updated: 25 September 2020.

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What's hot
  • Super low 1-year fixed rate of 1.98% (2.41% comparison rate*)
  • Free extra repayments and online redraws
  • Zero ongoing service fee
What's not
  • $495 upfront fee
Mozo snapshot

With a low, low 1-year fixed rate of just 1.98% (2.41% comparison rate*) and a competitive revert rate, borrowers will struggle to find a more attractive deal to reduce their mortgage repayments than the Star Classic Fixed Home Loan from Homestar.

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Key features

There’s no other place to start than with the interest rate because the Star Classic Fixed Home Loan really does offer one of the lowest fixed rates around.

Owner-occupier borrowers with an LVR below 80% will be able to grab a 1-year fixed rate of just 1.98% (2.41% comparison rate*) on loans between $150,000 and $850,000. 

While that’s obviously an eye-catching rate, the revert rate (the one you’ll get after the fixed period ends) is still a super competitive 2.39% (2.42% comparison rate*) available with the Star Classic Variable Home Loan.

Homestar customers will be able to take advantage of a few handy features as well, including the ability to make free extra repayments towards the loan (capped at $20k p.a.) and to redraw those additional payments down the track with an online redraw facility.  

There are some fees borrowers will need to budget for though, including a $495 application fee and $535 discharge fee (but Homestar will waive this if the loan ends up going to full term). On the plus side, there's no ongoing service fee to worry about. 

Just bear in mind that this is a limited time offer, so if you’re interested, you’ll need to act fast! You'll need to apply by 31 October 2020 and have the loan settled by 31 January 2021 in order to qualify.

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Who is it good for

With one of the sharpest 1-year fixed rates around and a very reasonable revert rate, the Star Classic Fixed Home Loan from online lender Homestar could be a great option for any owner- occupier borrowers looking to keep their repayments to a minimum. 

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Any catches

The Star Classic Fixed Home Loan is only available to properties located in metro areas. 

Details

Rates and fees information correct as at 26 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 1.98% (2.41%*)

  • n/a

  • 2.06% (2.38%*)

  • n/a

  • n/a

  • n/a

  • n/a

  • 2.39% p.a.

Fees
  • $495.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $535.00

Other financial bits
  • $150,000

  • $850,000

  • none

  • 80.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free up to $20,000 p.a.

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • Metro areas only. Loan applications must be received by 31 October 2020 and settled by 31 January 2021.

  • $535 discharge fee waived if the loan goes to full term.

  • none

*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 $150,000 over 25 years.

Customer Reviews

How are Homestar home loans rated by the Mozo community?

Overall
6.3/10
Price
7.5/10
Features
6.3/10
Customer service
6.7/10
Convenience
6.0/10
Trust
6.0/10
Homestar

About Homestar

Homestar is a Sydney and Melbourne based company that offers home loans Australia wide, due to Homestar being a web and phone based non-bank lender that works to save you money. Homestar has been providing low rates on its home loans since 2004.

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*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 $150,000 over 25 years.