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Homestar Star Classic Home Loan

Advertiser disclosure
Rate
2.24% p.a.
Comparison Rate
2.29% p.a.
Service fee
$0.00
Upfront fee
$515

Mozo editorial review Homestar Star Classic Home Loan

Last updated: 18 March 2021.

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What's hot
  • Low 2.24% variable rate (2.27% comparison rate*)
  • No ongoing service fees
  • Free extra repayments and redraw facility
What's not
  • $535 discharge fee
Mozo snapshot

Is a low variable rate at the top of your home loan wish list? If so, the Star Classic Home Loan from Homestar with its super low 2.24% (2.27% comparison rate*) interest rate should be on your radar. The loan even comes with handy features such as free extra repayments, a free online redraw facility and even a 100% offset account.

It's these qualities that saw the Star Classic Home Loan recognised in the 2021 Mozo Experts Choice Awards in the Low Cost and Offset Home Loan categories.

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Key features

The Star Classic Home Loan has one of the lowest variable home loan rates available to owner occupiers in the Mozo database. Borrowers wanting to take out a loan between $150,000 and $800,000 and willing to make principal and interest repayments will be able to snag a rate of just 2.24% (2.27% comparison rate*). 

In addition to the low rate, the loan also comes with a few useful features for borrowers looking for some extra loan flexibility. Mortgage holders can make free extra repayments to pay off their loan faster, dip into those additional payments via the online redraw facility and choose whether they want to make repayments on a weekly, fortnightly or monthly schedule. There’s even an offset account

Borrowers won’t need to worry about forking out a monthly or annual service fee or an application fee, but there is a $535 discharge fee to consider (unless the loan is taken to term). There’s also usually a $251.35 valuation fee and $265 legal fee, but these will be waived for borrowers who apply by 31 December, 2020 and settle the loan by 28 February, 2021.

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Who is it good for

Given the low rate, relatively few fees and selection of features, Homestar’s Star Classic Home Loan could be a worthy option for both new home buyers or borrowers looking to refinance.  

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Any catches

While the Star Classic Home Loan has a lot of positives, it’s only available to owner occupiers willing to make principal and interest repayments with an LVR below 80%. That means investors, or owner occupiers wanting to make interest-only repayments will need to look elsewhere. 

Details

Rates and fees information correct as at 23 April 2021. 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
  • 2.24% p.a.

  • n/a

  • n/a

  • n/a

  • 2.29% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $264.00

  • $251.35

  • $0.00

  • n/a

  • $0.00

  • $535.00

Other financial bits
  • $150,000

  • $850,000

  • none

  • 80.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • yes

  • none

  • $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
5.8/10
Price
7.1/10
Features
6.1/10
Customer service
6.0/10
Convenience
5.4/10
Trust
5.6/10

Latest reviews of Homestar Star Classic Home Loan

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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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