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Homestar Star Essentials Fixed Home Loan

Fixed 3 year rate
p.a.
Comparison Rate*
n/a
Service fee
$395.00 yearly
Upfront fee
$0
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Mozo editorial review Homestar Star Essentials Fixed Home Loan

Last updated: 9 July 2020.

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What's hot
  • Super low 2-year fixed rate of 2.06% (2.38% comparison rate*)
  • Free extra repayments (up to $20,000 p.a.)
  • Low revert rate
What's not
  • $395 yearly service fee
Mozo snapshot

Looking to lock in your home loan rate while rates are falling? Well you’ll struggle to find a 2-year fixed rate much lower than the one on offer with Homestar’s Star Essentials Fixed Home Loan. Just make sure that you balance it up against some of the upfront and ongoing fees that come attached with the loan. 

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Key features

So just how low is the Star Essentials Fixed Home Loan rate? Well buyers and refinancers looking to borrow between $150,000 and $850,000 with a minimum loan-to-value ratio (LVR) of 80% will be able to snag a 2-year fixed rate of just 2.06% (2.38% comparison rate*). 

While the fixed rate is one of the lowest offers currently on the market, there are some fees that you’ll need to take into account when planning your budget. Just keep in mind that there is an annual service fee of $395. 

Homestar give their Star Essentials customers the option of making repayments on a weekly, fortnightly or monthly basis, plus borrowers can make free extra repayments towards their loan balance of up to $20,000 p.a. 

There’s also a split rate option which means borrowers can hedge their bets by fixing a portion of their loan while keeping the other portion on a variable rate with an offer like Homestar’s Star Essentials Variable Home Loan. Speaking of rates, once the 2-year fixed rate period is over, the loan will switch over to a very reasonable revert rate of 2.39%. 

Just bear in mind that this is a limited time offer! If you’re interested you’ll need to apply before 30 September 2020 and your loan will need to be settled by 31 December 2020.

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Who is it good for

With a rate as low as this one, the Star Essentials Fixed Home Loan could be a great option for buyers or refinancers wanting to guarantee their repayments by locking in a seriously competitive rate for the next two years.

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Any catches

Aside from weighing up the $395 annual service fee, it's worth noting that this loan is only available to borrowers with property in metro areas.

Details

Rates and fees information correct as at 9 July 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

  • n/a

  • 2.06% (2.38%*)

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • 2.39% p.a.

Fees
  • $0.00

  • n/a

  • n/a

  • $0.00

  • n/a

  • $395.00 yearly

  • $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

  • no

  • none

  • yes

  • no

  • Metro areas only. Loan applications must be received by 30 September 2020 and settled by 31 December 2020.

  • $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 customer rating
6.8/10
Price
7.7/10
Features
6.7/10
Customer service
7.2/10
Convenience
6.2/10
Trust
6.5/10
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.