I've only been a customer for 18 months but already my rate is higher than the one they offer new customers. Its no introductory offer its just once you sign up your individual variable rate is put up above what they offer. I've contacted the bank but no response. Regretful decision changing to the them.
I applied for a home loan through Homestar based on their reviews on customer service. I had nothing but the worst customer service experience. I was called dyslexic and asked to have my "boyfriend" pay part of the settlement figures even though my loan would cover it. I applied for a loan for a land and home build. I required an extension on financing as Homestar informed me that a loan for a build would take longer. An extension was granted based on how long Homestar told me they needed. I called three days before financing was due to ensure everything was on track. I was told it was. Come the day of financing, I was told they needed one more day as my expenses were over by $80 per month. This was despite the fact I had pre-approval based on the expenses (-$80 a month) and had since had a $2500 a year pay rise. I was also told that the evaluation was delayed as they wrote the wrong address. There was never an apology. I asked for an extension and it was refused. All my hard work to get this home was gone. Luckily the builder managed to get the land seller to change their mind. The day before settlement, the amount for settlement came through and Homestar were going to contribute a lot less than what I expected. I had paid 5% to the builder but they did not take this into account. When I asked them to explain the amount they were paying towards settling the land I was told "I can't believe you would ask me that question, you should know the terms of your loan" and "there's no way you will settle tomorrow if you make changes". The change was very easy and straightforward in the end. I hope that I can eventually be proven wrong and they can improve their customer service. I would hate for anyone else to be spoken to and treated the way I was. I am not usually one to complain but I have had no luck solving this with Homestar.
Homestar finance is not as competitive as it used to be. I wish they would treat their existing customers as new ones.
Did my research, Homestar are the cheapest loan provider. Made the admin process as easy as possible. I never write a review but when I am this impressed with the overall benefit to me and bang for my buck, I think people should know!
Homestar is fantastic for low rates. I have never seen better. The only downside is that being a non-bank lender, and perhaps to maintain their cheap rates, their internet banking interface is very basic, and there is no app. This took a bit to get used to, but that's a small adjustment for a great value product.
I was referred to by a friend who refinanced her loan with Homestar. I didn’t know too much about them but I experienced excellent service from their Sales specialist who walked me through the application process without the hard sell. They answered all the questions I had and were able to assist with explaining any concerns I had since this was my first purchase. Their current internet banking is a bit outdated, but I was told that it would be updated in the next few months, which is something important to me because I like to see where my finances are at anytime. Lastly, I’m happy with my rate and the fact that they passed on the recent RBA cut was music to my ears. Thanks for your support Homestar and I hope this level of service continues!
Here are the pros for Homestar. They have one of the most competitive interest rates going around and have been passing on the full RBA cut, usually announced on the same day, which is very impressive. Their friendly, helpful, and responsive loan manager assisted us through the sign up process with no issues. Call centre staff were polite and helpful when I called up after settlement for assistance Here are the cons for Homestar. Their website is very basic, lacks essential features such as updating your contact details which you need to call up to do. It made it difficult chasing up a missing letter which went to an incorrect address. The website is also slow when clicking buttons, there often is a considerable wait before the next page shows up. Their is no mobile app available which really should be a given I would recommend Homestar to friends and family as the rates are competitive and they are aggressive in maintaining their low rates by passing on all the RBA rate cuts in full which is impressive, no fluffing around. I do find the website extremely frustrating as it is slow and lacks basic features. Even though they provide you with a debit card, I would not consider using Homestar as my day to day banking with the website in its current state.
I switched from ING to Homestar in 2012. I've topped up home loans, then sold my house and re-applied for a new loan with Homestar in that time. The front line staff are really very good: personable, one-on-one service and you're dealing with people not 'the machine'. This side of their business is an asset. However, their processes have taken several weeks at times – one re-finance was seven weeks from start to finish –and this obviously plays against them. My last application was a little speedier but the process for submitting paperwork was very sketchy and I often needed to send it 2 or 3 times. However: the bottom line is their pricing when it comes to interest rates is pretty competitive: we have a low fixed rate, and a variable split (which is good right now) that we can fix if need be.
Terrible customer service. Treated their customers like criminals. They don't seem to want or work hard to get your business. They believe you need them and not the other way. Would not recommend or go near these people
FALSE and MISLEADING mortgage rates on the Advantage home loan. The rate on their website is not what existing customers will be paying. BE CAUTIOUS PEOPLE !!
Their advertised rate is just to suck you in. My actual rate is 0.5% higher. The real rate is always higher. They are dishonest lenders. Go elsewhere!
The interest rate on their website is for NEW loans only. When interest rates drop they DO NOT PASS ON THE WHOLE cut. The interest rate for existing mortgage holders is actually higher than is quoted on the site.
Our home loan application was handled quickly, professionally in a friendly manner. Also Homestar was competiive with the other home loan company we were considering. We were kept up to date and in the loop with all the dealings between the builder, settlement agent and Homestar. I never had to chase them up. Very happy with the service we have received!
Are you guys crazy? Do you even check the Variable rate you pay on your Homestar loans compared to the advertised rate on their Website?? The positive reviews below all from Feb/Mar11 must be from a Homestar employee... These guys are not to be trusted.
Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.
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.
Want more? Compare all 537 home loans in the Mozo comparison engine.Compare more home loans
Mozo gives you the inside story on the best banking, energy and insurance products as rated by thousands of real customers around Australia. We don't make subjective judgments, nor do advertisers influence our ratings. Although our reviews may be moderated to improve quality standards, they are moderated independently of any of Mozo’s commercial relationships.