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Homeloans MoniPower Loan

Features

Homeloans.com.au’s Monipower Home Loan is suitable for both investors and owner-occupiers. Both fixed and variable rate Monipower loans can be paid weekly, fortnightly or monthly. The loan is also available as a construction loan, and can also be accessed as a low doc loan. The low doc loan option may attract additional fees.

Monipower Home Loan – variable

The variable rate loan offers the same low competitive interest rate for both owner-occupiers and investors, so long as investors have at least a 20 per cent deposit (if the investor has a lower deposit they may be charged a higher interest rate).

The variable home loan comes with a 100 per cent offset account, which allows you to reduce your interest payments. There is also a redraw facility so you can access these additional funds easily.

Many of the upfront fees are waived, including the valuation fee and your loan application fee. Borrowers also have access to an attractive benefits program.

Another feature of the Monipower Home Loan is the bridging feature, which allows you to make no repayments for the first six months of your loan so you can sell an existing property (if you are refinancing) or work on building a new one if you have used the loan to purchase land and build. If you are using the loan to finance the construction of your new home, that repayment-free period can be extended to 12 months. This feature may be particularly attractive to investors and builders.

The Monipower Home Loan can be taken out as an interest-only loan as well, although this version of the loan must be paid monthly.

Monipower Home Loan – fixed

The fixed rate version of the Monipower Home Loan also includes an offset facility. However, the loan term is strictly for five years only, and investors who wish to fix their rate on this loan will pay higher interest for the privilege. 

Who is the Homeloans MoniPower Loan good for?

The homeloans.com.au Monipower Home Loan could work for you if you’d like a full service loan with the option to make additional repayments as you like without penalty.

It’s also a sound option for investors and homeowners who are refinancing. The opportunity to fix your loan and still have access to an offset facility makes this loan a good choice for those who would like maximum flexibility when it comes to their finances.

However, investors may not like the additional interest for smaller deposits and fixed rates. 

Review - What RateCity says

Homeloans.com.au’s Monipower Home Loan is a flexible product suited to a wide variety of borrowers. Investors may find the interest rates on offer to them competitive, provided they can meet the minimum deposit requirements. If you’re an investor, you will pay more to fix your rate though.

The range of options for how you can structure this loan give the chance to tweak the Monipower Loan to meet your requirements and move you closer towards your financial goals.

If you’re looking for a loan with a competitive interest rate and full offset facility, then this is worth a phone call. If, however, you are not comfortable borrowing from an online-only lender, you will need to think about this carefully.

Homeloans MoniPower Loan Options

The Monipower loan offers a range of options. Click on the links below to find the one that best suits you.

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Advertised rate
Comparison rate*
Monthly repayment
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Fixed Rates from

4.30%

Advertised rate

4.50%

Comparison rate

Variable Rates from

4.14%

Advertised rate

4.18%

Comparison rate
Pros
  • Bridging finance.
  • 100 per cent offset facility.
  • Can be used as a construction loan.
Cons
  • Investors pay higher interest if their deposit is below 20 per cent.
  • Entry and exit fees.
  • No branch access.
Eligibility

Must be over 18 years of age.

Must be able to provide proof of income.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $213
  • Discharge fees: $333
  • Ongoing fees: $0

While there is an application fee and valuation fee with this loan, these are waived for new loans.

The fixed rate version of this loan does have break fees attached. There is also a moderate discharge fee at the end of the loan term. 

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Homeloans
Homeloans.com.au is a publicly listed non-bank lender with a nationwide presence. While there are only a few branches and head office locations, its home loan consultants will travel and much of your business can be conducted via phone and online.
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