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Homeloans Optima Loan

Features

Homeloans Optima has been designed to offer a 'tailor-made' mortgage to suit your borrowing needs. Unlike other home loan products where the loan type is pre-set, you get to choose what you want the loan to look like.  

For starters, you can opt for a variable interest or fixed interest rate, or you could split the loan between a fixed and variable portion. This would allow you to take advantage of fixing part of your repayments while retaining the flexibility that a variable loan often provides.  

The flexibility offered by the Homeloans Optima loan means that it can be adapted to suit any type of borrowing scenario. Investors may want a line of credit, with interest-only repayments. Whereas a first home buyer might feel more comfortable with a 25 year loan term, with five years fixed interest paying principle and interest.

The Homeloans Optima loan also gives you a range of banking features to use. If you setup a variable rate loan, you might also want an offset account to help reduce the overall interest payable on your loan. You also have the option of making unlimited extra repayments, along with an unlimited free redraw facility.

You can borrow up to 95 per cent of the property value, however you will be expected to pay lenders mortgage insurance. 

Who is the Homeloans Optima Loan good for?

The Homeloans Optima makes itself attractive to every type of borrower. Whether you're a first home buyer, owner-occupier, refinancer or investor you can mix and match features of the home loan to suit your purpose.

Review - What RateCity says

The Homeloans Optima loan offers a 'pick and mix' solution based on your borrowing situation. It gives you the freedom to be able to decide what features you want, and which ones you don't need. Their interest rates are competitive and the fees are relatively low, depending on which features you choose.

Homeloans Optima Loan Options

Borrow from $150,000, as a term loan or line of credit. Choose between a fixed or variable interest rate or a split loan. And establish repayments as principle and interest, or interest-only.

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Advertised rate
Comparison rate*
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Fixed Rates from

3.88%

Advertised rate

3.73%

Comparison rate

Variable Rates from

3.68%

Advertised rate

3.71%

Comparison rate
Pros
  • Offset account for variable customers.
  • Redraw facility.
  • Borrow up to 95 per cent of the property value.
Cons
  • Fortnightly or monthly repayments only.
  • No offset for fixed customers.
  • Annual fee.
Eligibility

Minimum loan amount $150,000.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0
  • Discharge fees: $0
  • Ongoing fees: $0

For new customers, the application and settlement fees are waived. One free valuation is provided with each application. There is no discharge fee at the end of the loan term either however there is a fee if you want to set up an offset account and other fees may apply annually.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Homeloans
Homeloans.com.au is an online lender that been operational since 1985. As a home loan specialist, it provides a range of mortgage products along with a benefits program which gives customers shopping discounts and dining and entertainment vouchers
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