The KickStart First Home Buyer loan offers a moderate variable interest rate to customers who are borrowing above a certain amount, with a maximum of 95 per cent of a property’s value. However, borrowing over 80 per cent of the property value is subject to lenders’ insurance.
Features of this home loan designed for first-time home buyers are flexible repayment options such as the ability to make repayments weekly, fortnightly or monthly, with interest calculated daily and charged monthly.
Customers of this loan can make lump sum repayments as well as additional repayments without being charged a fee. However, use of the redraw facility to redraw these extra payments is subject to a fee.
Another option to pay off your home loan faster with the KickStart First Home Buyer Loan is the 100 per cent offset account that is available. With this, you can offset your interest through a transaction account, though there is an annual fee for using a 100 per cent offset account.
Horizon Credit Union also offers loan repayment insurance for if you fall behind on your repayments and a top up facility if you need to increase your loan.
Who is the Horizon Credit Union KickStart First Home Buyer Loan good for?
The KickStart First Home Buyer Loan is good for first-time home buyers who are looking for flexibility in the way they repay their loan, with the option to pay it off earlier than the loan term but also redraw any early repayments made.
However, the moderate interest rate and repayment options may also make this loan a good option for both owner-occupiers and investors who are borrowing more than the minimum loan amount who also want to join or are already members of Horizon Credit Union.
Review - What RateCity says
The KickStart First Home Buyer Loan is a good for first home buyers, with features specifically designed for first home purchasers. The flexible repayment schedule, ability to make lump sum repayments and choice of a 100 per cent offset account are good features for people looking to pay of their loan faster.
However, the fees associated with this home loan and for using the redraw facility and 100 per cent offset account might outweigh these benefits so it’s best to look into the fees and features of this loan to see if it’s the right option for you.
Horizon Credit Union KickStart First Home Buyer Loan Options
To find out more information about the KickStart First Home Buyer Loan, follow the link provided below.
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