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Horizon Credit Union KickStart First Home Buyer Loan

Features

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.

Product
Advertised rate
Comparison rate*
Monthly repayment
Go To Site
Details
Details

Variable Rates from

4.44%

Advertised rate

4.60%

Comparison rate
Pros
  • Flexible repayment schedule.
  • Lump sum repayments allowed.
  • 100 per cent offset account.
Cons
  • Moderate to moderately high upfront fee.
  • Ongoing fees.
  • Redraw facility fee.
Eligibility
Must be able to provide proof of income. Must be over 18 years of age. Must meet serviceability criteria.
Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $600.00
  • Discharge fees: $250
  • Ongoing fees: $8 monthly

The fees associated with this home loan include a moderate to moderately-high estimated upfront fee, a monthly ongoing account-keeping fee and a market average discharge fee.

KickStart First Home Buyer Loan customers are also charged an annual fee for using the 100 per cent offset account, as well as a fee for using the redraw facility when redrawing any extra repayments made.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Horizon Credit Union
Horizon Credit Union, a members-only credit union, offers a range of financial products to customers with branches and ATMs across Australia. As well as in-person banking, members can bank over the phone with Horizon Credit Union customer service or online.
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