Easy Street Financial Services home loan repayment calculator

Thinking about taking out a home loan with Easy Street Financial Services? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Easy Street Financial Services home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.59%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

  • Suitable for low deposits.
  • Parents can sign as guarantors on some home loans.
  • Flexible repayment schedule with weekly, fortnightly and monthly repayment options.
  • Some products include numerous fees.
  • No branches.

Easy Street Financial Services home loans rates

Advertised Rate

2.59%

p.a Variable

Total estimated upfront fees
$500
Comparison Rate*

2.63%

p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.59%

p.a Variable

Total estimated upfront fees
$500
Comparison Rate*

2.69%

p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.59%

p.a Variable

Total estimated upfront fees
$500
Comparison Rate*

3.34%

p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.29%

p.a Fixed - 3 years

Total estimated upfront fees
$500
Comparison Rate*

3.42%

p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.59%

p.a Fixed - 3 years

Total estimated upfront fees
$500
Comparison Rate*

3.50%

p.a

Ongoing fee
$0
Go to site
More details

Easy Street Financial Services customer service

Easy Street Financial Services has no branches or stores and is a digital only brand. To find out more information about any of Easy Street Financial Services’ products home loan customers must consult the website. Enquiries can also be made via Easy Street Financial Services’ customer service centre. Customers can also get in touch with the lender via email or fax. The Easy Street Financial Services mobile banking app lets customers access most of the features available through their internet banking facility. In spite of having no branches Easy Street Financial Services customers have access to a network of over 3500 ATMs nationwide.

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email 

How to Apply

To find out more information about any particular home loan product Easy Street Financial Services’ customers can submit their details online to request a call back. Customers can also call the customer service centre at their leisure and use both internet banking and mobile app services 24/7. Customers are also able to apply for Easy Street Financial Services home loans online. As part of the application process home loan customers will be encouraged to calculate how much money they can afford to borrow before committing to their application. To apply for an Easy Street Financial Services home loan customers will need to provide basic documentation that may include:

  • Personal identification.
  • Personal income details.
  • Details of current debts and assets.

About Easy Street home loans

Easy Street offers a more limited range of home loans than many of the big banks and lenders. Because it operates online only, it has lower overheads than many other lenders and can pass on these savings in the form of competitive interest rates.

As a niche lender, Easy Street home loans are suited to borrowers such as first homebuyers, upgraders and investors, and it also accepts low deposit amounts on some home loan products (high LVR loans).

Easy Street’s home loans have a maximum term of 30 years. Its home loans also come with redraw facilities and offset accounts.

Easy Street home loans are available to its members only, which means customers need to pay a small fee to become a member before applying for a home loan. As there are no branches, home loan applications must be completed online.

Easy Street home loan rates

Because Easy Street doesn’t have to outlay the cost of keeping branches open and employing more staff, its home loan rates tend to be very low to moderately low.

Another reason Easy Street offers lower interest rates is because it is owned by its members and doesn’t pay dividends to shareholders.

As is the case for many lenders, Easy Street home loan rates vary depending on the type of home loan and borrower.

Owner-occupiers paying principal and interest get the lowest rates, followed by owner-occupiers paying interest only and investors paying principal and interest. Easy Street doesn’t offer interest-only investment loans.

Easy Street also offers different interest rates depending on whether you want to take out a standard variable-rate mortgage, a one-year fixed mortgage, two-year fixed mortgage or three-year fixed mortgage.

Easy Street home loans review

Easy Street home loans are aimed at customers who are comfortable managing their mortgages online, via email or over the phone rather than being able to speak to an advisor face-to-face in-branch.

Easy Street’s interest rates are typically very low to moderately low – so they allow borrowers to potentially save money over the lifetime of the mortgage. While upfront fees for Easy Street mortgages can be moderately high, ongoing fees tend to be very low.

Because Easy Street home loans come with redraw facilities and offset accounts, they also offer a degree of flexibility that some other lenders don’t match.

Likewise, the low minimum deposit amount on some of Easy Street’s home loans provide options for customers even if they aren’t able to put down the standard 20 per cent deposit.

Learn more about home loans

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

How is interest charged on a reverse mortgage from IMB Bank?

An IMB Bank reverse mortgage allows you to borrow against your home equity. You can draw down the loan amount as a lump sum, regular income stream, line of credit or a combination. The interest can either be fixed or variable. To understand the current rates, you can check the lender’s website.

No repayments are required as long as you live in the home. If you sell it or move to a senior living facility, the loan must be repaid in full. In some cases, this can also happen after you have died. Generally, the interest rates for reverse mortgages are higher than regular mortgage loans.

The interest is added to the loan amount and it is compounded. It means you’ll pay interest on the interest you accrue. Therefore, the longer you have the loan, the higher is the interest and the amount you’ll have to repay.

What do people do with a Macquarie Bank reverse?

There are a number of ways people use a Macquarie Bank reverse mortgage. Below are some reasons borrowers tend to release their home’s equity via a reverse mortgage:

  • To top up superannuation or pension income to pay for monthly bills;
  • To consolidate and repay high-interest debt like credit cards or personal loans;
  • To fund renovations, repairs or upgrades to their home
  • To help your children or grandkids through financial difficulties. 

While there are no limitations on how you can use a Macquarie reverse mortgage loan, a reverse mortgage is not right for all borrowers. Reverse mortgages compound the interest, which means you end up paying interest on your interest. They can also affect your entitlement to things like the pension It’s important to think carefully, read up and speak with your family before you apply for a reverse mortgage.

How to use the ME Bank reverse mortgage calculator?

You can access the equity in your home to help you fund your needs during your senior years. A ME Bank reverse mortgage allows you to tap into the equity you’ve built up in your home while you continue living in your house. You can also use the funds to pay for your move to a retirement home and repay the loan when you sell the property.

Generally, if you’re 60 years old, you can borrow up to 15 per cent of the property value. If you are older than 75 years, the amount you can access increases to up to 30 per cent. You can use a reverse mortgage calculator to know how much you can borrow.

To take out a ME Bank reverse mortgage, you’ll need to provide information like your age, type of property – house or an apartment, postcode, and the estimated market value of the property. The loan to value ratio (LVR) is calculated based on your age and the property’s value.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

How do I apply for a home improvement loan?

When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying. 

Besides taking out a home improvement loan, you could also:

  1. Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement.  Speak with your lender or a mortgage broker about accessing your equity.
  2. Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
  3. Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
  4. Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.  

How do I apply for Westpac’s first home buyer loan?

If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan. 

You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments

When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for. 

Can first home buyers apply for an ING home loan?

First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan. 

First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates. 

First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.

Can I get a home renovation loan with bad credit?

If you're looking for funds to pay for repairs or renovations to your home, but you have a low credit score, you need to carefully consider your options. If you already have a mortgage, a good starting point is to check whether you can redraw money from that. You could also consider applying for a new home loan. 

Before taking out a new loan, it’s good to note that lenders are likely to charge higher interest rates on home repair loans for bad credit customers. Alternatively, they may be willing to lend you a smaller amount than a standard loan. You may also face some challenges with getting your home renovation loan application approved. If you do run into trouble, you can speak to your lender and ask whether they would be willing to approve your application if you have a guarantor or co-signer. You should also explain the reasons behind your bad credit rating and the steps that you’re taking to improve it. 

Consulting a financial advisor or mortgage broker can help you understand your options and make the right choice.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.