Homestar Finance was established in 2004 and has an alliance with Origin Mortgage Management Services (Origin MMS). Homestar Finance home loans are backed by Australian and international mortgage funders.
Homestar Finance is an online-only home loans lender, which means it doesn’t have any branches or stores. However, it does provide access to a national network of loan specialists via the internet and over the phone.
Homestar Finance offers a limited range of home loans, including owner-occupier loans, investor loans and refinancing loans.
Homestar Finance home loans rates
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- Home loans have low fees.
- Flexible loan options.
- Loans have competitive interest rates.
- Limited branch network.
- Limited options to contact the lender.
Homestar Finance customers can make contact with customer support by calling the contact centre or by using the online enquiry form. As Homestar Finance is an only-only lender there is no option for face-to-face customer support. Customers can access their loan details through an online banking interface.
- Customer service centre (phone)
- Online banking
How to Apply
Borrowers wanting to apply for a Homestar Finance home loan can either complete an online enquiry form or call through to the Contact Centre for more support. Before applying for a Homestar Finance home loan, consider what you can afford to borrow and what other costs you need to factor in. To apply for a Homestar Finance home loan, you will need to supply the following information:
- Proof of identity.
- Proof of income and employment.
- Provide information about the property you’re using as security.
- Provide a list of assets and liabilities.
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Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years.
You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others.
What is the flexibility score?
Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.
They’re not always timely
In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year.
The assumptions are out of date
The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years.
The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration.