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.
About Homestar Finance home loans
As a niche online home loans provider, Homestar Finance offers a relatively thin range of home loans.
This means its home loans are most suited to typical owner-occupiers, investors and refinancers rather than those seeking specialist loans such as SMSF loans or high-LVR loans.
Homestar Finance home loans come with a range of interest rate options:
- Variable rate
- Fixed rate
- Principal and interest
- Split loans
Homestar Finance home loans have a maximum loan term of 30 years. Offset accounts and redraw facilities are available with selected mortgages from Homestar Finance.
Unlimited extra repayments are allowed on some of its home loan offerings, while others allow extra repayments with restrictions.
Homestar Finance home loan rates tend to range from very low to moderately low. Its upfront fees are typically moderately high while its ongoing fees are very low.
Homestar Finance home loan rates
Unlike many other banks and home loan lenders, Homestar Finance operates online only and doesn’t have any branches. Thanks to lower overheads, it can pass savings on to customers in the form of lower interest rates.
While its interest rates tend to be very low to moderately low, upfront fees can be moderately high – including fees such as valuation fees and legal fees. On the other hand, ongoing fees are usually very low.
Homestar Finance’s home loan interest rates differ depending on the type of borrower. Typically, interest rates follow a particular pricing structure:
- Owner-occupiers paying principal and interest (lowest rate)
- Owner-occupiers paying interest only OR investors paying principal and interest (second-lowest rate)
- Investors paying interest only (highest rate)
Variable home loans also tend to attract lower interest rates – at least initially – than fixed home loans.
Homestar Finance home loans review
Homestar Finance offers relatively no-frills online-only home loans, making it suitable for tech-savvy owner-occupiers, investors or refinancers. It doesn’t offer specialist mortgages such as low-doc mortgages, high-LVR mortgages or SMSF mortgages.
Because it doesn’t have to maintain costly branches and in-branch staff, Homestar Finance home loan rates tend to be very low to moderately low.
In terms of fees, upfront fees are typically moderately high, although ongoing fees are very low.
Homestar Finance’s allowance for extra repayments, offset accounts and redraw facilities on some of its products also mean it’s likely to be an attractive option for those who want more control over their mortgage.
Homestar Finance home loans can be principal and interest or interest-only, while borrowers can also choose for their mortgages to be variable, fixed or split.
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Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.
While bank staff recommend home loan products only from their own employer, brokers are independent, so they can recommend products from a range of institutions.
Brokers need to be accredited with a particular lender to be able to work with that lender. A typical broker will be accredited with anywhere from 10 to 30 lenders – the big four banks, as well as a range of smaller banks, credit unions and non-bank lenders.
As a general rule, brokers don’t charge consumers for their services; instead, they receive commissions from lenders whenever they place a borrower with that institution.