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Variable Rate Home Loan (Interest Only) ($850k-$1M, LVR 70%-80%)

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Customise your mortgage repayments by entering your details:

I want to borrow

Loan Term

years

Repayment Frequency

Pros and Cons

Pros:
  • Extra low interest rate for refinancers
  • No ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Cons:
  • Discharge fee at end of loan
  • Repayments may increase if RBA raises rates
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Fees and Features

Maximum LVR
Maximum LVR
80%
Interest rate structure
Interest rate structure
Variable
Borrowing range
Borrowing range
$850k - $1m
Total repayments
Total repayments
$218,100
Principal & interest
Principal & interest
Interest only
Interest only
Loan term
Loan term
1 - 30 years
Offset account
Offset account
100% offset account
Extra repayments
Extra repayments
Unlimited extra repayments
Redraw facility
Redraw facility
Redraw fee: $0
Allows split interest
Allows split interest
Suitable For
Suitable ForOwner Occupiers
Applicable States
Applicable StatesACT, NSW, NT, QLD, SA, TAS, VIC, WA
Make Repayments
Make RepaymentsMonthly
Estimated upfront fees
Estimated upfront fees
$512.00
Application fee
Application fee
$0
Settlement fee
Settlement fee
$0
Valuation fee
Valuation fee
$248
Legal fee
Legal fee
$264
Ongoing fee
Ongoing fee
$0
Discharge fee
Discharge fee
$535
Property Type
Property Type
SMSF Trustee
SMSF Trustee
Minimum SMSF Amount
Minimum SMSF Amount
Maximum LVR
Maximum LVR
80%
Interest rate structure
Interest rate structure
Variable
Borrowing range
Borrowing range
$850k - $1m
Total repayments
Total repayments
$218,100
Principal & interest
Principal & interest
Interest only
Interest only
Loan term
Loan term
1 - 30 years
Offset account
Offset account
100% offset account
Extra repayments
Extra repayments
Unlimited extra repayments
Redraw facility
Redraw facility
Redraw fee: $0
Allows split interest
Allows split interest
Suitable For
Suitable ForOwner Occupiers
Applicable States
Applicable StatesACT, NSW, NT, QLD, SA, TAS, VIC, WA
Make Repayments
Make RepaymentsMonthly
Estimated upfront fees
Estimated upfront fees
$512.00
Application fee
Application fee
$0
Settlement fee
Settlement fee
$0
Valuation fee
Valuation fee
$248
Legal fee
Legal fee
$264
Ongoing fee
Ongoing fee
$0
Discharge fee
Discharge fee
$535
Property Type
Property Type
SMSF Trustee
SMSF Trustee
Minimum SMSF Amount
Minimum SMSF Amount

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.

FAQs

Lender’s Mortgage Insurance (LMI) is an insurance policy, which protects your bank if you default on the loan (i.e. stop paying your loan). While the bank takes out the policy, you pay the premium. Generally you can ‘capitalise’ the premium – meaning that instead of paying it upfront in one hit, you roll it into the total amount you owe, and it becomes part of your regular mortgage repayments.

This additional cost is typically required when you have less than 20 per cent savings, or a loan with an LVR of 80 per cent or higher, and it can run into thousands of dollars. The policy is not transferrable, so if you sell and buy a new house with less than 20 per cent equity, then you’ll be required to foot the bill again, even if you borrow with the same lender.

Some lenders, such as the Commonwealth Bank, charge customers with a small deposit a Low Deposit Premium or LDP instead of LMI. The cost of the premium is included in your loan so you pay it off over time.

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