Hey all,
Noticed here that Homestar just dropped their 2 year fixed product (already crazy competitive) from 1.88% -> 1.74%.
Best part (beyond being the lowest 2 year fixed product around) is that it reverts back to about 2.14-2.24% with 80% LVR and there is an option at 60% LVR to get 1.79% (1.84% CR) which is also the lowest rate at 60% LVR that I know of.
Hope it helps!
Absolutely they would. Either way it's new debt for them.
thanks
Anyone here dealt with them? Hows the feedback?
Have been with them for almost 3 years. A little painful during the transfer process but otherwise pretty good. They have amazing rates and once you are in the savings are ongoing. Not had out of cycle rate increase either in the last 3 years or so and have 3 properties with them.
Same as above. Several years, zero issues.
Pretty basic web banking interface, no app, no new instant transfer options etc…but if you want no frills, low rate, hard to argue with.
Have both P&I and io loan components with them.
How's there charges for refinancing ? Are they really good with valuation the property.
Thanks heaps in advance
They charge for valuation and its done by an independent valuer. No way to avoid it. Rest I think there are solicitor charges and I think that should be it from memory. Check their website it should list it.
The 1.79% at 60%LVR is even more incredible if it allows as it's variable meaning you can still get a free offset to reduce your liabilities.
yep it's great! but not a new deal so I didn't start with it :)
Can't recommend this company enough. They have very good customer service. They also just improve their login page. I assume when they are bigger they will be less well care as now, so it's a good time to be with them.
What's the application/transfer process entail?
Will be at 80 LVR after this month's payment on the valuation Suncorp did 3 years ago but Suncorps rate is high and was a pain during the application process. I assume it would be going through all the same hoops and getting a valuation on the property again to show the 80%?
If the valuation was done 3 years ago, there's a high chance you'll get a higher valuation if a new one was to be submitted, good luck :)
Does the 60% LVR part mean that, for example, the total loan of my house is $300,000 with a previous market value of $350,000, but it is $500,000 now so I am eligible for the lower rates?
The Loan-to-Value Ratio is calculated by dividing the loan amount by the purchase price or valuation of the property you’re buying, expressed as a percentage.
Using your example, your old LVR was 300000/350000 × 100 = 85.72%
Your new LVR assuming the same loan is 300000/500000 × 100 = 60%
So yes, eligible for 60% LVR rates
Awesome. Thanks for the explanation.
Do you know if these fixed rate products apply to existing home loans transferred from another bank?