Star Essentials Home Loan
This is the interest rate published by the lender.
WARNING: The comparison rate* applies only to the example given. Different amounts and terms will result in different comparison rates*. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.
A loan-to-value ratio (otherwise known as a Loan to Valuation Ratio or LVR), is a calculation lenders make to work out the value of your loan versus the value of your property, expressed as a percentage.
Real Time Ratings™ is a personalised home loan ranking calculated for you. Ratings are only one factor to be taken into account when deciding whether to take up a credit product.
Initial monthly repayment excludes fees and is an estimate based on advertised rate, loan amount of $30,000 and a loan term of 5 years. Actual repayments may vary based on your individual circumstances and interest rate changes.
| Maximum LVR A loan-to-value ratio (otherwise known as a Loan to Valuation Ratio or LVR), is a calculation lenders make to work out the value of your loan versus the value of your property, expressed as a percentage. | 80% |
| Interest rate structure A variable rate can fluctuate over the life of a loan as determined by your lender. A fixed rate is one which is set for a period of time, regardless of market fluctuations. | Variable |
| Borrowing range | $150k - $1m |
| Total Repayments | $339,120 |
| Principal & interest The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan. | |
| Interest only An "interest-only" loan is a loan where the borrower is only required to pay back the interest on the loan. | |
| Loan term range | 5 - 30 years |
| Offset account An offset account functions as a transaction account that is linked to your home loan. The balance of this account is offset daily against the loan amount and reduces the amount of principal that you pay interest on. | |
| Extra repayments | Unlimited extra repayments |
| Redraw facility A redraw facility attached to your loan allows you to borrow back any additional repayments that you have already paid on your loan. | |
| Allows split interest A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. | |
| Suitable For | Owner Occupiers |
| Applicable States | ACT, NSW, NT, QLD, SA, TAS, VIC, WA |
| Make Repayments Work out your mortgage repayments using a home loan calculator that takes into account your deposit size, property value and interest rate. | Fortnightly, Monthly, Weekly |
| Estimated upfront fees An ‘upfront’ or ‘application’ fee is a one-off expense you are charged by your bank when you take out a loan. | $512 |
| Application fee An ‘upfront’ or ‘application’ fee is a one-off expense you are charged by your bank when you take out a loan. | $0 |
| Settlement fee | $0 |
| Valuation fee | $248 |
| Legal fee | $264 |
| Ongoing fee On-going fees are any regular payments charged by your lender in addition to the interest they apply including annual fees, monthly account keeping fees and offset fees. | $0 |
| Discharge fee The Federal Government banned exit fees in 2011, removing one of the biggest barriers to taking switching home loan providers. Lenders can still legally charge a discharge fee. | $535 |
Pros
- Interest rates ranked in the best 20%
- No ongoing fees
- Extra repayments and redraw facility
- Free redraw facility
Cons
- No offset account
- Discharge fee at end of loan
- Maximum loan amount is limited to 80% of the property's value
- No repayment holidays