Basic Home Loans - HomeSide Lending - Plain & Simple Int Only |
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to select a different loan amount and loan term. Currently: $150,000 over 30 years |
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| Home Loan Lender |
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HomeSide Lending Home Loan |
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| Home Loan Product Name |
Plain & Simple Int Only |
| Interest Rate |
9.14% |
Comparison Rate
Estimated |
9.02% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,205.85 |
Total Paid
Estimated |
$434,460 |
| Establishment Fee |
$300.00 |
| Enquire/Apply |
 
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| Target Market |
The plain and simple is a basic No frills variable rate home loan available for the purchase of owner occupied or residential investment purposes.
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NOTE: The Interest Only term must be selected on the loan application
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(in section 6 Loan Type Required) and will apply from drawdown of the loan.
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Purchase of owner occupied or residential investment purposes. |
| Acceptable Income |
Self Employed, Salary and Wage Earners |
| Loan Term |
Maximum: 5 years Interest Only
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Minimum Loan Term 8
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Maximum:30 Years |
| Loan Size |
Minimum: $50,000
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Maximum: case by case |
| Repayment Type |
The variable rate Interest Only term will be automatically allocated for 5 years
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At the end of Interest only period’ the interest rate will revert to Plain and Simple variable rate of the day.
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The variable interest rate for interest only period is set and advertised independently from the variable rate for the principal and interest period.
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Borrowers may allocate to switch to Principal and interest repayments at any time during the Interest only period by calling Homeside Servicing. The borrower will be required to authorise the change, and this will be sent a roll over letter with details of their new amortising Principal and Interest repayments as part of this process.
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At the end of the 5 year Interest Only period the loan will rollover to an amortising Principal and interest repayment schedule. The borrower will automatically be sent a rollover letter with details of their new repayments at this time.
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The borrower CANNOT revert to Interest Only repayments once the loan has switched or rolled to a principal and interest period |
| Repayment Options |
Payments during the Interest Only period will be monthly only, with an option to pay weekly or fortnightly once the loan has reverted to principle and interest. |
| Extra Repayments |
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| Split Loan Facility |
Yes |
| Offset |
Not available |
| Redraw Facility |
Fee Free Redraw & Interent access
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Available ( Minimum of $2,000) |
| LVR |
Owner Occupied Maximum LVR 95%
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Investment Maximum LVR 95%
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Construction Maximum LVR 95%
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Refinancing Maximum LVR 95%
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Vacant Land Maximum LVR 95%
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Debt consolidation Maximum LVR 95%
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This is available for Principal and Interest Products. Interest Only products can be used where the Interest Only period is limited to a maximum of 5 years then converts to Principal and Interest, including Plain and Simple Interest Only option and HomeSide HomePlus. |
| Fees |
Establishment Fee:$300
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The Establishment Fee is waived for loans > than $300K in NSW, VIC, ACT, QLD,WA
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The Establishment Fee is waived for loans > than $200K in SA, NT, TAS
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A fee of $150 for each additional security property is applicable.
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Monthly Service Fee:$0
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Document Registration Fee $150 ( varies from state to state)
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Loan Modification to switch to Principle and Interest:$200 - before the end of the 5 year interest only Period.
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Where the loan is left to "rollover" to principal and Interest and the end of the 5 year interest only period; no fee will be charged.
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Other fees, Terms and conditions apply
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Variation fee $300 Variation of Loan Contract
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Additional Security $150 per mortgage account/loan product after the first one
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Packaging Fee $100 per mortgage account/loan product after the first one
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Security Discharge Fee $300
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Loan Modification Fee $200 where loan is switched from interest only to Principal & interest prior to the end of 5 years Interest Only period
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Early Exit Fee
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Plain & Simple Home Loan Fee 0.45% Cap $3000 Term 4 years |
| Enquire/Apply |
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| Other Basic Home Loans |
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| Other HomeSide Lending Home Loan Products |
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This Comparison Rate applies only to $150,000 with a loan term of 30 years. The loan amount and term will affect the comparison rate calculation. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparsion rate calculation but may influence the cost of the loan.
This rate is to be used as a guide only and we recommend that you confirm it with the lender before acting upon it.
The information provided in this website is a guide only and may not be complete for your purposes. ratesonline.com.au is not licensed to provide investment advice and recommends that you consult an independent financial adviser.
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