Equity Home Loan

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A Rate Star Equity Home Loan refers to a home loan where self-employed borrowers make a declaration as to the affordability of the home loan.

There is no minimum net asset position required and no minimum self-employment period.

Provided that the home loan has been conducted satisfactorily, the interest rate will reduce by 0.45% after 2 years. Borrowers may also choose to provide their financials once the loan has been established in order to change the home loan product to a Flexible or Flexible Plus Home Loan.

Purpose: Owner occupied or investment property purchases, construction, refinancing existing residential or business loans. For further information click here

Loan Size: From $150,000 to $750,000 per security property

Term: Up to 30 Years

Repayments: Principal and Interest or Interest Only for 2,3,5 or 10 years and Line of Credit 15 Years

Frequency: Weekly, fortnightly or monthly. Extra repayments can be made on variable loans at any time

Convert to Fixed Rate: All or part of the loan can be converted to a fixed rate at any time at no cost (subject to maximum of 4 a/c)

Split Loan Facility: Up to 4 separate splits per facility. Transfer funds between splits using Inter Account Payment facility

Re-Draw Facility: Unlimited re-draw at no cost. Minimum re-draw $50 when using Loan Service Line or Loan Service Net for all variable rate loans

Pay Anyone: Payment can be made to any bank, building society or credit union directly from your loan using a valid BSB and account number (excludes credit cards). Max $5000 per day. Not available during a fixed rate period.

Maximum Loan to Valuation Ratio: 70% for all loans

Other Conditions:

No minimum net asset position required
No minimum self-employment period
All repayments need to be made by electronic direct debit.
A lenders mortgage insurance premium may be payable dependant on the loan to value ratio and the amount of the loan. The premium may be paid by the funder or paid by the client to reduce the applicable interest rate. (conditions apply)
Break costs will apply to fixed rate loans if the fixed rate period is broken.
A 1st registered mortgage over residential property required as security on all loans.
An Equity Home Loan Declaration will need to be signed by all Self Employed borrowers.
The security property will need to be located in a mainland capital city.