Homestar Finance has been a home loan lender since 2004 and has an alliance with Origin Mortgage Management Services (Origin MMS). Recently, the company received awards from Canstar, Money Magazine, and Mozo.
Homestar has built a strong reputation over the years with several major funders within the Australian and overseas mortgage market. This has allowed them to gain direct access to wholesale funding at very competitive rates, which is why they provide affordable home loans.
Homestar neither has branches nor deal with brokers as it is an online-only home loan lender. The company deals with clients primarily through the phone and email. In general, they do not offer face-to-face appointments because for them, this would significantly add to the cost of providing you with your loan.
Nevertheless, Homestar will guide you throughout the loan process – their home loan specialists will ensure everything runs smoothly from application to settlement. They also provide ongoing customer service – once your home loan settles, their customer service team will help you through the entire term.
Homestar offers a limited range of home loans, including owner-occupier loans and investment property loans. Its home loans can be principal and interest or interest-only, but you can also choose for their mortgages to be variable, fixed, or split. Because the company doesn’t have to maintain costly branches and in-branch staff, its home loan rates tend to be very low to moderately low.
Homestar’s allowance for extra repayments, offset accounts and redraw facilities on some of its products is likely to be an attractive option for you if you want more control over your mortgage.
However, because Homestar’s home loans are only available online, they are only suitable for tech-savvy owner-occupiers, investors, or refinancers. The company doesn’t offer specialist mortgages such as low-doc mortgages, high-LVR mortgages, or SMSF mortgages.
To apply for a home loan with Homestar, you will need to supply the following:
- Proof of identity – driver’s license, passport, Medicare card, marriage certificate, citizenship certificate
- Proof of income and employment (such as tax returns, payslips, employment contract or letter of offer, etc.)
- Information about the property you are using as security
- A list of assets and liabilities
Borrowers wanting to apply for a Homestar home loan can either complete an online enquiry form or call through to the contact centre for more support. Before applying for a Homestar home loan, consider what you can afford to borrow and what other costs you need to factor in.