Ratings
Introductory period
Firstmac Solar Basic is a 5 year introductory rate loan. An introductory rate is a special interest rate discount offered for the first year of your home loan, allowing you to get a headstart on your repayments.
Tips: Many lenders give you a cheaper rate in the first year as a carrot, then revert your rate to the Bank Standard Variable Rate and then refuse to give you a discount. This is the major problem with introductory rates, don't get caught out, ask your lender about discounts after the introductory rate has expired!
5 year
Firstmac
LVR options
LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.
Firstmac Solar Basic does not offer tier pricing for lower LVR. With Solar Basic, you can borrow upto $90% LVR.
90%
LVR
Firstmac
Repayment options
Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.
Tips: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.
Paying pricinpal and interest
Firstmac
Paying interest only
Firstmac
Q&As
Does Firstmac Solar Basic comes with an offset account?
No, Solar Basic does not come with an offset account.
Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.
What are the costs to apply for Firstmac Solar Basic?
There is upfront costs of $720 to apply for Solar Basic, with no ongoing account keeping fees.
- Valuation fee: $220
- Settlement fee: $300
- Legal fee: $200
Are there costs when I exit or refinance to another lender?
Firstmac charge a discharge fee of $300, which covers the cost for removing the mortgage that has been registered on the title of your property.
IMPORTANT: Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Firstmac or a mortgage broker just to be sure. This information should be used as a guide only.