Ratings
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.
Horizon Bank Handyloan Secured does not offer tier pricing for lower LVR. With Handyloan Secured, you can borrow upto $80% LVR.
80%
LVR
Horizon Bank
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.
Interest only repayment option is not available with Horizon Bank Handyloan Secured for home equity loan.
Paying pricinpal and interest
Horizon Bank
Paying interest only
Horizon Bank
Q&As
Does Horizon Bank Handyloan Secured comes with an offset account?
No, Handyloan Secured 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 Horizon Bank Handyloan Secured?
There is upfront costs of $1020 to apply for Handyloan Secured.
- Application fee: $250
- Valuation fee: $330
- Legal fee: $440
Handyloan Secured also comes with ongoing account fees of $60 per year.
- Monthly fee: $5 per month
Are there costs when I exit or refinance to another lender?
Horizon Bank charge a discharge fee of $435, 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 Horizon Bank or a mortgage broker just to be sure. This information should be used as a guide only.