Horizon Bank Home Sweet Standard - Refinance - Variable

Ratings

★ ★ ★ ★ ★ (1 reviews)

About Home Sweet Standard

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.

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.

Fees & Costs

A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
Horizon Bank charge a discharge fee of $250, which covers the cost for removing the mortgage that has been registered on the title of your property.
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.
There is upfront costs of $590 to apply for Home Sweet Standard, with no ongoing account keeping fees.
There is upfront costs of $630 to apply for Home Sweet Standard, with no ongoing account keeping fees.

Borrowing Limits

An LVR of 95% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.

Eligibility

Interest only repayment option is not available with Horizon Bank Home Sweet Standard for buying next home.
Interest only repayment option is not available with Horizon Bank Home Sweet Standard for refinance.

💡 Tip: 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.

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.

Other rate options for Home Sweet Standard

Refinance Variable · Principal & Interest 0 Years · 70% LVR

6.49%

Refinance Variable · Principal & Interest 0 Years · 95% LVR

6.64%

Investment Variable · Interest Only 0 Years · 70% LVR

6.94%

Investment Variable · Interest Only 0 Years · 95% LVR

7.09%

Investment Variable · Principal & Interest 0 Years · 70% LVR

6.74%

Investment Variable · Principal & Interest 0 Years · 95% LVR

6.89%

Owner Occupied Variable · Principal & Interest 0 Years · 70% LVR

6.49%

Owner Occupied Variable · Principal & Interest 0 Years · 95% LVR

6.64%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

Horizon Bank charge a discharge fee of $250, which covers the cost for removing the mortgage that has been registered on the title of your property.

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.

Does Horizon Bank Home Sweet Standard comes with an offset account?

Yes, Home Sweet Standard comes with a 100% offset account. A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.

What are the costs to apply for Horizon Bank Home Sweet Standard?

There is upfront costs of $1120 to apply for Home Sweet Standard. Application fee: $350
Valuation fee: $330
Legal fee: $440 Home Sweet Standard also comes with ongoing account fees of $150 per year. Annual fee: $150 per year

What are the costs to apply for Horizon Bank Home Sweet Standard?

There is upfront costs of $590 to apply for Home Sweet Standard, with no ongoing account keeping fees. Application fee: $350
Valuation fee: $240

What are the costs to apply for Horizon Bank Home Sweet Standard?

There is upfront costs of $630 to apply for Home Sweet Standard, with no ongoing account keeping fees. Application fee: $350
Valuation fee: $280

Fees

Application fee

Important Information

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.