Convenient, secure banking when and where you need it
Our competitive variable rate loan for first home buyers
Owner occupier, variable, principal & interest, LVR 70% or less.
Click Interest Rates below for LVR >70% loans.
This is what you can expect from Horizon
Own your home sooner with our helpful home loan tips:
Horizon is run only to benefit our customers. Our mission is to help you achieve your financial and lifestyle goals. We can guide you along your first home buyer experience and beyond.
The future is brighter with Horizon!
| Features | LVR <=70% | LVR > 70% |
| Repayment Arrangement | Principal & Interest | Principal & Interest |
| Minimum amount | $250,000 | $250,000 |
| Maximum amount | 70% of property value | 80% of property value. 95% of property value with mortgage insurance |
| Loan period | Up to 30 years | Up to 30 years |
| Repayment frequency | Weekly, fortnightly or monthly | Weekly, fortnightly or monthly |
| Interest only available | Yes - click here for more info | Yes - click here for more info |
| Additional repayments accepted | Yes | Yes |
| Redraw available | Yes | Yes |
| Redraw Fee | Nil | Nil |
| Minimum redraw amount | No minimum | No minimum |
| Offset account available | Yes | Yes |
| Offset account fee | Nil | Nil |
| Establishment fee | Nil | Nil |
| Monthly fee | Nil | Nil |
| Annual fee | Nil | Nil |
| Early break fee | Nil | Nil |
| First Home Buyer Loan | LVR | Interest rate p.a. | Comparison rate p.a. |
| Principal & Interest | <=70% | 4.99% p.a. | 4.99% p.a. |
| Principal & Interest | >70% | 5.14% p.a. | 5.14% p.a. |
| Interest Only | <=70% | 5.19% p.a. | 5.19% p.a. |
| Interest Only | >70% | 5.34% p.a. | 5.34% p.a. |
Find the answer to your frequently asked questions here
How much you will be able to borrow will depend on a few things such as (but not limited to):
If you’d like to calculate an estimate of your borrowing power, you can use our Borrowing Power Calculator. Keep in mind this is just an indication of how much you may be able to borrow. Our experienced lenders can assess your application with a view to providing pre-approval for a certain amount depending on your circumstances.
We‘re here to help, get in touch today by phone, in person or complete our loan enquiry form to arrange for someone to contact you.
Note: The results from the calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan.
Deposit
The biggest initial cost is the deposit. This could range from 5% and above of the value of the property.
Stamp Duty
Stamp duty is a tax on written documents and on certain transactions including:
Stamp duty is imposed by state and territory governments and the rate of stamp duty varies according to the type and value of the transaction involved.
Registration fees
Registration fees are payable on a property purchase and on a mortgage.
Whenever a property changes hands, the change of ownership must be recorded with the appropriate State Titles Office. A document known as a Transfer of Land must be lodged, the cost of which varies in each State/Territory. Please contact your solicitor/conveyancer who should perform this task on your behalf.
There is also a government charge to register your mortgage document. We will pay the applicable state authority on your behalf. You will be charged at cost.
Legal Fees
Legal expenses for the average home purchase include:
Searches and inspections
Contracts should never be exchanged until the necessary searches and inspections have been completed. Searches and inspections may include the following:
Title search
A Certificate of Title obtained from the Titles Office by your solicitor/conveyancer provides details of who owns the property and who else has an interest in it. This is a good way to research if there are any mortgages, caveats, restrictive covenants etc on the property which would affect the transfer of title.
Building inspection and pest report
The report completed by your building inspector will detail any building flaws, e.g. structural issues with the building or roof, damp etc. The pest report should detail any evidence of pest infestation. It will enable you to assess the cost of any required treatment.
Your loan must be secured by a registered mortgage over a residential property.
Security is a way the lender ensures that the loan is repaid. Normally the security offered is the property the borrower is borrowing for. The security could be a house or apartment.
In the unlikely event a borrower is in severe financial difficulty and can’t pay their loan, the security (house or apartment) could be sold by the lender to recoup the amount that’s outstanding on the loan.
Speak to a Horizon Bank lending specialist and let us help you on your journey.
Building insurance is required to be taken out equal to the amount stated in the recommendation on the property valuation. If you’ve built your home, the cost of the build should be in your building contract.
After you’ve purchased a home, you’ll need to organise home and contents insurance. Home & Contents insurance protects you against a range of events such as fire, burglary, storm damage to name a few, as well as accidental damage or loss.
If your loan is for an investment property you will be required to take out building insurance only. If your investment property is part of a strata, the building should already be insured.
We are pleased to offer our members a range of insurance policies, home, contents and landlord insurance. Get in touch today to get a quick quote for home & contents insurance.
