Horizon Bank Home Loan Review

Horizon Bank Home Loan Review

Read Here for Our Horizon Bank Home Loan Review:

Horizon Bank offers home buyers variable and fixed home loans up to 80% of the property value, with an interest rate of 2.99% per annum.

For investment properties, Horizon Bank allows borrowers to secure up to 95% of the property value with a fixed rate of 2.44% for one year.

About Horizon Bank

Founded in 1964 on the NSW South Coast, Horizon Bank is a mutual bank – which means it is owned and run by its customers. They purchase a share in the credit union in order to access the bank’s portfolio of financial services.

Horizon has been providing personal banking services to its members for over 55 years. In addition to home loans, Horizon Bank offers deposit accounts, car loans, personal loans, financial education services, insurance, and travel help.

Types of Horizon Bank home loans

Home Sweet Home Loan

  • Get started with an introductory discounted rate for the first two years
  • Great for both experienced and first home buyers
  • Variable interest rate
  • Minimum amount: $200,000
  • Maximum amount: 80% of property value
  • Loan period: up to 30 years
  • Repayments: weekly, fortnightly or monthly
  • Variable and lump sum repayments
  • Top-up facility
  • Free redraw on extra repayments
  • No loan establishment fees
  • Early loan payment without penalty
  • No administration fees
  • Allows you to increase loan amount if needed

Value Plus Home Loan

  • Competitive variable interest rate
  • Minimum amount: $50,000
  • Maximum amount: 80% of property value or 95% of property value with mortgage insurance
  • Interest: calculated daily, charged monthly
  • Loan period: up to 30 years
  • Repayments: weekly, fortnightly or monthly
  • Variable and lump sum repayments
  • Offset account
  • Top-up facility
  • Establishment fee: $350
  • No administration fees
  • Flexible repayment options
  • Free redraw on extra repayments
  • Additional repayments allowed
  • Online banking access
  • Early loan payment without penalty
  • Allows you to increase loan amount if needed

Fixed-Rate Home Loan

  • Interest rate and payment remain the same over a fixed period of time
  • Competitive fixed interest rates
  • Minimum amount: $50,000
  • Maximum amount: 80% of property value or 95% of property value with mortgage insurance
  • Interest: calculated daily, charged monthly
  • Loan period: up to 30 years
  • Repayments: weekly, fortnightly or monthly
  • Variable and lump sum repayments
  • 100% offset account
  • Establishment fee: $350
  • No administration fees
  • Flexible repayment options
  • Free redraw on extra repayments
  • Partial break cost
  • Early payout fee
  • Online banking access

How to apply for a Horizon Bank mortgage

When applying for a Horizon Bank home loan, you need to establish your identity, employment status, and financial situation.

Eligibility

Horizon Bank has specific eligibility criteria for each financial product. These three, however, are required for all Horizon products.

  • The minimum age requirement is 18 years old.
  • You can only apply for a home loan if you reside in Australia.
  • You should be able to prove that you have a regular source of income.

Documents

When you apply for a Horizon Bank mortgage, you are required to submit documents that confirm your identity and financial standing.

  • Proof of identification. You may present your passport, birth certificate, or driver’s license.
  • Proof of income. You may present your recent payslips from your employer.
  • Proof of finances. You need to provide documents detailing your assets (savings accounts, investment accounts) and liabilities (credit cards, outstanding debt).

Looking for more home loan options?

If you want to compare Horizon Bank home loans with other mortgage options, you may contact any of the following:

  • Australia’s Big Four – CBA, Westpac, NAB and ANZ also offers competitive home loan rates.
  • Online lenders – make inquiries from the comfort of your own home.
  • Investors – compare loans for property investments.
  • Mortgage brokers – you could seek expert guidance from a mortgage broker at no cost at all.

Make sure to compare your options today here at Makes Cents.

Our Horizon Bank Home Loan Review is just one of many. You can also read reviews on many more Home Loan Reviews at MakesCents. 



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