Finty
Horizon Bank

Horizon Bank Handyloan

Variable rate

Use the equity in your home for a line of credit that you can conveniently use to meet your financial needs

Written byDavid Boyd
Interest rate a year, from
8.14%
Comparison rate
Not published
Upfront fees
$250
Annual fee
Not published
Monthly fee
$5

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 8.14% (variable, any, any), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$4,466
Total repayments
$1,607,863
Interest and monthly fees
$1,007,863

Rates

Every rate Horizon Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableAnyAnyAny8.14%–

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
$250
Annual fee
Not published
Monthly fee
$5

Features

Offset account
No
Redraw
No
Highest LVR
80%
Loan amount
Not published

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

8.14%

For a home you live in, paying principal and interest. Typical is 6.62%.

Upfront fees

$250

Typical upfront fees are $600.

Smallest deposit

20%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A higher variable rate. 8.14%, above the typical 6.62%. On a $600,000 loan, every 0.10% more costs about $600 a year.
  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.