HomeSide Lending
HomeSide Lending is a division of the National Australia Bank. Their mortgage products are available through mortgage brokers in Australia. The National Bank of Australia was established in 1858. National Australia Bank is a limited public company incorporated in Australia on June 23, 1893. Today, the National Australia Bank Limited is an international financial services group providing many financial products and services. They function primarily in Australia, the United Kingdom and New Zealand, with limited functioning in Asia. HomeSide International is the parent of HomeSide Lending, Inc., a mortgage banking company that was formerly known as BancBoston Mortgage Corporation. HomeSide International is a wholly-owned subsidiary of National Australia Bank. The company's business consists of mortgage production which deals with purchase of residential single family mortgage loans through multiple channels. Headquartered in Jacksonville, Florida, HomeSide had a servicing portfolio of approximately US$187.4 (A$363.9) billion, representing 2 million homeowners. HomeSide's business strategy was to increase the number of loans originated and the size of its servicing portfolio while continuing to improve operating efficiencies. In originating mortgages, HomeSide focused on variable cost channels of production, including correspondent, broker, consumer direct, affinity, and co-issue sources.
HomeSide Lending Mortgage Loans
Some of the mortgage products offered by HomeSide Lending in Australia are: the reducible mortgage loan (the minimum amount of this loan is $50,000 and the minimum loan term available is 8 years with a maximum loan term of 30 years); the offset home loan, which is a principal and interest loan account which links an everyday transaction account (deposit offset account) to a HomeSide loan (offset home loan); the Plain and Simple Home Loan, a “no frills” variable rate housing loan; the fixed rate (interest only) mortgage loan with interest charged monthly in arrears available for 1, 2, 3, or 5 year terms, and a fixed rate (interest only) mortgage with interest charged in advance available for a 1 year term only; peak performance equity mortgage loan (a flexible overdraft with a variable interest rate designed to meet borrowers' total financial requirements with one facility); and the HomeSide HomePlus Package which consists of a home loan, optional deposit offset account, and the choice of either a Gold Visa or Gold Mastercard providing maximum flexibility and value to the borrower.
Generally, the deposit or down payment for an owner-occupied dwelling will be 5% of the purchase price. An investment property will require 5-10% of the purchase price. The purchaser is eligible for the first home owners grant if he is an Australian citizen or permanent resident and is buying or building his first home in Australia with the intention of occupying the property as his principle place of residence within 12 months of settlement. It is important to note that if the borrower is purchasing the property in conjunction with others, they must also meet the same criteria for the grant to be applicable. Fees and charges for loan origination, Stamp Duty (a tax), etc will be approximately 5-7% of the purchase price, excluding the deposit (down payment). If the deposit is less than 20% of the purchase price, lenders mortgage insurance will be required. This protects the lender from losses resulting from a default sale of the property.
HomeSide Lending’s American website has been disabled. Their mortgage products are available through a network of mortgage brokers in Australia, which may be contacted by telephone.
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