Mortgage Choice Home Loans

Rates and Fees verified correct on December 9th, 2016

mortgage choiceNot just a broker, Mortgage Choice have their own selection of home loans to offer borrowers who are needing a competitive loan.

Since it was established in 1992, Mortgage Choice has written home loans for more than 360,000 Australian customers. With a nationwide network of mortgage brokers and loans from 28 leading lenders across the country, Mortgage Choice aims to help Australians with a wide variety of needs and budgets to find the right home loan. They also offer their own range of home loan products to Australian borrowers.

Awards that Mortgage Choice has earned

In 2013, 2012 and 2011, Mortgage Choice took home the Australian Broking Awards Major Brokerage of the Year - Franchise award. In addition, Mortgage Choice has also won the Mortgage and Finance Association of Australia (MFAA) Awards Retail Aggregator / Originator of the Year award multiple times, most recently in 2012, 2010, 2009 and 2008.

In 2013, 2012 and 2011, Mortgage Choice took home the Australian Broking Awards Major Brokerage of the Year - Franchise award. In addition, Mortgage Choice has also won the Mortgage and Finance Association of Australia (MFAA) Awards Retail Aggregator / Originator of the Year award multiple times, most recently in 2012, 2010, 2009 and 2008.

Who is Mortgage Choice and what do they do?

Although best known for their mortgage broking services in matching borrowers up with home loans from lenders across the country, Mortgage Choice now also offers their own home loan products. Whether you’re buying your first home, your next home, an investment property or even refinancing, Mortgage Choice has loans designed to suit.

Mortgage Choice home loans come with flexible features like 100% offset accounts, interest in advance and linked credit cards, allowing you to take charge of your finances. It offers a Basic Home Loan for those who simply want a loan with all the essential features, as well as a Line of Credit loan for borrowers who want to access their equity.

Home loans offered by Mortgage Choice

Basic Home Loan

As the name suggests, the Basic Home Loan is a loan that offers a range of essential features and no hidden fees or unnecessary extras. With no ongoing account management fees, this loan also offers a competitive interest rate. Multiple loan accounts are available so that you can select different features for each individual account, including fixed and variable interest rates and the option of interest-only repayments. Other loan features include the option to make additional repayments (as many as you like on variable loans and up to 5% of the original loan amount on fixed loans per year), a redraw facility and access to funding for home builders and renovators.

Plus Home Loan

This loan is designed to offer a flexible borrowing solution which comes with a 100% offset account to minimise the interest you will have to pay on your loan. You can also open multiple accounts to manage your finances, again allowing you to choose from fixed or variable interest rates, as well as principal and interest or interest-only repayments. Additional repayments are allowed and a redraw facility is available on variable loans.

This loan is designed to offer a flexible borrowing solution which comes with a 100% offset account to minimise the interest you will have to pay on your loan. You can also open multiple accounts to manage your finances, again allowing you to choose from fixed or variable interest rates, as well as principal and interest or interest-only repayments. Additional repayments are allowed and a redraw facility is available on variable loans.

Line of Credit Home Loan

The Line of Credit loan from Mortgage Choice gives you the chance to take advantage of investment opportunities by accessing your equity. It allows you to set up two accounts: one is used to pay off your loan and the other is used for investment purposes. The quicker you pay off your loan, the more money you can access to invest.

Pros and Cons of Mortgage Choice Home Loans

Pros
  • Flexibility. With features like redraw facilities and the ability to open multiple accounts, Mortgage Choice home loans give you more control over your finances.
  • Competitive rates. Compare Mortgage Choice’s interest rates with those of other lenders to see how its loans stack up.
  • Linked credit card. The Plus Home Loan and Line of Credit Home Loan feature cashback credit on the Mortgage Choice Platinum Card.
Cons
  • Documentation fee. A documentation fee of $330 applies to each of the home loans.

Fees of Mortgage Choice Home Loans

Taking out any one of the three Mortgage Choice home loans listed above will incur a $330 documentation fee. No ongoing fees apply to the Basic Home Loan or the Plus Home Loan, but you’ll need to pay a $398 annual account management fee on the Line of Credit Home Loan.

Finally, if you take out a Basic Home Loan or Plus Home Loan for construction purposes you will need to pay an admin fee of $699 (for loans of less than $400,000) or $999 (for loans greater than $400,000).

For more information regarding the fees of a Mortgage Choice home loan, please review their terms and conditions.

How to apply for a Mortgage Choice Home Loan?

If you wish to apply for a Mortgage Choice Home Loan you’ll need to provide your name, email, phone number and postcode through their online form and then arrange a time to meet with a Mortgage Choice expert. Alternatively, you can phone Mortgage Choice directly to discuss your home loan needs.

Documents needed to apply for a Mortgage Choice home loan

Personal information

  • In order to qualify for a loan you will need to be a permanent Australian resident over 18 years of age. You’ll also need to provide the following information before you can take out a home loan:
  • Your name
  • Your contact details
  • Proof of ID, which may include your birth certificate, driver’s licence and/or passport

Property information

Mortgage Choice will require information about the property you are buying before agreeing to lend you money. You’ll need to provide:

  • The contract of sale. This outlines the full details of the sale, including the price you are paying for the property.
  • Copy of certificate of title. This shows that the person who is selling the land is the legal owner of the land.
  • Copy of transfer of land. This details the transfer of ownership of the property into your name.

Financial information

Finally, so that Mortgage Choice can determine your ability to repay your loan, you’ll have to provide information about your:

  • Income. This can take the form of payslips and tax assessment notices.
  • Assets. Supply a list of assets you own, including homes, shares and the like.
  • Liabilities. Any outstanding debts and liabilities, for example credit card debt, will also need to be disclosed.

Mortgage Choice offers competitive home loans to suit the needs of a variety of borrowers. Just make sure to compare these loans with others on the market to find the right borrowing solution for you.

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This page was last modified on 10 September 2015 at 11:33.

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