Mortgage Choice Basic Variable Rate Home Loan

If you're looking for a basic, low-cost home loan the Mortgage Choice Basic Home Loan offers a low rate and no ongoing fees.

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The Mortgage Choice Basic Variable Rate Home Loan offers flexible repayments and a rock-bottom rate without any ongoing fees. If you've saved up a decent deposit and don't need flashy features in your home loan, this product is worth a look.

Who is Mortgage Choice?

In addition to being one of Australia's largest franchise mortgage brokerages, Mortgage Choice also offers its own range of financial products, funded by top Australian lenders. Mortgage Choice brokers are paid the same rate of commission regardless of which lender you choose, so you can pick a Mortgage Choice home loan with confidence.

What do I need to know about this loan?

The Mortgage Choice Basic Variable Rate Home Loan is an owner-occupier loan that can be used to buy or build your home. It passes on rate and fee savings by eschewing features like a 100% offset account, but still offers flexible repayments and free redraw.

What are the feature and benefits of the Mortgage Choice Basic Variable Rate Home Loan?

  • Loan purpose. This loan is available to owner-occupiers for either purchase or construction.
  • Loan amount. The Mortgage Choice Basic Variable Rate Home Loan allows you to borrow a minimum of $150,000.
  • Repayment flexibility. The Mortgage Choice Basic Variable Rate Home Loan allows unlimited additional repayments, and also comes with a free redraw facility so you can access any additional funds you've paid on your home loan.
  • No ongoing fees. While the Mortgage Choice Basic Variable Rate Home Loan does have a settlement fee of $363, it carries no application or ongoing fees.
  • Split facility. This loan offers the ability to split your home loan up to six times. This allows you to take advantage of different features such as fixed or variable rates, or even interest-only repayments. Be aware, however, that different products will come with different rates, fees and features.

What fees and charges come with this loan?

  • Settlement fee: $363. This fee covers the legal and administrative costs of setting up your loan.
  • Construction administration fee: $999. If you're using the Mortgage Choice Basic Variable Rate Home Loan to build your own home, you'll be charged this administrative fee.
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2 Responses

  1. Default Gravatar
    BMarch 5, 2018

    What does the max lvr mean and what deposit would be required on purchase of $400000

    • Avatarfinder Customer Care
      DeeMarch 5, 2018Staff

      Hi B,

      Thank you for your question.

      The maximum LVR refers to how much you can borrow as a percentage of the property’s purchase price without considering the Lenders Mortgage Insurance (LMI). Say the LVR of the loan you are getting is 80%, you’ll be required to deposit at least 20% of the $400K which is $80K.

      I hope this helps.

      Cheers,
      Anndy

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