Mortgage House Advantage Essentials Home Loan Review

Rates and Fees verified correct on December 4th, 2016

Get a fully transactional 100% offset account with no annual package fees.

The Mortgage House Advantage Essentials Home Loan offers a fully featured home loan and a transactional 100% offset account, while carrying no monthly administration fees or annual package fees.

Interest Rate Max Insured LVR Max LVR
80% LVR
3.72% p.a.
Comparison Rate
3.87% p.a.
80% 80%
LVR 60%
3.64% p.a.
Comparison Rate
3.79% p.a.
60% 60%
LVR 95
3.99% p.a.
Comparison Rate
4.13% p.a.
95% 80%
Product NameMortgage House Advantage Essentials Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR80%
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest
Application Fee$0
Valuation Fee$0
Ongoing Fees$10 monthly ($120 p.a.)
Settlement Fee$200
Discharge Fee$450

Pros

  • $0 application fee.
  • 100% offset account attached.
  • Extra repayments and redraw facility available.

Cons

  • Settlement fee of $200.
  • $450 discharge fee when closing the loan.
  • Not available for investors.

Things to consider about this loan

Owner-occupiers, first home buyers or borrowers looking to refinance can get the benefits of a fully transactional 100% offset account without the monthly administration fees or annual package fees. The loan also offers borrowers an online banking platform to track their accounts, and a debit card that lets them access their offset account from more than 2,000 ATMs across Australia.

The loan is not available to investors or for construction purposes, and it carries a minimum loan-to-value ratio (LVR) of 80%, so you’ll need at least a 20% deposit.

Features of the Mortgage House Advantage Essentials Home Loan

  • No maximum loan amount The Mortgage House Advantage Essentials Home Loan carries a minimum loan amount of $150,000, and no maximum loan amount
  • Loan-to-value ratio (LVR) The Mortgage House Advantage Essentials Home Loan has a maximum loan-to-value ratio of 80%. If your deposit is less than 20%, you’ll want to look at the Mortgage House Advantage Home Loan (over 90% LVR).
  • Offset account The Mortgage House Advantage Essentials Home Loan has a fully transactional 100% offset account.
  • Flexibility The Mortgage House Advantage Essentials Home Loan allows voluntary additional repayments without penalty, and allows borrowers to split between variable and fixed rates.
  • Redraw The Mortgage House Advantage Essentials Home Loan has a redraw facility allowing borrowers to access any extra funds in their loan account.
  • No fees The Mortgage House Advantage Essentials Home Loan has no ongoing monthly administration fees and no annual package fees.

Fees

There are no application or ongoing fees for this loan, below are couple of fees you will be charged:

  • Loan settlement fee, $200. The loan settlement fee covers the administrative and legal costs of settling your loan.
  • Discharge fee, $450. The discharge fee covers the costs of discharging and closing out your home loan.

How to apply for the Mortgage House Advantage Essentials Home Loan

If you think the Mortgage House Advantage Essentials Home Loan matches your borrowing needs click on the green 'Go to site' or 'Enquire' button. You will then be redirected to the Mortgage House website or a form for a mortgage broker to contact where you’ll need to provide:

  • Your name
  • Your postcode
  • Your phone number and email address
  • Your comments and/or questions

A Mortgage House lending expert will contact you to discuss your borrowing requirements. If you wish to apply for one of these fixed loans, you’ll need to supply:

  • Information about your employment status and proof of income
  • Details of any assets you own
  • Details of your liabilities and ongoing expenses
  • Information about the property you want to buy

The Mortgage House Advantage Essentials Home Loan is worth considering if you want a full-featured loan that doesn’t carry any annual fees.

Mortgage House Advantage Essentials Home Loan Review Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 21 April 2016 at 8:11.

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Mortgage House Advantage Essentials Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $10

  • Max LVR

    80%

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