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.
|Product Name||Mortgage House Advantage Essentials Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$150,000|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||80%|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest|
|Ongoing Fees||$10 monthly ($120 p.a.)|
- $0 application fee.
- 100% offset account attached.
- Extra repayments and redraw facility available.
- 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.
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.