Mortgage House Advantage Fixed Rate (Special) Home Loan Review
Get a competitive fixed rate and a 100% offset account when you take out a Mortgage House Advantage Fixed (Special) Home Loan.
The Advantage Fixed (Special) Home Loan from Mortgage House allows you to lock in a competitive fixed rate and take advantage of the security that comes with knowing how much each repayment will be. These loans are offered with a 100% offset account, allowing you to keep your interest payments to a minimum and you can also make unlimited extra repayments. You will need a 30% deposit to get this loan.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).
The Mortgage House Advantage Fixed (Special) Home Loan is available for those looking to purchase a residential property. This loan requires full documentation and proof of income from borrowers, and are also available for construction purposes.
There are no penalties for making additional repayments on any of these loans, and you can enjoy the flexibility of making extra repayments at any time that suits you. A free redraw facility is also offered so that you can access those funds if required.
About this loan
What are the features and benefits of the Mortgage House Advantage Fixed (Special) Home Loan?
- Maximum loan amount. While there is no maximum amount on any of these loans, the minimum you can borrow is $150,000.
- Maximum LVR. With a maximum LVR of 80%, you will need to save a 30% deposit.
- Offset account. The Advantage Fixed (Special) Home Loan features a 100% offset account, allowing you to keep your interest payments to a minimum.
- Additional repayments. You can make unlimited additional repayments towards your loan without incurring any penalties. These repayments can be made at any time and allow you to pay off your mortgage ahead of schedule.
- Redraw facility. A free redraw facility is offered with the Mortgage House Advantage Fixed (Special) Home Loans. This allows you to access your additional repayments should you ever need extra funds.
What fees and charges come with this loan?
- Monthly fee: $10 This is an ongoing account service and maintenance fee that must be made on a month-to-month basis.
- Application fee : $600. There is no application fee with this product.
- Settlement fee: $449. This fee covers the costs associated with your property purchase settlement.
- Discharge fee: $450. This fee is charged when you pay off your mortgage and your loan is discharged.
How to apply
If you're an Australian citizen or permanent resident and at least 18 years of age, you may be eligible to apply for the Mortgage House Advantage Fixed (Special) Home Loan.
If you'd like more details about either loan, click the the green button above. You'll need to fill out a form with your contact details and a lending specialist from Mortgage House will get in touch. To complete a full home loan application you will need:
- 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