A low-rate home loan for borrowers who have saved a good deposit.
If you’re in the market for a low-rate home loan and you’ve saved a decent deposit, the Mortgage House Advantage Home Loan 70 could be worth a look.
The loan combines an attractive variable rate with features such as a redraw facility and unlimited additional repayments.
Who is Mortgage HouseMortgage House is a leading non-bank home loan brand in Australia. It began operations as a mortgage broker in 1986, and now has more than 25 home loan centres across Australia offering customers an array of products and services.
What do I need to know about this loan?
This loan is available for owner-occupiers and can be used for purchase or refinance. It includes a redraw facility and allows you to split your loan into variable and fixed rate portions. However, you’ll need at least a 30% deposit to qualify for this loan.
What are the feature and benefits of the Mortgage House Advantage Home Loan Combo 70?
- Loan amount. The minimum you can borrow with the Mortgage House Advantage Home Loan 70 is $150,000, and there is no maximum. The maximum loan-to-value ratio is 70%, so you will need at least a 30% deposit.
- Loan purpose. The Mortgage House Advantage Home Loan 70 is available to owner-occupiers for purchase or refinance.
- Repayments. The Mortgage House Advantage Home Loan 70 allows you to repay your home loan weekly, fortnightly or monthly, and you can make unlimited additional repayments without penalty. This loan only allows principal and interest repayments, not interest-only payments.
- Redraw facility. This loan includes a free redraw facility, which allows you to access any additional funds you’ve paid on your home loan.
- Offset account. This loan comes with a 100% offset account, which can help you save on interest charges and potentially pay off your home loan faster.
What fees and charges come with this loan?
- Ongoing fee: $10. This fee is charged monthly for administrative costs relating to your home loan account.
- Settlement fee: $250. This covers the legal and administrative costs involved with settling your home loan.
- Discharge fee: $450. You will need to pay this fee when you close your home loan.
- Valuation fee: Varies. Mortgage House will pay up to $300 for a valuation of the property you’re buying. Any excess valuation fees are payable by the borrower.
How do I apply for this loan?
If the Mortgage House Advantage Home Loan 70 sounds like it might suit your home loan needs, click the green "Enquire Now" button. You'll be asked to fill out a brief form, and a Mortgage House representative will contact you to walk you through the home loan process.