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 House
Mortgage 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.
Details to consider about the Mortgage House Advantage Home Loan 70
This loan is available for owner-occupiers and you can use it to purchase a home or to refinance one. 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.
Features of the Mortgage House Advantage Home Loan 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 the purchase of a home or for the refinance of one.
- 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.
- No monthly fees. This loan doesn’t carry any ongoing monthly fees, but does charge a $250 settlement fee and a $450 discharge fee.
- 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 to apply
If the Mortgage House Advantage Home Loan 70 sounds like it might suit your home loan needs, head to Mortgage House’s website for more details.
You’ll need to provide the following information:
- Personal details. Mortgage House will need your full name, address, contact number and date of birth.
- Financial details. You’ll need to provide details about your income and employment as well as any debts and liabilities.
- Loan and property details. You’ll need details of the property you’re looking to purchase as well as the loan amount you’re applying for.
The Mortgage House Advantage Home Loan 70 offers a competitive interest rate and no monthly fees. If you have a sizeable deposit saved, it could be worth adding the Mortgage House Advantage Home Loan 70 to your comparison.