A low rate home loan for first home buyers.
The Mortgage House Market-Ready First Home Buyer Special Home Loan is a competitive variable rate mortgage for home owners purchasing a property to live in. You'll need a 20% deposit and there are a few fees to be aware of.
What do I need to know about this loan?
The Mortgage House Market-Ready First Home Buyer Special Home Loan sticks to the fundamentals: it's a variable loan with principal and interest repayments for home buyers. A maximum loan to value ratio of 80% means you will need a 20% deposit.
What are the features and benefits of the Mortgage House Market-Ready First Home Buyer Special Home Loan?
- Loan amount and purpose.The Mortgage House Market-Ready First Home Buyer Special Home Loan has a minimum borrowing amount of just $150,000 and a maximum borrowing amount of $5,000,000. This makes it a useful mortgage whether you're purchasing a small apartment or an expensive home.
- Repayment flexibility.The product is quite flexible, allowing you to make monthly, fortnightly or weekly repayments. It also allows for extra repayments without penalty.
- Fees. The loan comes with multiple fees, such as switching, settlement and legal fees, though not all of these fees will apply for every borrower.
What fees and charges come with this loan?
The loan does come with several fees. It's important to add these into your cost calculations but keep in mind that a low interest rate is usually a more important factor.
- Lender's legal fee: $395. This covers legal fees related to setting up or transferring your loan.
- Switching fee: $200. You pay this fee when refinancing to a new loan from the same lender.
- Settlement fee: $250. This fee covers the costs of funding your home loan.
- Exit fee: $450. There is a fee charged for discharging the mortgage, whether by refinancing or paying off the entire loan.
How do I apply for this loan?
If you want to apply for the Market-Ready First Home Buyer Special Home Loan or get more information, just click the green button and follow the application process to speak to a Mortgage House mortgage specialist.