Mortgage House Market-Ready First Home Buyer Special

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.

Product NameMortgage House Market-Ready First Home Buyer Special (Owner Occupied)
Interest Rate TypeVariable
Interest Rate (p.a.)3.54%
Comp Rate^ (p.a.)3.57%
Minimum Loan Amount$150,000
Maximum Loan Amount$5,000,000
Minimum Loan Term7 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR80%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Suitable for InvestmentNo
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest
Application Fee$0
Lender's Legal Fee$395
Valuation Feefree up to $330
Ongoing Fees$0 p.a.
Settlement Fee$250
Discharge Fee$450

Pros

  • Low interest rate
  • High borrowing amount

Cons

  • The loan comes with a few fees
  • Requires a 20% deposit

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.


Enquire about this home loan
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Mortgage House Market-Ready First Home Buyer Special (Owner Occupied)

  • Interest Rate

    3.54% p.a.

  • Comparison Rate

    3.57% p.a.

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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