A low variable rate and the ability to make unlimited extra repayments without penalty
See what else is on offer from Mortgage House
Compare Mortgage House's Advantage Discounted Variable Home Loan with a 6 month introductory rate of 3.42% p.a. and comparison rate of 4.04% p.a..
The Mortgage House Pure and Simple home loan is a basic loan that avoids complex features and expensive fees, allowing you to focus on meeting your repayments.
It has a low variable interest rate of and no ongoing fees. Ideal for the purchase of owner-occupied residential property, construction or debt consolidation, you can make principal and interest repayments that will see you paying off your loan sooner.
Things to consider about the Mortgage House Pure and Simple Home Loan
The Mortgage House Pure and Simple Home Loan is suited to home buyers who are buying owner-occupied residential property, property for construction or for debt consolidation purposes.
The Repayment Sweep feature enables you to have part of your income directly deposited into your loan account weekly, fortnightly or monthly which means that you have increased control to make repayments as often as you get paid. Interest is calculated daily, but charged on a monthly basis.
If your situation changes and you require more features for your loan, you can easily upgrade to another Mortgage House loan. Mortgage House offers a variety of fully featured loans with 100% offset accounts, tax minimisation capabilities and other attractive features.
Features of the Mortgage House Pure and Simple Loan
For this loan, you can borrow between to for a loan period of up to . Mortgage House enables you to borrow up to of the value of an owner occupied property.
- Low rate: A low variable interest rate of can see you reduce your repayments and pay off your loan sooner than what you would with a higher rate product.
- Portability: If you relocate to another property, you can transfer your current mortgage to your new one without having to pay stamp duty.
- Deposit Funds: If you require help with your cash flow when purchasing or selling a property, the deposit funds are available to support you during this transition.
- Access to Funds: Unlimited manual redraw allows you to access the money you’ve put towards your additional repayments. This means you can use the extra repayments you’ve built up to invest in another property, go overseas or pay for your children’s school fees.
- Flexible Repayment Structure: You can make repayments weekly, fortnightly or monthly. You can also make additional repayments as frequently as you would like, without penalty.
- Unlimited free redraws. You can redraw any additional repayments you've made on this loan for free.
- Repayment Sweep: This enables you to have part of your pay directly deposited into your loan account weekly, fortnightly or monthly allowing you to pay off your loan as often as you get paid.
This loan has no ongoing account keeping fees but does have the below fees:
- Application fee: . Fee to process your application with Mortgage House.
- Settlement fee: . Fee charged when setting up your home loan.
- Discharge fee: . This is charged when you close you home loan accounts.
If you wish to apply for the Mortgage House Pure and Simple Loan, make an enquiry by clicking the ‘Go to site’ buttons on this page and a Mortgage House specialist will get in contact with you to discuss the application process.
What happens when I click the 'Go To Site' button?
As soon as you click the 'Go to Site' button on this page you'll be securely taken to the Mortgage House site.
From here you only need to type in your name, postcode, phone number, email address and any additional comments you want to leave, and Mortgage House will call you back as soon as possible.
The Pure and Simple Home Loan can be used if you’re purchasing owner-occupied residential property, borrowing for construction or taking out a mortgage to consolidate debts.
Mortgage House will require you to provide credit information to assess your eligibility for this loan. Based on their lending criteria, Mortgage House may require information regarding any other loans or credit cards you have, your repayment history and any defaults. They may also want to know of any dependants and cohabitants, the length of time at your current address, your employment details, proof of earnings and expenses to assess your application.
To be eligible for the Mortgage House Pure and Simple Home Loan you will need to be over 18 years of age with a good credit rating. You will also need to be a permanent Australian resident or Australian citizen.
Documents you’ll need to apply
Proof of identity (you’ll need at least one form of photo ID)
- Driver’s license
- Proof of age card
If you only have one form of photo ID, you’ll also need to provide secondary identification, in the form of one of the following:
- Birth certificate
- Citizenship certificate
- Centrelink/Medicare card
- Recent utility bill
- Two latest payslips or a letter from your employer
- If self employed, you’ll need to provide your income tax returns from the last two financial years and your most recent Assessment Notice
- Details of any other income or allowances
- If buying an investment property, you will need to supply a copy of the rental agreement
- Council and water rates
- Electricity and gas bills
- Extraordinary expenses (i.e. school fees)
- Bank statements showing evidence of genuine savings
- Details of assets including superannuation and any shares held
- Confirmation of other assets (i.e. insurance statements that include sum insured for home contents value)
- Recent statements of car or personal loans, credit cards or store cards
- If you have an existing mortgage, you’ll need to provide at least three months of loan statements.
- For more information about the documentation required, get in contact with Mortgage House directly.
- Featuring unlimited free redraws, principal and interest repayments and a waived annual fee, the Mortgage House Pure and Simple Home Loan is an affordable and fuss-free option for Australian home buyers.