Mortgage House Special Variable Home Loan

Rates and Fees verified correct on December 7th, 2016

With a competitive rate and the freedom to make unlimited extra repayments, the Mortgage House Special Variable Home Loan allows you to pay off your home as quickly as possible.

If you’re looking for a simple, no-frills home loan specially designed to help you pay off your debt sooner, the Mortgage House Special Variable Home Loan could be ideal for your needs. Offered with a very competitive variable rate and a range of essential home loan features, the Mortgage House Special Variable Home Loan allows you to make unlimited extra repayments towards your loan without incurring any penalties. This means that you can own your own home sooner, while unlimited free redraws are also available if you ever need access to extra funds.

Product NameMortgage House Special Variable Home Loan
Interest Rate TypeVariable
Interest Rate (p.a.)3.49%
Comp Rate^ (p.a.)3.94%
Minimum Loan Amount$50,000
Maximum Loan Amount$500,000
Maximum Loan Term30 years
Maximum LVR70%
Maximum Insured LVR70%
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra RepaymentYes
Repayment TypePrincipal & Interest
Application Fee$0
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$395 p.a.
Settlement Fee$395
Discharge Fee$500

Pros

  • There is $0 application fee.
  • You can make extra payments at any time.
  • Redraw facility.

Cons

  • Maximum loan amount is limited to 70% of the property value.
  • There is $395 ongoing fee.
  • A discharge fee of $500.

Things to consider about the Mortgage House Special Variable Home Loan

The Mortgage House Special Variable Home Loan is designed for all home buyers who have good equity in their existing properties. The loan can be used to purchase an owner-occupied property or to refinance an existing loan, and it is available with principal and interest repayments only.

With a maximum Loan-to-Value Ratio of 70%, the Mortgage House Special Variable Home Loan requires you to save up a deposit of at least 30% in order to be eligible to apply. The loan is also portable and features a free redraw facility.

Features of the Mortgage House Special Variable Home Loan

  • Loan amount. The Mortgage House Special Variable Home Loan is available for loan amounts of between $50,000 and $500,000.
  • Maximum LVR. This loan has a maximum LVR of 70%, meaning you will need to cover at least 30% of the purchase price of the property.
  • Repayments. The Mortgage House Special Variable Home Loan is available with principal and interest repayments only, and repayments must be made on a monthly basis.
  • Additional repayments. You can make unlimited additional repayments towards the Mortgage House Special Variable Home Loan at any time without incurring any fees or charges. This allows you to pay the loan off as quickly as your budget allows.
  • Free redraw facility. If you need access to the extra repayments you make towards your loan, you can use the loan’s free redraw facility an unlimited number of times.
  • Portability. The Mortgage House Special Variable Home Loan is portable so it can be transferred from one property to another without the need to refinance.

Fees

There is $0 application fee attached to the Mortgage House Special Variable Home Loan, below are some of the fees you will be charged:

  • Annual fee: $395. This ongoing administrative fee is charged each year.
  • Settlement fee: $395. This fee is charged upon the settlement of your Mortgage House Special Variable Home Loan.
  • Discharge fee: $500. The loan also attracts a discharge fee.

How to apply for the Mortgage House Special Variable Home Loan

If you want more information about the Mortgage House Special Variable Home Loan, click one of the “Go to site” links on this page to be securely redirected to the Mortgage House website. Once there, fill out an online loan enquiry form and arrange to discuss your borrowing requirements with a Mortgage House lending expert. You will need to provide:

  • Your name
  • Your postcode
  • Your phone number and email address
  • Any comments or questions you have

If you decide to apply for the Mortgage House Special Variable Home Loan you will need to provide:

  • Your personal details. You must supply your name, contact details and a valid form of photo ID.
  • Purpose of the loan. Specify how much you want to borrow and whether the loan will be used for a home purchase or refinancing.
  • Details of your income and assets. Mortgage House will need confirmation of your employment status and the income you earn.
  • Details of your expenses. If you have outstanding debts and other liabilities, the lender will need to know about these as well.
  • Property details. The lender will require information about the location and purchase price of the property.

The Mortgage House Special Variable Home Loan offers a wide range of competitive features for Australian borrowers. Compare it with a variety of loans from other lenders to find the mortgage that’s right for your needs.

Mortgage House Special Variable Home Loan Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 25 July 2016 at 17:00.

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Mortgage House Special Variable Home Loan

  • Interest Rate

    3.49% p.a.

  • Comparison Rate

    3.94% p.a.

  • App Fee / Annual Service Fee

    $0 / $395

  • Max LVR

    70%

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