With the flexibility of early repayments, a competitive variable rate and no annual or monthly fees, the Mortgage House Summer Home Loan is worth considering.
The loan allows additional repayments at any time so that you can pay off your loan early without incurring a penalty, while the absence of any annual or monthly fees, the loan is designed to help you pay the loan amount off as soon as possible. Other features include a 100% offset account and free redraws.
Things to consider about Mortgage House Summer Home Loan
The Mortgage House Summer Home Loan is available PAYG employees who are looking to purchase a residential property. A full doc loan, this product offers a competitive variable rate that differs depending on your loan-to-value ratio (LVR).
It also comes with a fully transactional 100% offset account, which can not only be used for your everyday banking needs, and to minimise the amount of interest you pay on the principal amount. Voluntary principal and interest payments are allowed at any time.
Features of the Mortgage House Summer Home Loan
- Maximum loan amount. While no maximum loan amount is listed for the Mortgage House Summer Home Loan, the minimum you can borrow is .
- Offset account. The Mortgage House Summer Home Loan features a 100% offset account designed to keep your interest payments to a minimum. Free access to the funds in your offset account is available at more than 2,000 Bendigo Bank and Suncorp ATMs Australia-wide.
- Repayment options. If you can afford to make an extra repayment towards your loan, you can do so whenever you wish without incurring any fees. You can also pay your loan off earlier than scheduled and not have to worry about being slugged with a penalty.
- Redraw facility. The Mortgage House Summer Home Loan offers access to the additional repayments you have made though a free redraw facility. Redraws can be made at any time and the minimum amount is .
- Loan split option. You can split the Mortgage House Summer Home Loan if you wish to take advantage of the benefits of having both a fixed and variable rate.
- Payment options. You can make loan repayments via direct debit, direct credit, salary credit, deposit card and BPAY.
Fees you can avoid
- Ongoing fee:
- Early repayment fee: $0
- Application fee: . However, if you borrow less than $250,000 you will need to pay an application fee of $300.
Fees you can’t avoid
- Legal fee: . This fee is designed to cover any third party legal fees Mortgage House incurs when arranging your loan.
- Settlement fee: . This fee covers the costs involved with the settlement of your property.
- Discharge fee: . This fee must be paid when you finish paying off your loan.
How to apply for the Mortgage House Summer Home Loan?
You’ll need to be an Australian resident or permanent citizen and over 18 years of age if you’d like to apply for this loan. You will also need to be a PAYG employee and have a good credit history.
If the Mortgage House Summer Home Loan sounds like the ideal loan for you, click on the ‘Go to Site’ link on this page to be taken to the Mortgage House website. Once there you can fill out an enquiry form to request further details about the loan.
You will need to provide:
- Your name
- Your postcode
- Your phone number and email address
- Any comments or questions you have
Once the form has been submitted, a Mortgage House lending specialist will be in touch as soon as possible to answer your questions and help you find the right home loan. Alternatively, you can phone Mortgage House or visit one of its Home Loan Centres in New South Wales, Victoria or the ACT.
The Mortgage House Summer Home Loan is worth considering if you’re looking to borrow funds to purchase an owner-occupied home. However, before you choose this or any other loan, make sure to compare mortgages from a range of lenders to see which one offers the best deal for you.