1st Rate Mortgage Combo Home Loan

The 1st Rate Mortgage Combo Home Loan gives you the best of both worlds: a low interest mortgage and a fully transactional Line of Credit account with a nil interest Visa card to manage your money.

It is suitable for personal, investment or commercial use. You can also use this home loan to refinance a current mortgage or as a bridging loan when you're ready to move into your next home.

The 1st Rate Mortgage Combo has a low interest rate and the added value of no ongoing fees for the life of the home loan.

The 1st Rate Mortgage Combo Home Loan comes with its own BSB and account number allowing you to operate your mortgage like a bank account, including day to day transactions and even direct debit payments. Depending on your credit limit, you can even use it to consolidate other items such as car finance, credit cards or personal debt.

Pay off your home loan sooner using Loan Structuring and position yourself for wealth creation with the 1st Rate Mortgage Combo home loan. Here's how it works...

1. Effective Use of Your Income - Deposit your income directly into your All-in-One home loan account to reduce the amount of interest you pay.

2. Eliminate Credit Card Interest with the Nil Interest Visa Card - Use the Visa card for all your monthly expenses including cash withdrawals, interest free for 30 days. This reduces your interest charges further by allowing you to leave your funds in your home loan account for up to 30 days. After this time, it will automatically be added to your All-in-One home loan account at your home loan rate.

3. Prevent Over Spending yet Retain Flexibility - With principal and interest repayments on the Advantage Rage home loan you will ensure you are always paying off your home loan whilst retaining the flexibility of the All-In-One home loan account.

4. Create Wealth - Use Loan Structuring to maximise the tax benefits from wealth creation if you are buying investment properties or shares.

This home loan is suitable for:

First home Buyers and next home buyers that want a low mortgage interest rate and want the features of being able to use their home loan like a bank account with a BSB and account number, including a Visa card
Homeowners wanting to refinance their current home loan and who may also want to start making preparations for wealth creation, using their home equity
Customers looking to refinance their home loan with the purpose of debt consolidation
Customers with multiple properties who want the ability to manage their home loan separately to their investment properties
Customers who require the extra flexibility of a Line of Credit accompanied with full transactional options, including a cheque book.

Available Options

Fixed Interest Rates
Variable Interest Rates
Split Home Loan
Principal and Interest home loan repayments
Interest Only home loan repayments

Loan Amounts

Minimum loan size $50,000 (home loan), $25,000 (All In One). Maximum loan size $2,000,000

Maximum Loan to Value Ratio 90% Full Doc loans (exclusive of Lender's Mortgage Insurance)

Interest Rate

Full Doc - 6.62%. (comparison rate 6.68%)

Note: The 1st Rate Mortgage Combo is not available as a Low Doc home loan.
Click here to view our Low Doc home loan range.

The comparison rate for each of the home loan products contained in this document is based on a secured loan of $150,000 over a term of 25 years. A Comparison Rate Schedule is available at the premises of Mortgage House at Level 1, 9-13 Argyle Street, Parramatta or any of its agents or branches. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

How to Access Your Funds

Cheque book
Nil Interest Visa Account
No credit card interest charges as it is linked to your home loan
Credit Card Sweep
This allows you to automatically clear your credit card and pay recurring bills every month from your mortgage account. To maximise the interest saving benefits of having your income paid directly into your home loan, simply pay your bills and carry out your normal banking transactions through the credit card, which is automatically cleared at the end of the month and added to your home loan. (Available for variable loan component only)
3rd Party Direct Debit (money directly out of your home loan)
3rd Party Protocol Friendly
3rd Party Protocol Friendly
Allows organisations to automatically debit from your account, ie pay phone bill
Same day redraw (telegraphic transfer)
Unlimited Free Internet Redraws (to nominated account)

Repayments

Free Direct Credit - available to any 3rd party institution
Free Direct Salary Crediting - you can have all or part of your pay directly deposited into your home loan account weekly, fortnightly or monthly
Unlimited Free Direct Debit - borrowers can have their repayment drawn from a nominated bank account weekly, fortnightly or monthly
Principal and Interest home loan repayments to 25 years

Split Loans

First 4 splits are free of charge
Borrower may request additional splits

Portability and Flexibility

When you decide to move house you can take your home loan with you. Any home loan may be transferred to another acceptable residential property, saving you on loan stamp duty.

Mortgage documentation, legal fees and valuation charges still apply. Transfers are subject to insurance and lender's approval.

Life changes, and now at last, so can your home loan. The 1st Rate Mortgage Combo Home Loan gives you the freedom to switch loans without fuss or unnecessary discharge fees and resulting in a seamless transaction into your new mortgage. Nothing else changes, not even your account number.

Application Fee

$595.00

Capitalise Interest

The benefit of Capitalising Interest means that you aren't required to make a repayment whilst your loan balance is within the approved limit. Remove the hassle of trying to align your home loan repayment date with your pay cycle. Now you can choose a repayment date that suits you, whilst you home loan is in advance.

Enjoy the flexibility of choosing the repayment date of your home loan, without the hassles of trying to co-ordinate it with your pay cycle whilst your loan balance is within the approved limit.

The ability to capitalise interest up to the approved limit also provides those looking to start a family, taking a well deserved break or looking for a safety net to cater for life's little emergencies with the added comfort or having the freedom to do so without even contacting us!