1st Rate Mortgage Plus Home Loan

The 1st Rate Mortgage PLUS has a low interest rate and the added value of no ongoing fees for the life of the home loan, leaving you feeling confident that your repayments are going toward your home loan and not paying off unnecessary mortgage and bank fees.

If you are finding it hard saving for your deposit, Family Pledge allows you to borrow 100% of the purchase price plus an additional 10% to cover the acquisition costs, providing you have an immediate family member willing to offer security support.

This home loan is suitable for:

The 1st Rate Mortgage PLUS Home Loan comes with its own BSB and account number allowing you to operate your home loan 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.

Borrowers, especially First home buyers, with no deposit who have an immediate family member that is willing to offer security support. Allows customers to borrow the full purchase price plus 10% to cover additional costs
First home buyers and next home buyers that want a low mortgage interest rate and the features of being able to use their home loan like a bank account
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 looking to build their home and require a construction loan
Companies and Trusts requiring a home loan or wanting to refinance their mortgage
Home buyers moving into their next property that require bridging finance
Self employed customers with an ABN who require the extra flexibility of a Line of Credit facility

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 home loan size $50,000. Maximum home loan size $2,000,000.
Maximum Loan to Value Ratio 90% Full Doc home loans (exclusive of Lender's Mortgage Insurance)

Interest Rate

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

Low Doc - 7.47% up to 60% Loan to Value Ratio.
(comparison rate 7.53%)

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. Note: 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

3rd Party Direct Debit (money directly out of your home loan)
Credit Card Sweeps
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 Protocol Friendly - allows organisations to automatically debit from your account, ie pay phone bill
Unlimited Free Internet Redraws (to nominated account)
Same day redraw (telegraphic transfer)

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 repayments to 30 years
Interest Only home loan repayments to 5 years

Family Pledge

Suited to borrowers, especially first home buyers with no deposit, who have an immediate family member that is willing and able to offer security support.

Allows borrowers to own their own home sooner by allowing them to borrow the full purchase price plus up to an additional 10% to cover costs.

Provides access to finance for full purchase price, plus an additional 10% to cover other costs such as stamp duty, renovations or setting up your home
No deposit or genuine equity required
Discounts may be available for first home buyers

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.