Advantage Home Loan

The Advantage home loan has the benefit of a 100% interest offset account. The offset account is a fully transactional account where you can deposit your salary and potentially save thousands in interest. This makes every dollar work for you in reducing your home loan.

We can then provide you with a Visa card for your monthly spending with an interest free period. At the end of the month, a credit card sweep clears your Visa card automatically, putting it onto your home loan, ready for the next month without you lifting a finger.

The Advantage Home Loan is a low interest home loan with no ongoing fees for the life of the home loan.

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 with the purpose of debt consolidation of items such as car finance, credit cards or personal debt
Customers looking to build their home and require a construction loan
Companies and Trusts requiring a home loan or want to refinance a mortgage
Self employed customers with and ABN who require the extra flexibility of VISA facilities at standard home loan rates

Available Options

Fixed Interest Rates
Variable Interest Rates
Unlimited Free Direct Debit
Split Home Loan
Principal and Interest home loan repayments
Interest Only home loan repayments

Loan Amounts

Minimum home loan size $10,000. 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 - 6.59%. (comparison rate 6.64%)

Low Doc - 7.59% up to 80%. (comparison rate 7.64%)
Available up to 80% Loan to Value Ratio.

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 of Australia Pty Ltd 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 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 Protocol Friendly - allows organisations to automatically debit from your account, ie pay phone bill
VISA card available on request (linked to your home loan)
BPay Out (money directly out of your home loan)
Debit Card - allows you access to your money from an ATM
Same Day Redraw (telegraphic transfer)
Unlimited Free Internet Redraws (to nominated account)
Pay-Anyone (EFT) (money directly out of your home loan)

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
Australia Post Deposit (money directly credited to your home loan)
Bpay In (money directly credited to your home loan)
Principal and Interest home loan repayments up to 30 years
Interest Only home loan repayments up to 10 years

Split Loans

$50 per home loan split

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 Advantage 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.