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Key Features

You can SAVE hundreds
with this loan

*T&Cs Apply
  • Offset Account
    Yes
  • Redraw Facility
    Yes
  • Additional Repayments
    Yes
  • Loan Type
    5 Years Fixed
  • Min Loan
    Max Loan
    $100,000.00
    No maximum
  • Application Fee
    $300
  • Settlement Fee
    $250
  • Discharge Fee
    $450
  • Internet Access
    Yes
  • LVR
    80%
  • Repayment Type
    Principal & Interest
  • Repayment Type
    Interest Only
  • Loan Splitting
    Yes

Repayments Calculator

The interest rate for the loan.
% p.a.
What is the length of time to repay the loan?
years
How much do you want to borrow?
$
What is the type of the loan?

Principal
& Interest

Interest Only

Your Repayments

  • Weekly
  • Fortnightly
  • Monthly

$1,798.65 per month

Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan.

Loan Details

  •  
    Interest Rate
    Comparison Rate
    The Comparison Rate is based on a loan of $150,000.00 over 25 years. Fees and charges may be payable. WARNING: The 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.
  • Owner Occupied
    5.6% p.a.
    5.77% p.a.
  • Maximum LVR
    80%
     
  • Minimum Loan Size
    $100,000.00
     
  • Maximum Loan Size
    No maximum
     
  • Fixed Rates
    Yes
     
  • Loan Splitting
    The ability to have many separate accounts under one loan for which there may be multiple purposes, e.g personal and investment splits, fixed and variable splits, etc.
    Yes
     
Repayment Options
  • Principal & Interest
    A loan in which both the principal and the interest are repaid over the term of the loan. Amortisation or amortising is another word for these loans that are gradually being paid off over a set period of time (the loan term). P&I can also be the abbreviation term for Principal & Interest.
    Yes
     
  • Interest Only
    A loan where the borrower elects to make monthly repayments of interest and no principal reductions. You only have to pay the interest charged to your loan. Normally repayments for an interest only will be from 1 – 10 years of the initial loan term with the balance of the loan term then reverting to Principal & Interest repayments. IO can also be the abbreviation term for Interest Only.
    Yes
     
  • Additional Repayments
    Money IN - Allows you to make additional repayments without penalty.
    Yes
     
  • Direct Debits
    Money IN - A direct debit is an automatic payment that is set up to repay your home loan. You specify the frequency and repayment amount as well as the bank or transaction account that the repayment is to be drawn from and this payment will occur automatically on the set due date.
    Yes
     
  • Salary Credit
    Money IN - A manual payment to a loan account either via internet transfer or employee payroll transfer
    Yes
     
  • Direct Credits
    Money IN - The ability for an external party to pay directly into a borrower's loan account
    Yes
     
  • Deposit Card
    Money IN - A card used at the post office to deposit your repayments (they can be your normal repayments that are due or additional repayments)
    Yes
     
  • Bpay In
    Money IN - The ability to pay your loan via a unique biller code from another financial institution
    Yes
     
  • Capitalising of Interest
     
     
  • Line of Credit
     
     
Loan Purpose
  • Purchase
    Where you are buying a property
    Yes
     
  • Refinance
    Where you are looking to move your current loan from one lender to another
    Yes
     
  • Debt Consolidation
    Where you are looking to move multiple loans into one loan
    Yes
     
  • Construction
    Where you are building a new property
    Yes
     
  • Vacant Land
    Where you are purchasing land with no immediate intent to build the new property straight away
    Yes
     
  • Equity Release
    Where you are looking to release cash from equity you have built up in your property
    Yes
     
  • Business Purpose
    Where you are looking to use funds for a business use
    Yes
     
Features
  • 100% Offset Facility
    A non-interest earning account where 100% of the balance is offset against the home loan to reduce the total interest payable.
    Yes
     
  • Redraw Facility
    Money OUT - If you have made any lump sum or additional principal repayments to your loan account in excess of the standard repayment amount, you can access or draw back those extra repayments.
    Yes
     
  • No Monthly Fees
     
     
  • No Package Fee (excluding Stretch Feature)
    No fee to pay each & every year.
    Yes
     
  • No Rate Lock Fee
    No fee payable in order to lock in your fixed rate at initial settlement of your loan
    Yes
     
  • Stretch Package Feature
    The ability to include a credit card facility at home loan rates into your home loan facility
    Yes
     
  • Low Deposit Option
     
     
  • Toggle Feature
    An innovative new loan feature that allows you to maximise your interest savings through and intelligent offset Toggle system
    Yes
     
  • Relocation Feature
    The ability to purchase you next home prior to you selling your current property
    Yes
     
  • Repayment Sweep of Credit Card
    Money OUT - Allows your loan to automatically clear your credit card linked to this loan back to zero each month.
    Yes
     
  • Internet Access
    The access via the internet to view & administer your home loan.
    Yes
     
  • Phone Access
    The access via the phone to administer your home loan.
    Yes
     
  • ATM / EFTPOS Debit Card
    Money OUT - An ATM card is included on this loan in order for you to withdraw cash or make purchases for living purposes.
    Yes
     
  • 3rd Party Direct Debits
    Money OUT - You can pass your loan account number & BSB to another financial institution in order to take money periodically from your home loan account.
    Yes
     
  • Repayment Required
    Each repayment cycle (normally monthly) a repayment must be made, regardless if you have redraw available in the loan account.
    Yes
     
  • Cheque Book
     
     
  • LMI Premium Capitalisation
    The ability to capitalise the Lenders Mortgage Insurance premium on top of your required loan amount
    Yes
     
  • 3rd Party Protocol Friendly
    Money IN and Money OUT - A payment made to a loan account or an amount taken from a loan account either via internet transfer, employee payroll transfer or by an external party
    Yes
     
  • Loan Switching
    You can switch you loans variable interest rate to a fixed interest rate (subject to the terms and conditions of your loan)
    Yes
     
  • Up to 40 Year Loan Term
     
     
  • Up to 30 Year Loan Term
     
     
  • Up to 25 Year Loan Term
     
     
  • SMSF Loans
     
     
  • Deposit Bond
    A deposit bond acts as a substitute for the cash deposit in between signing a contract and settlement and can be issued for all or part of the deposit amount required, up to 10% of the purchase price. At settlement, the purchaser is required to pay the full purchase price including the deposit.
    Yes
     
  • NRAS Option
     
     
  • Bpay Out
    Money OUT - The ability to pay your loan via a unique biller code to another financial institution
    Yes
     
  • No LMI Premium Payable By Borrower
     
     
  • Mortgage Insurance not Required
     
     
  • Loan Portability
    A feature that enables a home loan to be transferred from one property to another, without refinancing. It can be of benefit by savings on loan set-up fees and government loan security duty.
    Yes
     
Fees
  • Monthly Fee
    No monthly fee
     
  • Package Fee
    No package fee
     
  • Rate Lock Fee
    No rate lock fee
     
  • Application Fee
    $300
     
  • Valuation Fee
    Up to $300 free^
     
  • Settlement Fee
    $250
     
  • Discharge Fee
    $450
     
^Mortgage House will pay up to $300 per property, any excess valuation fees are payable by the borrower(s)
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What are mere doc home loans?

Our Advantage – 5 Years Fixed – Mere Doc (Owner Occupied) loan can be a suitable mortgage for those looking to buy or build a home to live in, and who may be unable to provide the full documentation usually required when applying for a loan. A mere doc loan is designed for people who may be self-employed, a business owner, a contractor or a freelancer who may not have the evidence of income or the full financial statements that are often needed. Mere doc loans can allow you to self-certify your income, but you will still need a good credit history, and need to fulfil the other requirements necessary. As a result of the increased risk, loans such as these can attract a higher interest rate, but the upside is it means approvals can often be quicker, with less paperwork needed. If you are unsure whether our Advantage – 5 Years Fixed – Mere Doc (Owner Occupied) is suitable for you and your current financial situation, contact one of our expert lenders and they will answer any questions you have. They can also let you know what paperwork you will need when applying for your loan, which can help further highlight whether or not it is right for you.

How do fixed home loans work?

A fixed interest rate loan is what it sounds like it will be. Your interest rate will be fixed for an agreed time, usually between 1 and 10 years. The above loan is fixed for 5 years, and at the end of 5 years, it will revert to a standard variable interest rate loan. However, you can contact our lenders towards the end of the 5 years and seek to negotiate another fixed term period if you want to. There is no guarantee the rate will stay the same, however. You may notice that next to our advertised fixed rate is another interest rate – a comparison rate. Banks and lenders are required to promote a comparison rate, to give an indication of the full rate comparison once extra fees and charges are calculated. It is not exact, but it is a good indication that can help you see the big picture before you choose a loan.

What are the benefits of fixed repayments?

Fixed repayments can be a great way to keep your budget under control when you are buying a home. With our Advantage – 5 Years Fixed – Mere Doc (Owner Occupied) you will know exactly what your repayments will be for the next 5 years. If you are worried about interest rates increasing in the next 5 years, or you don’t have a lot of room in your budget, then a fixed rate loan such as this can be a suitable option for you. This level of predictability can help you maintain your current standard of living and make financial plans with confidence. The other main type of loan is a variable rate loan. A variable interest rate can change during the life of the loan, up or down, depending on a range of internal and external factors. It is almost impossible to predict when interest rates will rise or when they will fall, but they may never be as low as they are now. A fixed rate period can add to your financial security if interest rates do start rising soon.

What are some of the features of fixed rate loans like these?

Our Advantage – 5 Years Fixed – Mere Doc loan has a range of features that can be beneficial to the homeowner. First among them is the ability for you to make extra repayments. Some fixed rate loans don’t allow you to make extra repayments, and doing so can save you interest over the life of your loan. Extra repayments can mean you pay off your loan sooner, reducing interest. You can also redraw any extra repayments or lump sums you make, for whatever purpose you choose. This kind of flexibility is important to a lot of people. Another valuable feature of this loan is that you can link it to an offset account. An offset account is an interest-free account that you can run alongside your mortgage account. Interest is calculated on the difference between the two accounts, not the mortgage itself. For example, if you have $300,000 to pay off your mortgage, and you have $20,000 in an offset account, then interest will be charged on $280,000.

Where can I compare fixed loans?

It is easy to see what other fixed rate loan mortgages are available at Mortgage House. Just click on our comparison page, and you can compare, in detail, up to 5 loans at a time. You can also compare all our other loans as well.

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