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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
    Variable
  • Min Loan
    Max Loan
    $300,000.00
    No maximum
  • Settlement Fee
    $250
  • Monthly Fee
    $10
  • 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. Please note that your actual fortnightly repayment would be equal to the monthly repayment amount divided by two. Weekly repayments would equal the monthly repayment amount divided by four. If you choose to pay fortnightly or weekly, your actual repayments will be higher than repayments shown on this page. You can reduce the term of your loan if you choose to make repayments fortnightly or weekly. 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
    3.99% p.a.
    4.14% p.a.
  • Maximum LVR
    80%
     
  • Minimum Loan Size
    $300,000.00
     
  • Maximum Loan Size
    No maximum
     
  • Fixed Rates
     
     
  • 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
     
     
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
     
     
  • Stretch Package Feature
     
     
  • 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
    $10
     
  • Package Fee
    No package fee
     
  • Rate Lock Fee
    No rate lock fee
     
  • Application Fee
    No application fee
     
  • 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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How are construction loans different?

This home loan is tailored for owner occupiers who have bought a house and land package, or who are having a qualified builder build a home for them on a vacant block. You can also use this loan if you are renovating your existing home. A construction loan such as this operates in the same way as a regular variable interest rate loan, with one main exception. Instead of paying out the full cost of the mortgage when the property is bought, the bank or lender will negotiate with the builder to pay them agreed amounts once certain construction stages have finished. As the home owner this will save you some money. You will only pay interest on the amount the bank or lender has paid to the builder, not the full amount. Once construction has finished and your home has been completed, your loan will operate as a standard loan, meaning interest will be calculated on the rest of the home loan.

What is a construction loan comparison rate?

Whenever an interest rate is advertised in Australia, a comparison rate, by law, has to sit next to it. Comparison rates are a way to give the borrower an idea of what the total costs may be over the life of the loan. Comparison rates can take into account fees and charges you may pay over the life of the loan, and they can help counter loans that can suck customers in with low introductory rates, only to hit them with higher rates and significant fees in the future. Construction loans often include valuation fees, as some banks and lenders may require valuations after the agreed construction stages have finished. This can result in a higher comparison rate than other standard home loans. Comparison rates are not perfect, but they can give consumers a good comparative indication of the total costs of their loan. Comparison rates are advertised for both variable and fixed interest rate home loans.

How can a loan repayment calculator help me find a suitable construction loan?

Budgeting is important when you are building a home. Planning your finances well can make a big difference to how smoothly the construction goes. At Mortgage House, we want to give you as much information as you can about every loan we offer. Such information can be valuable to help you find a suitable loan for your property goals. Our Mortgage Repayment Calculator is one of those resources. It can give you an indication of what your repayments will be, and how much interest you will pay. It can also tell you how much interest you will pay over the life of your loan, and when you will pay it. That can motivate you to make additional repayments, which you can do with this mortgage without being penalised. Making extra repayments means you can pay off your loan sooner, which, in turn, will reduce your interest payments.

What does loan purpose mean?

At Mortgage House, we believe in mortgage flexibility, and this home loan is no different. While it can be suitable to be used as a construction loan, this mortgage can also be used for a range of other purposes. These include refinancing your existing mortgage, consolidating all your debts under one loan, purchasing vacant land or releasing the equity in your current home to invest it in other areas, including renovations or another property. Our Advantage Construction Home Loan 80 also includes a range of other features, such as access to an Offset Facility. An offset account is a non-interest-bearing bank account you can use to offset the interest on your mortgage. Interest is calculated on the difference between the two accounts, not just your mortgage. This home loan also includes the ability to draw down on any extra repayments or lump sum payments you have made.

What is equity release and how can I make it work for me?

Our Advantage Construction Home Loan 80 can also be used to unlock equity in your current home. Equity is calculated as the difference between what your home is worth today, and how much you owe on your mortgage. If your house is valued at $500,000 and your mortgage is at $250,000, then you may have equity of up to $250,000. Equity can be used just as any other home loan can be used. It is also important to remember that most banks and lenders won’t let you borrow 100% of the value of your property, or any property you are looking to buy. If you have any questions about equity, or any other aspects of our Advantage Construction Home Loan 80, contact our expert lenders or make an appointment for them to call when it suits you.

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