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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
    $100,000.00
    No maximum
  • Application Fee
    $300
  • Settlement Fee
    $250
  • Monthly Fee
    $10
  • Discharge Fee
    $450
  • Internet Access
    Yes
  • LVR
    60%
  • 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
    5.52% p.a.
    5.67% p.a.
  • Maximum LVR
    60%
     
  • Minimum Loan Size
    $100,000.00
     
  • 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
    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
     
     
  • 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
    $10
     
  • 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 mortgage calculator options are available?

A mortgage calculator can be an important resource when working out which one of our mortgages is the most suited to helping you purchase your dream home, and we have a few different types for you to use. Our repayments calculator above can give an indication of what your repayments may be with this loan. We also have a mortgage calculator that can give you an indication of how much you may be able to borrow, and one that can compare all our home loans in the one spot, so you can find the best interest rate. Our switching calculator can give you a guide as to how much you may save on your repayments if you switch loans, and you can work out the details of how to save for a deposit or for mortgage repayments with our budgeting calculator. We also have a mortgage calculator that can let you know how much stamp duty you are likely to pay when you buy a new home, depending on which state you live in, what kind of property you are looking to buy, and whether it is your first home.

Is preapproval the same as having a loan offer?

The short answer to this question is no. There is a difference between preapproval for a loan, and a loan offer. This is important to remember, because putting an offer on a home usually means you have to have accepted a formal loan offer from a bank or a lender. Preapproval simply means a quick check on your serviceability of a loan has been done, and it has been worked out that you should be able to make repayments on mortgages of a certain size. It is not binding and can’t be used to make an offer on a property. It is important to get a full or unconditional approval before proceeding with any property purchase. This involves completing a loan application and providing all the necessary supporting documentation.

Owner Occupied Home Loan

Can I choose when to make repayments?

Our repayment calculator above is a great resource in helping you understand the commitment of this loan or any of our mortgages. It can give you an indication of your repayments, and you can judge how that fits in with your current budgeting. It is important, however to realise that our repayments calculator, and all of our home loan calculators, are guides only. Speak to our mortgage lenders if you are after an exact repayment figure for your loans. It is also important to note our repayments calculator will give you payment options for weekly, fortnightly and monthly. Paying weekly or fortnightly, instead of monthly, means you may pay off your home loan sooner, which can save money by reducing the amount of interest you pay over the life of the loan. At Mortgage House, it is our genuine desire to provide a solution that really does meet the needs of our customers. With that in mind, check out our range of simple tips that can help you pay off your loan faster, potentially saving you thousands of dollars.

Is this the best home loan for me?

Narrowing down home loans to find the absolute best one for can be tricky. Some loans will have benefits for you, and you may have to make compromises on the features of others. At Mortgage House our aim is to present you with a range of suitable options for your financial situation and property goals. Our Advantage Home Loan Owner Occupied – Mere Doc 60 loan is one of our low doc mortgages. Low doc is short for low documentation and these types of loans can be suitable for the self-employed and anyone else who is unable to provide full financial statements or other evidence of income when applying for a loan. However, that doesn’t mean there aren’t plenty of features built in to this home loan.

One of its key features is the ability to run an offset account alongside it. An offset account is a non-interest earning bank account where 100% of its balance is offset against your home loan. This can reduce the amount of interest you pay. There is also a redraw facility attached to this home loan, and other Mortgage House mortgages, which allows you to draw back any of the lump sum payments or extra repayments you have made along the way. That also means you are not penalised for making extra repayments.  Another important feature of this home loan is that while the minimum amount you can borrow is $100,000, the maximum Loan-to-Value Ratio is 60%. That means you can borrow up to 60% of the value of the property. Also, low doc loans may have higher interest rates and higher repayment amounts than a full doc home loan, and Lenders Mortgage Insurance may be required.

How do I find the right home loan if I am a contractor?

Being a contractor or freelancer, or even a small business owner, can make finding a suitable home loan difficult. Not because you might struggle with the repayments, but because you need a history of consistent income statements when applying. This type of loan is a flexible financial solution that can be suitable. With a low-doc loan, you can ‘self-certify’ your income without needing to provide proof of employment. However, your credit history will still be assessed.

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