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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
    70%
  • 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
    5.77% p.a.
    5.92% p.a.
  • Maximum LVR
    70%
     
  • 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
     
     
  • Refinance
     
     
  • Debt Consolidation
     
     
  • Construction
     
     
  • Vacant Land
     
     
  • Equity Release
     
     
  • 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
     
     
  • 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
     
     
  • 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
     
     
  • 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
    Lenders Mortgage Insurance is not required to be paid on this loan product. This could save thousands on the set up of a loan.
    Yes
     
  • Loan Portability
     
     
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 are owner-occupied home loans?

Owner-occupied loans are loans for those who intend to live in the home they are buying. Those wanting to invest in property whether a house, commercial property or vacant land, can have access to investment loans. One of the differences between these two types of loans can be interest rates. The interest rates of an owner-occupied loan, such as our Advantage Home Loan Owner Occupied - Mere Doc 70, can be lower than a comparative investment property loan. For every published interest rate in Australia, there is a comparative rate. Banks and lenders have to, by law, publish a comparative rate as a way of indicating the cost of a loan over its life, with fees and charges taken into account. While a comparative rate is not perfect, it can be a good indication as to the full costs going forward. So when comparing loans, it can also be worthwhile to compare the comparative rate.

What are the features of home loans like these?

Our Advantage Home Loan Owner Occupied – Mere Doc 70 loan has many features that can make it suitable for you. A mere doc loan can be suitable for those who are self-employed, are freelancers, own a small business or are contractors. That’s because it is designed for those who may not have access to the same high level of documentation as is often required when applying for loans. You can self-certify things like your income, but your credit rating will still need to be suitable. Mere doc loans can have a higher interest rate than full documentation loans, but approvals can often be faster because of the less paperwork required. This loan features an offset account, which means you can use a non-interest-bearing account and offset it against your loan, potentially reducing the amount of interest you pay. You can also make extra repayments with our Advantage Home Loan Owner Occupied – Mere Doc 70 loan, which can help you pay off your loan sooner, also saving interest. If you want, you can access those extra repayments, or any lump sum payments, through a redraw facility.

How do I choose mortgage lenders?

Finding the right mortgage lender for you can be difficult. With so many mortgages, and so many banks and lenders competing for your business, finding one you can trust can be hard. At Mortgage House we pride ourselves on being different. We have recognised the limitations of the loan and mortgage market and choose to be a lender that focuses on being competitive with our interest rates, offer diversity with our products and a high level of customer service that is hard to find in the industry. Put simply; we focus on you. We actively listen to your needs, not what we think your needs may be. We always identify suitable products and options and provide ongoing support throughout the life of your loan. Our specialist technology ensures a simple and seamless process for you, and we want to provide you with all the tools, knowledge and experience we can.

How can I compare different loan options?

Comparing loans is one of the tools are committed to giving you access to, to help you find a suitable loan for your property needs. While it’s fine to simply compare interest rates and repayment amounts, at Mortgage House we want to put at your fingertips as much information as we can. You can compare all the details of all our loans, including their features, purposes, fees, amounts, repayment options, even Loan-to-Value Ratios. You get a better picture of how all our loans stack up. You can directly inquire about the loan you are looking at and even schedule in the best time for us to give you a call.

How can I work out what loan amount I can borrow?

Our mortgage calculators are other resources that are important if you are looking for a suitable loan. One of our calculators can give you an indication of how much you might be able to borrow before you get ready to apply for a loan. It is only a guide, but can give you an indication, and can be a great place to start. It’s important to make sure all the information you put into the borrowing calculator is as accurate as it can be, to make sure the results are worthwhile. It is also important to remember that most banks and lenders will not allow you to borrow 100% of the value of the home you are looking to buy. To find what percentage you can borrow, look for the Loan-to-Value figure information. Our Advantage Home Loan Owner Occupied – Mere Doc 70 has a maximum LVR of 70%. Make sure that enters your calculations when looking at our borrowing calculator.

 

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