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Key Features

You can SAVE hundreds
with this loan

*T&Cs Apply
  • Redraw Facility
    Yes
  • Additional Repayments
    Yes
  • Loan Type
    Variable
  • Min Loan
    Max Loan
    $150,000.00
    No maximum
  • Settlement Fee
    $250
  • Discharge Fee
    $450
  • On-Going Fees
    Yes
  • Internet Access
    Yes
  • LVR
    80%
  • Repayment Type
    Principal & Interest
  • Loan Splitting
    Yes

How We Compare With Major Lenders Standard Variable Rate

  • Interest Rate
    Comparison Rate
    • 3.59
      % p.a
      3.62
      % p.a
    • 5.24
      % p.a
      5.37
      % p.a
    • 5.24
      % p.a
      5.38
      % p.a
    • 5.20
      % p.a
      5.30
      % p.a
    • 5.22
      % p.a
      5.36
      % p.a

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
    3.59% p.a.
    3.62% p.a.
  • Maximum LVR
    80%
     
  • Minimum Loan Size
    $150,000.00
     
  • 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
     
     
  • 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
     
     
  • Bpay In
     
     
  • 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
     
     
  • Construction
     
     
  • Vacant Land
     
     
  • Equity Release
     
     
  • Business Purpose
     
     
Features
  • 100% Offset Facility
     
     
  • 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 fee to pay each & every month.
    Yes
     
  • No Package Fee (excluding Stretch Feature)
     
     
  • No Rate Lock Fee
     
     
  • Stretch Package Feature
     
     
  • Low Deposit Option
     
     
  • Toggle Feature
     
     
  • Relocation Feature
     
     
  • Repayment Sweep of Credit Card
     
     
  • 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
     
     
  • 3rd Party Direct Debits
     
     
  • 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
     
     
  • 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
     
     
  • 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
    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 do I know if this is the best home loan for me?

Finding the best home loan is difficult. Discovering the perfect loan with everything you want and none of the bits you don’t is almost impossible. However, at Mortgage House our main focus is to find our customers a mortgage that is suitable for their property goals. We put our customers first and work hard to help them get what they are looking for. And if you are looking for a loan with a relatively low variable interest rate, then this one may be suitable for you. It is suitable for those wanting to live in the home they are looking to purchase, and those who are PAYG employees. This combination allows us to keep the interest rates lower than an investment mortgage, or a low-doc loan for someone who is self-employed. Another reason we can keep the interest rates relatively lower on this loan is because it comes with a Loan-To-Value Ratio of 60%. That means you can borrow up to 60% of the value of the property.

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

This home loan is for people who are looking to purchase a property, or refinance their existing mortgage. The minimum loan amount is just $150,000 which adds to its flexibility, and there is no maximum amount. At Mortgage House, we know the value of useful resources to all our customers, which is why we have created a series of mortgage calculators to arm them with as much information as possible as they begin their home loan search. Our borrowing calculator can give you an indication of how much you may be able to borrow, before you apply for a loan. This can help in your property search, by allowing you to narrow down your price range. It can also help with your own budgeting, and give you an indication of how much your repayments may be. All you need to do is fill in the information as accurately as possible, and we will give you a figure, a regular repayment amount, and how much interest you may pay over the life of the loan. While this resource can be a great asset, it is important to realise it does not circumvent the application process and it is not classed as pre approval or conditional approval. It is simply an indication. Speaking to our expert lenders is a great next step once you have used the borrowing calculator.

Advantage Home Loan 60

What information does a loan repayment calculator give me?

Another of our important mortgage calculators is our Mortgage Repayment Calculator. Like the information near the top of this page, it can give you an idea of what your repayments may be. Once again, it is important to fill in all the information as accurately as you can. Clicking on the actual calculator will give you a couple of extra pieces of information, compared to what is above. The calculator can tell you how much interest you can pay over the life of the loan, and when. This information also shows you the benefit of making extra repayments if you can.

What are comparison rates and why are they different?

If you look on the top of this page you will see two variable interest rate figures – an interest rate and a comparison rate. A comparison rate can help homeowners identify the true costs of a mortgage. Banks and lenders are required by law to display a comparison rate next to any interest rate advertising. Comparison rates are made up of a range of variables, including fees, charges and loan amount and term, and produce a figure a consumer can understand. While not perfect, they are one way of instantly understanding what a loan can cost you over its life. They can’t take every possible variable into account, but they are a high-level tool aimed at producing transparency across the mortgage industry, which is great news for any customer. The comparison rate for this loan is almost identical to the interest rate. This is, in part, due to the very few fees this mortgage attracts.

If you have any questions about comparison rates, contact our expert lenders and they can give you all the information you want.

Can I make extra loan repayments?

One of the attractive features of this home loan is that you can make extra repayments without being penalised. Some banks or lenders can charge fees for extra repayments with some mortgages. Making extra repayments can save you a lot of money over the life of the loan. The more extra repayments you make, the faster you will pay off your loan. The quicker you pay off your loan, the less interest you pay. Our Advantage Home Loan 60 (PAYG Special Cat 1) even goes further. It includes a redraw feature, which means you can withdraw any extra repayments or lump sum payments you have made, whenever you want to. The important thing to remember is that even if you make extra repayments, you will still need to meet the regular minimum repayment timetable.

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