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How do I choose a suitable home loan?

Mortgage House Budget Planner CalculatorFinding a suitable loan for your property needs depends on a range of different factors including:

  • What do you want the home loan for? Are you looking to buy a home to live in, or are you looking for an investment loan? Are you hoping to build, or are you looking to renovate, or maybe even refinance your current loan?
  • What kind of buyer are you? Are you a first-home buyer, or are you looking to upgrade your current home? Are your self-employed or are you a PAYG employee? Do you have a good credit history, or will you need your family’s help to guarantee your loan?
  • How big is your deposit? Most mortgages have a Loan-To-Value Ratio (LVR), which is the percentage of the value of the property you can borrow. Take that into consideration when choosing a home loan.
  • What is your current financial situation? How much can you afford to borrow now, and what are your financial goals moving forward?


A good guide to your mortgage borrowing power can be found through the ‘how much can I borrow’ calculator below. Just enter your deposit, rate and other home loan details.

How much can I borrow calculator

Loan Details

The interest rate for the loan.
% p.a.
What is the length of time to repay the loan?
Will the loan be for yourself or joint with another applicant?



Any person who depends on you for financial support e.g. your children?

Annual Net Income

Your net income per year i.e. after tax
Your partner's net income per year i.e. after tax
Any other income you may receive each year e.g. rent from a property, interest on savings or dividends from shares

Monthly Expenses

Personal monthly expenses e.g. rent, bills, shopping, fuel etc.
Any repayments you have to make each month to cover your credit cards or other loans
Any other monthly expenses

Your Monthly Repayment

per month

You Can Borrow Up To

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. The Comparison Rate for each of the home loan products contained in this page is based on a loan of $150,000 over a 25 year term. 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. * This mortgage calculator shows indicative repayments based on 12/26/52 equal repayments for monthly/fortnightly/weekly options.

Types of mortgages offered

As one of Australia’s largest independently owned non-bank lenders, Mortgage House has a large range of home loans to suit your property goals.

The ‘Top 10’ home loan types offered are:

  1. Fixed Rate: Where the interest rate is fixed over a period of time, usually between 1 and 5 years.
  2. Variable Rate: The interest rate is variable and can increase or decrease over the life of the loan, depending on a range of internal and external factors.
  3. Toggle Offset: Half the home loan is fixed, and the other half is variable. Toggle between the two to maximise interest savings.
  4. Portable Loans: Home loans that can go with you if you move homes.
  5. Split Home Loans: Mortgages that have portions that are both variable and fixed, with no restrictions on the proportions.
  6. Interest Only: Repay only the interest on the loan for a fixed period, to free up money or to invest.
  7. Line of Credit: A personal or home loan that can help you access money when you need it. It is an approved amount you can use to help with purchases, debts or anything else you may need in a hurry.
  8. Low Doc Loan: 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.
  9. Construction: Pays builders in agreed stages, with interest only charged on the amount paid out. A popular investment loans option.
  10. Bridging: Loans to bridge the gap between selling your home and buying another.

How much will my repayments be?

How much your repayments will be depend on what type of loan you choose, the interest rate, the loan amount and the loan period. Our Mortgage Repayment Calculator can give you a good indication of what your repayments will be, when you enter all that information into it. It will also give you an indication of how much interest you will pay over the life of your loan, and when you will pay it. This can be critical when making a real estate decision or choosing an investment loan.

If you have a variable interest rate loan and interest rates increase, then your repayments will also increase. To be prepared for that, and how it may affect your budget, use our Mortgage Repayment Calculator to plan ahead, simply by adjusting the interest rate amount.

The calculator below provides an indication of what repayments can be for a standard variable loan.

Mortgage Repayment Calculator

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

& 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.

Can I pay my home loan off sooner?

Mortgage House prides itself on its home loans being flexible, and the flexibility of making extra repayments is a feature that can save you money. Some home loans can penalise you for making extra repayments or extra lump sum payments. We have a large range of home loans that don’t attract fees for extra repayments and, with a large range of options for owner occupier and investors, making extra repayments is something that is simple to do. Making extra repayments means you will pay off your loan sooner.

Paying off your loan sooner means you will pay less interest over the life of the loan, saving you money. It’s worth calculating this prior to any real estate or investment loan decision. If you aren’t sure whether extra repayments will fit in your budget, but would still like the option, we have a range of home loans that include a Redraw Facility. Redraw means you can draw-down, or withdraw, any extra repayments or lump sum payments you have made over the life of your mortgage loan. You don’t have to spend the money on your home, and you can withdraw it whenever you like, as long as your regular minimum repayments are up to date.

Ms Colbran is SAVING $520 per month

when she switched to Mortgage House

""I found the process to be seamless. I saved approximately $120.00pw and borrowed almost 20k more.""

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