Can I apply for mortgages online?
You can do almost everything online today, and, for the most part, it’s all quite easy and uncomplicated. And the mortgage industry is no different. If you’re looking for a mortgage broker or mortgage advice, or looking for information such as a mortgage calculator, suitable interest rates or what kind of mortgage may suit you, then online is the first place most people look. So, it makes total sense that you would also look online to apply for a mortgage and manage it through your online banking and day-to-day budgeting. Applying for an online mortgage doesn’t mean your mortgage is any easier or harder to get approval for, and doesn’t mean it is better or worse than one you get by going to a bank branch or over the phone.
It just makes everything that little bit easier to do, and that little bit easier to manage. You can check your mortgage application at any time, and if you’re successful, you can check your mortgage balance at the same time you look at your online banking. There’s no reason applying for, or managing, a mortgage online needs to be anything other than just as convenient as all your other online activities and services.
Applying for an online mortgage with Mortgage House is simple and designed so you can do it without moving off the sofa and at a time that is convenient to you. To start an online application, you’ll need to be able to access the following information and have them either with you or accessible online:
- Contact details of the applicants
- Online banking details
- Information about all your assets
From there, you’re ready to begin Mortgage House’s online mortgage application process. You should be able to complete it all in about 15 minutes, and if you need access to our mortgage calculator or any other of our resources, simply click open a new window and update the information as you go. If you securely link your online banking details, then your application can be fast-tracked, saving you time and taking some stress out of finding your dream home. And another of the great things online mortgages offer is that you can save your progress as you go and come back to them in your own time. If you need to find out more information, or your kids need some attention quickly, then you know you can go away and all the information will still be there when you return.
How it works:
- Enter your details using our simple 5-step online form
- Link all your online banking details
- Talk with us about your assets and expenses, including investment property information
- Upload any key documents, such as ID and proof of income
Our lending specialists will contact you soon to assess or approve your loan.
What will my repayments be?
While online mortgages can make what can sometimes be a complicated process simpler and a lot more convenient, there are also a lot of other online resources and tools that can help you find a mortgage that is suitable for you and your family. Our online calculators are a great place to start if you are looking for any kind of information about repayments, borrowing power, finding suitable interest rates or how much you will pay on stamp duty. You can also get some help identifying any savings in your budget. Being able to use a mortgage calculator online before you even apply for an online mortgage can help you plan for your financial future, whether you are looking for a house to live in or an investment property.
You are the best placed to understand what your budget may or may not be able to handle, and a mortgage calculator can give you an early indication of what you might be able to afford. All you need to do is choose a mortgage, which you can easily do online, and put all the details into our mortgage calculator below. You can contact our lending specialists if you need any extra mortgage advice, or have any questions, and they can help you through the process. Once you have chosen a home loan you think might be suitable, work out about how much you may need to borrow, and all the information about mortgage repayments will appear. You will gain an understanding of how much your weekly, fortnightly or monthly repayments may be, and how much interest you will pay, and when.
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 mortgage online?
We use online services a lot these days, whether it’s purchasing something from a retail website or using online banking to transfer money to another account for a trade or a service. Repaying a mortgage should be just as simple, and with Mortgage House it is. Whether you choose an online mortgage or apply for a mortgage over the phone, you can pay your mortgage online with Mortgage House. And like everything Mortgage House does, there is a lot of flexibility attached. We offer a range of ways to repay your Mortgage House home loan including:
- Direct debit. A direct debit uses your online banking account to automatically deduct a repayment to your home loan. You have the flexibility of specifying the frequency and repayment amount, as well as the bank or transaction account. Set them up and adjust them if you want to make additional repayments.
- Salary credit. A salary credit is a mortgage repayment that can be made via online banking transfer of an employee payroll transfer.
- Direct credit. A direct credit is a way for an external party to pay directly into your online mortgage account. They can do this manually or via online banking if they wish.
- A lot of people use Bpay to pay bills or fines. It’s another secure way to do everything online, and you get your own unique biller code, which your online banking will remember for next time.
- Online banking. At Mortgage House you can link your mortgage account to your online banking and make repayments whenever you wish, as long as the minimum repayments are being met.
At Mortgage House, paying your mortgages online isn’t the only way we make it easier to keep on top of your mortgage repayments and account balances. You will have 24/7 online access to your mortgage account, whether you apply for online mortgages or not. You will be able to access your regular statements online, instead of just looking for them through your online banking accounts. You will have access to all your statements in one spot at any time, and you can use them as legal documents for a whole range of purposes. All you need to do is log on to your Mortgage House online banking account, select the right account and view your statements. If you want to you can save a copy to your desktop and print them out when you need them. Mortgage House will let you know when the latest statement is available, and you can view it immediately through online banking.
Is it better to apply for a mortgage online or in a bank?
As long as you are happy with your bank or lender and trust them to deliver the mortgage options that are suitable for you and your family, it is up to you whether or not you choose to apply for an online mortgage, go into a bank or lender’s branch, or have them come into your own home. If you are confident regularly doing most of your transactions online, then an online mortgage may be a suitable option for you. If you are confident you have access to all the information you’ll need, or know where to get it, then applying for online mortgages can be an easy way to go for you.
If you think you may need some mortgage advice along the way, and perhaps need to ask a few questions, then visiting a bank or lender may be suitable. And if you are the kind of person who is more comfortable dealing with another person face-to-face, especially when it comes to sensitive financial information, then a Mortgage House lending specialist would be happy to meet with you. You may also want to look at the option of a mortgage broker. A mortgage broker can come to your home and show you a range of different mortgage options, from a range of different banks or lenders.
There are a couple of other things to consider when you are deciding whether or not to apply for online mortgages, including:
- Interest rates may be cheaper. By choosing a lender that doesn’t have a lot of branches, you may be able to get cheaper interest rates. Companies such as Mortgage House have lending specialists that are only a click or a phone call away, so they can contact you at any time. Not having large bricks and mortar buildings means overheads may be lower, something they can pass onto their customers.
- Approval may be quicker. As we mentioned above, being able to present, and lodge, everything immediately can speed up the approval process. And you still get all the mortgage advice you need.
- Convenience. Applying for an online mortgage means you can start it and pause it as you need, allowing you to handle whatever is happening in your life now, as well as plan for the future.
Whether you are choosing between an online mortgage, or visiting a bank or a lender’s branch, finding the right lender and choosing the right home loan for you is what it is all about. The Australian Government has some tips to help.
Are mortgage lenders safe?
Whether you’re choosing from online mortgages, regular mortgages from smaller lenders, or any kind of mortgages from a big bank, you want to know that you are dealing with a company that is safe, one you can rely on and, hopefully, one that will be around for a long time to give you future financial and mortgage advice. The good news is all Australian financial institutions are regulated by the same federal government body – the Australian Prudential Authority, or APRA.
- Authorised deposit-taking institutions (such as banks, building societies and credit unions)
- General insurers
- Life insurers
- Friendly societies
- Private health insurers
- Reinsurance companies
- Superannuation funds (other than self-managed funds).
While no one can guarantee every company will last forever, every time you enter into a contract with a bank or lender, no matter how big or how small, they are regulated and can be prosecuted if they mislead. Governments have created legislation in recent years to protect consumers if their bank or lender becomes unsafe. Even if you do face that circumstance, your loan will be protected, and it is unlikely you will face an increased interest rate.
At Mortgage House we have been providing award winning home loans since 1986, when we recognised customers were facing a series of limitations in the mortgage market. As an independent lender, we pride ourselves on having access to the same resources as traditional lenders, but the independence to find suitable mortgage options for you and your family.
How much can I borrow?
While being able to choose and manage online mortgages is a convenient part of modern financial management, so is being able to work out how much you may be able to borrow before you even apply. Mortgage House’s online mortgage calculator range includes a Borrowing Calculator which is easy to use and can put vital information at your fingertips. All you need to do is to fill in the information below, as accurately as you can, and we will unveil your borrowing power. Finding out how much you may be able to borrow before you apply can help you narrow down, or even expand, your property search. It can also help you see how much more your borrowing power can increase if you adjust your spending over time. Our Borrowing Calculator will also let you know how much your mortgage repayments may be, and how much interest you may pay. It is important to understand that all these figures are an indication only, and speaking to our lending specialists can give you even more detailed mortgage advice.
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.