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Mortgage House Essentials Loan

Features

The Essentials Loan is a variable rate product offering a range of account features aimed at helping you manage the repayment of your mortgage.

For instance, this loan offers a 100 per cent offset account attached to the mortgage, which is a popular loan feature.

The loan also allows for additional repayments to be made, and if at any time you need to call in extra cash, you can use the redraw facility. It’s worth noting that you can only redraw if you make lump sum or additional principal repayments in excess of the standard repayment amount.

Repayments can be made via Bpay, salary credit, direct debit or using a deposit card at Australia Post, whatever your preference. 

The Mortgage House Essentials Loan is available for purchases and refinancing. It’s also portable, which means the mortgage can be transferred from one property to another without needing to refinance. This means you can save on costs such as establishment fees and stamp duty.

You also have the option of switching from a variable to a fixed interest rate with the Essentials Loan – subject to the terms and conditions of your loan.

As a Mortgage House customer, you can access your offset account from over 2000 ATMs around Australia fee-free. An online banking feature is also available with the Essentials Loan as is a free interactive budgeting tool. 

Who is the Mortgage House Essentials Loan good for?

The Essentials Loan might suit a borrower wanting a variable rate mortgage to buy a property to live in. If you’re a first-home buyer, or looking to refinance, there are plenty of benefits on offer. 

However, this product would not suit investors, primarily because there is no interest-only option for finance. 

Review - What RateCity says

The Mortgage House Essentials Loan has many appealing features that helps with managing a mortgage. An online budgeting tool aims to keep your cash flow in check, and by having visibility to the offset account balance, you can take control of your finances and potentially pay off your home loan quicker. And if your someone who can exercise discipline over spending, the repayment sweep feature allows your home loan to automatically clear your credit card each month. 

Mortgage House Essentials Loan Options

Available on purchases from $150,000 for up to 30 years, the Essentials Loan can be taken with you from one property to the next.

Variable Rates from

3.59%

Advertised rate

3.61%

Comparison rate
Pros
  • Mortgage offset account available.
  • Competitive interest rates.
  • Redraw facility available.
Cons
  • Ongoing fees charged.
  • Interest-only option not available.
  • Upfront fees charged.
Eligibility

Minimum of 20 per cent deposit required.

Minimum loan amount $150,000.

Must meet the lender’s serviceability requirements.

 

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $595
  • Discharge fees: $450
  • Ongoing fees: $10 monthly

You can expect to pay upfront fees when establishing the Essentials Loan. There is also a monthly bank fee for the loan. You won’t pay a package fee for the product, but you can expect a discharge fee when closing the loan. 

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Mortgage House

Founded in 1986, Mortgage House is a non-bank home loan lender with over 30 home loan centres around Australia.

Mortgage House aims to provide customers with tailored home loan and finance products that suit their financial needs. 

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