The Advantage Loan from Mortgage House is offered to first home buyers, refinancers, owner-occupied and investment properties and for vacant land, construction, renovations and debt consolidation, as long as you’re borrowing the minimum $100,000 amount, with a range of loan options to suit these differing needs.
The offered variable rates are low to moderately low for owner-occupiers and investors making more than a 20 per cent deposit, with moderate rates for smaller deposits down to 10 per cent, and high rates for the line of credit option.
The fixed rates available range from very low to moderate the greater your fixed term, which can be up to five years, and from moderate to moderately high for deposits smaller than 10 per cent. Fixed rates are not available under the line of credit option.
There is also an interest-only option on this loan where you only have to pay the interest due on your loan for a certain period of time that can suit both investors who are looking to negatively gear or for owner-occupiers who are looking to take a break from work.
The Advantage Home Loan also gives you the ability to offset your interest by using the balance of a savings account against your loan balance with the 100 per cent offset account option.
Additional repayments are allowed on this loan to help you pay off your loan sooner, however it also comes with a redraw facility that lets you dip back in to these funds if needed.
You can choose to make weekly, fortnightly and monthly repayments via salary credit, direct debit, direct credits or through BPAY or a deposit card.
This loan also comes with portability, meaning if you are planning on moving down the track, you can transfer your loan from one property to another.
The Advantage Loan from Mortgage House is an attractive loan since there’s bound to be an option to suit all different types of buyers. The doable deposit size of 10 per cent makes it a good way for first home buyers to get into the market and for investors to increase their portfolio, however smaller deposits are subject to the higher offered interest rates.
The Advantage Loan from Mortgage House could be a suitable loan package for you no matter your position or experience within the housing market thanks to the relatively low rates and no ongoing fees.
However, the suitability of this loan all depends on your particular needs since you might end up having to pay a higher rate if you have a smaller deposit which could outweigh some of the benefits of this loan.
The Advantage Loan from Mortgage House allows you to choose either a fixed or variable loan for a range of varying borrowing needs. Click the corresponding links below to find out more about each of these options.