The Mortgage House Conservative loan has a minimum loan size of $150,000 and no maximum, with a maximum loan period of 30 years. Customers can borrow up to 50 per cent of the value of the property.
Repayments can be made weekly, fortnightly and monthly but must be made as principal and interest payments.
Unrestricted additional repayments are also allowed and these payments can be accessed through a free redraw facility.
Customers can also use a 100 per cent offset account to use their savings to help reduce the interest paid on the loan.
The loan can be split between variable and fixed interest rates and can be transferred to another property through a portability feature.
The loan gives customers a number of flexible repayment features, such as additional repayments, redraws and a 100 per cent offset account, which may suit those wanting to pay off their loan quickly or with more variability.
Unlike most variable loans, the Mortgage House Conservative Loan requires a deposit of 50 per cent of the property value, which obviously limits it to those with large savings looking to purchase a home.
In exchange for a large deposit, the loan gives customers a noticeably low variable interest rate, which may make it very attractive to those looking for the freedom of a variable rate and the added value of a low interest rate.
Whilst the loan has upfront and monthly fees, the comparison rate remains relatively low and makes the loan an attractive option for owner-occupiers with large deposits looking for a competitive and flexible variable loan.