Mortgage House Discount Variable Loan

Features

The Discount Variable Loan from Mortgage House will enable borrowers to exercise some control over the set up and management of their loan while giving them the opportunity to refinance quickly.

Borrowers will be able to decide how they would like their loan’s interest to be structured through the use of a split loan feature. This will enable the loan to be split between a fixed and variable rate of interest so that borrowers can combine the dependability of a fixed rate with the versatility of the variable rate offered by the Discount Variable Loan.

Borrowers will also be able to make additional repayments at any time, allowing them to pay down their home more quickly. A redraw facility complements this feature, allowing borrowers to redraw any funds and use them elsewhere, should it become necessary.

Borrowers can decide how they will make regular payments, whether they would prefer for the money to be deducted directly from their account, or to credit a portion of their salary payments to Mortgage House for the sake of convenience.

Finally, the Discount Variable Loan offers borrowers a 100 per cent offset account with which to reduce their interest payments. Borrowers deposit savings into the fully accessible account, and those savings offset the interest payable on the loan.

The Mortgage House Discount Variable Loan is also portable, so that borrowers can take their mortgage with them when they move.

Who is the Mortgage House Discount Variable Loan good for?

The Discount Variable Loan from Mortgage House may suit borrowers who prefer the additional features such as a 100 per cent offset account while paying a low variable or split rate of interest and avoiding ongoing fees.

Owner-occupiers in particular may like the prospect of being able to use their savings to reduce the amount of interest that will be payable on the loan via additional repayments.

Review - What RateCity says

The Mortgage House Discount Variable Loan is a straightforward and easy to manage loan that offers a very reasonable interest rate along with a 100 per cent offset account and a range of features that will help borrowers to pay down the loan more quickly. It could work well for owner-occupiers or first time home buyers, and the control that it provides over interest structure and payment method might help borrowers tailor it to their particular needs. It is a simple and useful loan that meets a number of requirements.

Mortgage House Discount Variable Loan Options

The Mortgage House Discount Variable Loan offers a range of features designed to accommodate the needs of a variety of borrowers.

Pros
  • Low interest rate.
  • No ongoing fees.
  • 100 per cent offset account.
Cons
  • No top up facility.
  • Upfront fees apply.
  • Discharge fees apply.
Eligibility

Australian resident.

At least 18 years of age.

Proof of income.

Must meet lender’s serviceability requirements.

 

About Mortgage House

Mortgage House is an award winning financial services provider, specialising in providing affordable and straightforward home loans to borrowers around Australia. It was founded in 1986, and has been in operation ever since.

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