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.
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.
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.
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.