Mortgage House Pure and Simple Loan

Features

The Mortgage House Pure and Simple Loan offers borrowers a competitively-low interest rate and some basic features.

Borrowers will be able to make additional repayments at any time, which can be a good strategy to pay down the loan faster in line with any increase in their income. But the free redraw facility on this loan also means the borrower can have the security of knowing that funds devoted to extra repayments will remain accessible if they should be needed elsewhere.

Borrowers will also enjoy options in terms of how they will make their regular repayments, with the loan supporting payment either through direct debit or through salary credit if borrowers prefer to have a portion of their income set aside for payments automatically.

The Pure and Simple Loan also offers a portability feature that will allow borrowers to take their mortgage with them should they move during the term of the loan. Portable loans are a useful way of reducing loan establishment and discharge fees for borrowers who expect to move during a loan’s term.

A possible downside to this loan, is that it allows borrowing of up to 40 per cent of the property value. So it would be suited to borrowers with substantial savings, or refinancers with significant equity in an existing property.

Who is the Mortgage House Pure and Simple Loan good for?

The Mortgage House Pure and Simple Loan will suit borrowers who are hoping to refinance quickly, and who are looking for a loan with a low interest rate and no ongoing fees.

It would be suited to those looking to borrow a maximum of 40 per cent of the property value. That is, people with substantial deposit savings, or significant equity in an existing property.

The Pure and Simple loan will help borrowers to pay off their premium quickly while incurring minimal costs in the form of fees and interest payments.

Review - What RateCity says

The Mortgage House Pure and Simple Loan makes up for a lack of features with a very low interest rate and no ongoing fees.

It is a ‘no frills’ home loan offering the basic mortgage features only. For instance, it allows the borrower to make additional repayments and draw on those funds later via a free redraw facility. However, the loan has no mortgage offset account.

The key take away for this loan is that it is available for borrowing of up to 40 per cent of the property value, so it would be suited to borrowers with substantial savings or equity.

Mortgage House Pure and Simple Loan Options

The Mortgage House Pure and Simple Loan offers a range of options, for a variety of different borrower needs.

Pros
  • Low rate of interest.
  • No ongoing fees.
  • Additional repayments allowed.
Cons
  • Few features.
  • No offset account.
  • Variable rate only.
Eligibility

Australian resident.

At least 18 years of age.

Minimum deposit.

Proof of income.

 

About Mortgage House

Mortgage House was founded in 1986, and provides home loans around Australia through more than 30 centres around the country.

It has won several business industry awards for mortgage finance development and customer service.

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