Mortgage House Special Variable Loan


The Mortgage House Special Variable Loan require borrowers to have a deposit of 30 per cent of more of the property value. Borrowers will then be able to borrow up to $500,000 dollars at a low variable rate.

Customers of this mortgage are able to use a redraw facility with no extra charge. This is particularly advantageous for borrowers who want to make additional repayments during the life of the loan yet still have access to the equity at a later date if needed. There is no 100 per cent offset account offered with this loan.

The Mortgage House Special Variable Loan comes with a portability feature making it ideal for borrowers who think they may move property during the duration of the loan. The loan can also be paid as an interest only loan for a period of time.

Who is the Mortgage House Special Fixed Loan good for?

The Mortgage House Special Variable Loan is especially good for refinancers who are looking to take advantage of the competitive rates on offer to borrowers with large deposits. By harnessing the power of the existing equity in their loan, most refinancers will find that this loan will save them a significant amount over its duration.

With that said, borrowers who like to use a 100 per cent offset account will find this loan lacking as it does not offer this feature.

Review - What RateCity says

The Mortgage House Special Variable Loan offers an incredibly low variable rate to borrowers who can provide a large deposit. It is worth remembering, however, that the rate is subject to fluctuation as the cash rate goes up or down so borrowers should frequently reassess their loan should they choose any variable mortgage.

While the loan does not offer a 100 per cent offset account it does provide a redraw facility, allows additional repayments and can be switched to an interest only loan with the lender’s permission for a period of time. There are some fees involved in the establishment of this loan, as well as when the loan is discharged, but borrowers will benefit from the lack of ongoing charges.

Mortgage House Special Variable Loan Options

For owner-occupier borrowers considering this loan, options can be found in the table below:

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Advertised rate
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Advertised rate


Comparison rate
  • Competitive interest rate.
  • Redraw facility.
  • Additional repayments allowed.
  • Upfront fee charged.
  • Discharge fee charged.
  • Large deposit required.

Must meet minimum deposit requirement.

Must be planning to occupy the property.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $0 - $645.00
  • Discharge fees: $450 - $500
  • Ongoing fees: $0 - $10 monthly

The Mortgage House Special Variable Loan comes with several fees over the life of the loan. While there is no ongoing fees payable with this loan there is a settlement fee that borrowers will be charged at the beginning of the loan. At the completion of the loan there is a discharge fee that will be charged.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Mortgage House

Mortgage House is a non-bank lender that has branches in New South Wales, Victoria and Queensland. Focused on providing competitive low rate mortgages, the Mortgage House team can be reached via their call centre seven days a week. Customers who prefer a face-to-face appointment can set up a meeting with a consultant in-branch.  

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