The Mortgage House Stretch Package Account home loan offers a moderate to moderately high variable interest rate to customers, but does offer flexibility in repaying with principle and interest or interest-only repayments allowed.
Customers of this loan can also make additional repayments and lump sum repayments with the ability to access any of these extra payments using the redraw facility. There is no minimum or maximum that customers can repay and no fee for making these extra payments or for redrawing.
However, there is no 100 per cent offset account available with this loan which means you can’t offset your interest payable with a transaction account.
The Stretch Package Account is a portable mortgage, which means you can release the home under this loan and substitute it for another with the same documentation.
This loan has a maximum borrow amount of 80 per cent of a property’s value with a minimum amount that you must borrow.
This home loan is good for owner-occupiers and investors alike. It’s suitable for first home buyers and those looking to refinance.
Borrowers that are flexible in making different repayment amounts with a variable rate and who are looking to repay their loan quicker than the loan term and who might move the mortgage to a different home may also find this loan attractive.
The Mortgage House Stretch Package Account allows customers the ability to pay of their home loan faster by making extra repayments. It offers a 100 per cent offset account availability, which is a popular home loan features.
However, the moderately-high interest rate may also outweigh the benefit to make extra repayments and also redraw them at any time.
This loan is also only available to owner-occupiers and if you’re interested in taking advantage of this loan, it’s worthwhile to compare your needs with the benefits and cons of the Stretch Package Account to see if it’s the right loan for you.
To find out more information about the Stretch Package Account offered by Mortgage House, follow the link provided below.