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Pros and cons

  • Mortgage House offers a wide range of home loan products.
  • Home loans have competitive interest rates.
  • Wide range of flexible loan options.
  • Some loans offer discounted interest rates.
  • Limited branch network.
  • Some loan products include annual and monthly fees.

Owner occupied Mortgage House home loan rates


Loan typePrincipal & Interest rateInterest Only
Chameleon Executive Home Loan (Min Deposit 20%)
2.69% p.a.
2.73% p.a. Comparison rate
1 Year Advantage - Fixed Home Loan (Special) (Min Deposit 20%)
4.94% p.a.
2.79% p.a. Comparison rate
2 Year Advantage - Fixed Home Loan (Min Deposit 10%)
5.74% p.a.
2.81% p.a. Comparison rate
1 Year Advantage - Fixed Home Loan (Min Deposit 10%)
5.04% p.a.
2.93% p.a. Comparison rate
The Essentials Low Rate Home Loan (Min Deposit 40%)
2.84% p.a.
3.01% p.a. Comparison rate
Advantage Standard Home Loan (Min Deposit 40%)
3.04% p.a.
3.08% p.a. Comparison rate
The Essentials Low Rate Home Loan (Min Deposit 20%)
2.94% p.a.
3.11% p.a. Comparison rate
2 Year Advantage - Fixed Home Loan (Special) (Min Deposit 20%)
5.64% p.a.
3.13% p.a. Comparison rate
Advantage Standard Home Loan (Min Deposit 20%)
3.14% p.a.
3.18% p.a. Comparison rate
Chameleon Freedom Home Loan (Min Deposit 40%)
2.73% p.a.
3.2% p.a. Comparison rate
Chameleon Freedom Home Loan (Min Deposit 30%)
2.74% p.a.
3.21% p.a. Comparison rate
3 Year Advantage - Fixed Home Loan (Min Deposit 10%)
6.19% p.a.
3.24% p.a. Comparison rate
3 Year Advantage - Fixed Home Loan (Special) (Min Deposit 20%)
6.09% p.a.
3.51% p.a. Comparison rate
Advantage Standard Home Loan (Min Deposit 10%)
3.59% p.a.
3.63% p.a. Comparison rate
4 Year Advantage - Fixed Home Loan (Min Deposit 10%)
6.44% p.a.
3.66% p.a. Comparison rate
The Essentials Low Rate Home Loan (Min Deposit 10%)
3.54% p.a.
3.7% p.a. Comparison rate
Advantage Standard Home Loan (Min Deposit 5%)
3.99% p.a.
4.03% p.a. Comparison rate
Platinum Home Loan (Min Deposit 20%)
5.95% p.a.
6.29% p.a. Comparison rate

Investment purpose Mortgage House home loan rates


Loan typePrincipal & Interest rateInterest Only
Advantage Investment Home Loan (Special) (Min Deposit 20%)
3.54% p.a.
3.7% p.a. Comparison rate
1 Year Advantage - Fixed - Investment (Special) (Min Deposit 20%)
5.14% p.a.
3.53% p.a. Comparison rate
5.24% p.a.
3.79% p.a. Comparison rate
1 Year Advantage - Fixed - Investment (Min Deposit 10%)
5.24% p.a.
3.63% p.a. Comparison rate
5.34% p.a.
3.89% p.a. Comparison rate
2 Year Advantage - Fixed - Investment (Min Deposit 20%)
6.09% p.a.
4.16% p.a. Comparison rate
3 Year Advantage - Fixed - Investment (Special) (Min Deposit 20%)
6.29% p.a.
4.17% p.a. Comparison rate
6.39% p.a.
4.39% p.a. Comparison rate
3 Year Advantage - Fixed - Investment (Min Deposit 20%)
6.49% p.a.
4.49% p.a. Comparison rate
4 Year Advantage - Fixed - Investment (Min Deposit 10%)
6.59% p.a.
4.62% p.a. Comparison rate
6.69% p.a.
4.82% p.a. Comparison rate
Low Rate Advantage Essential Investment Loan (Min Deposit 20%)
3.19% p.a.
3.23% p.a. Comparison rate
Advantage Standard Investment Loan (Min Deposit 20%)
3.29% p.a.
3.33% p.a. Comparison rate
Advantage Investment Home Loan (Special) (Min Deposit 10%)
3.84% p.a.
3.88% p.a. Comparison rate
Advantage Standard Investment Loan (Min Deposit 10%)
3.84% p.a.
3.88% p.a. Comparison rate
2 Year Advantage - Fixed - Investment (Min Deposit 10%)
5.89% p.a.
3.92% p.a. Comparison rate
Advantage Investment Home Loan (Special) (Min Deposit 5%)
4.24% p.a.
4.28% p.a. Comparison rate

Mortgage House home loan calculator

Thinking about taking out a home loan with Mortgage House? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Mortgage House home loans compare with other options.

I am an

With a repayment type

Borrow amount


Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.69%

Total interest payable


Total loan repayments


Mortgage House customer service

Home loan customers can contact Mortgage House by calling or emailing the customer contact centre directly, filling out an online enquiry form or face-to-face through one of the Mortgage House home loan centres. Mortgage House customers can contact the customer support hotline 7 days a week.

✓     Customer service centre (phone)

✓     Online banking

✓     Email

✓     Branch

✓     Mobile banking staff

How to Apply

Mortgage House customers wanting to apply for a home loan can do so by either visiting a Mortgage House loan centre or by filling in an online enquiry form online. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:

  • Proof of identification.
  • Proof of income – whether you are self-employed or work for an employer.
  • Information regarding your current debts, liabilities and assets including credit cards, personal loans and car loans.

Learn more about home loans

How do I apply for a home improvement loan?

When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying. 

Besides taking out a home improvement loan, you could also:

  1. Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement.  Speak with your lender or a mortgage broker about accessing your equity.
  2. Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
  3. Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
  4. Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.  

What are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.

How do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.


How do I apply for Westpac’s first home buyer loan?

If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan. 

You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments

When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for. 

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

How does a mortgage calculator work?

A mortgage calculator is an extremely helpful tool when planning to take out a home loan and working out the costs. Although each mortgage calculator you come across may be slightly different, most will help you estimate how much your repayments will be. The calculator will often also show you the difference in repayments if you repay weekly, monthly or fortnightly. 

To calculate these figures, you’ll be asked to enter a few details. These include the amount you plan to borrow, whether you’re an owner-occupier or an investor, the proposed interest rate and the home loan term. It will also often show you the total interest you’ll be charged and the total amount you’ll repay over the life of the loan.  

Understanding how the mortgage calculator works, helps you to use it to see how different loan amounts, interest rates and terms affect your repayments. This can then help you choose a home loan that you can repay comfortably and save on interest costs. The mortgage calculator lets you compare the benefits and costs of home loans from different lenders to help you make a more informed choice. Use a mortgage calculator to help identify which home loan is most suitable for your requirements and financial situation.

What is a home loan?

A home loan is a finance product that allows a home buyer to borrow a large sum of money from a lender for the purchase of a residential property. The home is then put up as "security" or "collateral" on the loan, giving the lender the right to repossess the property in the case that the borrower fails to repay their loan.

Once you take out a home loan, you'll need to repay the amount borrowed, plus interest, in regular instalments over a predetermined period of time.

The interest you're charged on each mortgage repayment is based on your remaining loan amount, also known as your loan principal. The rate at which interest is charged on your home loan principal is expressed as a percentage.

Different home loan products charge different interest rates and fees, and offer a range of different features to suit a variety of buyers’ needs.

Can I take a personal loan after a home loan?

Are you struggling to pay the deposit for your dream home? A personal loan can help you pay the deposit. The question that may arise in your mind is can I take a home loan after a personal loan, or can you take a personal loan at the same time as a home loan, as it is. The answer is that, yes, provided you can meet the general eligibility criteria for both a personal loan and a home loan, your application should be approved. Those eligibility criteria may include:

  • Higher-income to show repayment capability for both the loans
  • Clear credit history with no delays in bill payments or defaults on debts
  • Zero or minimal current outstanding debt
  • Some amount of savings
  • Proven rent history will be positively perceived by the lenders

A personal loan after or during a home loan may impact serviceability, however, as the numbers can seriously add up. Every loan you avail of increases your monthly installments and the amount you use to repay the personal loan will be considered to lower the money available for the repayment of your home loan.

As to whether you can get a personal loan after your home loan, the answer is a very likely "yes", though it does come with a caveat: as long as you can show sufficient income to repay both the loans on time, you should be able to get that personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favorable terms for your home loan.

What is a mortgage rate?

The interest rate on a home loan is sometimes called the mortgage rate. This percentage indicates how much interest the lender will charge you with each home loan repayment. Your interest rate is effectively the “cost” of “buying” the money you’re using to buy a property – the higher your mortgage rate, the more your home loan repayments may cost.

Using a home loan calculator, you can estimate how much your home loan repayments may cost, based on your mortgage rate, loan term, and loan amount. This may also be affected by whether you’re making principal and interest repayments or interest-only repayments, if you have a fixed rate or variable rate mortgage, and any fees and other charges that may apply.

Is a home equity loan secured or unsecured?

Home equity is the difference between its current market price and the outstanding balance on the mortgage loan. The amount you can borrow against the equity in your property is known as a home equity loan.

A home equity loan is secured against your property. It means the lender can recoup your property if you default on the repayments. A secured home equity loan is available at a competitive rate of interest and may be repaid over the long-term. Although a home equity loan is secured, lenders will assess your income, expenses, and other liabilities before approving your application. You’ll also want  a good credit score to qualify for a home equity loan. 

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.