Advantage Fixed Investment Loan 5 Years (Interest Only)
New Smart Home Loan
special
Get one of the lowest variable interest rates on the market and pay no application or ongoing fees
2.63%
Variable
2.65%
Smart Home Loan
5.46%
Fixed - 5 years
5.26%
$1,413
based on $300,000 loan amount for 25 years
Pros
- 100% full offset account
- Extra repayments + redraw services
- Free redraw facility
- Repayments will not change during fixed period
Cons
- Discharge fee at end of loan
- Repayments won't decrease if RBA cuts rates
Maximum LVR 90% | Interest rate structure Fixed - 5 years |
Borrowing range $100k - $100m | Total Repayments $409,680 |
Principal & interest | Interest only |
Loan term range 1 - 30 years | Offset account 100% offset account |
Extra repayments Unlimited extra repayments | Redraw facility Redraw fee: $0 |
Allows split interest | Suitable For Investors |
Applicable States ACT, NSW, NT, QLD, SA, TAS, VIC, WA | |
Estimated upfront fees $945 | Application fee $300 |
Settlement fee $250 | Valuation fee $0 |
Legal fee $395 | Ongoing fee $10 |
Discharge fee $450 | Property Type |
SMSF Trustee | Minimum SMSF Amount |
Compare and review home loans with similar features
Mortgage House is one of Australia’s fastest growing non-bank lenders. Since opening its doors in 1986, Mortgage House has expanded its network to include over 30 nationwide Home Loan Centres. Mortgage House provides its customers with a broad range of home loans. This lender has won numerous awards for its loan products and customer service, including the Your Mortgage Award for Best 3 Year Fixed Loan in the non-bank category as well as Best Customer Service in the Australian Mortgage Awards.
Mortgage House Home Loan Calculator
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FAQs
A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.
A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.
Split rates home loans
A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.