The Mortgage House Advantage PAYG Special might be big on features but it also offers small, competitive rates which is great news for owner occupiers looking to finance their own home. Depending on the LVR, you could snag a variable rate as low as 3.64% (3.69% comparison rate) on your loan so long as it is worth more than $300,000.
When it comes to repayments, the Advantage PAYG Special delivers serious flexibility. First up, you’ll have the option to make repayments on a weekly, fortnightly or monthly basis and you’ll also have the opportunity to make fee-free additional repayments so that you can pay off your loan that bit quicker. Just keep in mind that you won’t be able to take a repayment holiday and investors will have to look elsewhere, as the Advantage PAYG Special is only available for owner occupiers making principal and interest repayments.
You’ll also get the option to hedge your bets against a rate rise with the split account feature of the Mortgage House Advantage PAYG Special and if you opt for a home loan with an attached offset account, you’ll be able to put your savings towards reducing the amount of interest you pay over the life of the loan. Finally, if you’ve bolted ahead with additional repayments, you’re able to make use of the redraw facility but there is a $20 minimum.
It is probably worth mentioning that while this home loan comes packed with features, it does come at a cost. The Advantage PAYG Special comes with a $395 legal and $250 settlement fee when you get started on the loan, along with a $450 discharge fee once you’ve paid it off.
Who it's good for:
If you’re an owner occupier looking to save on your home loan with an offset account, Mortgage House’s Advantage PAYG Special home loan could be the one for you.
Just bear in mind that this home loan is fee heavy. Aside from the settlement, discharge and legal fees, if you do want to open an offset account, you’ll have to pay a monthly service fee of $10 on your home loan.