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Mortgage House Get More, Save More Variable Home Loan

Advertiser disclosure
Rate
2.29% p.a.
Comparison Rate
2.33% p.a.
Service fee
$0.00
Upfront fee
$840

Mozo editorial review Mortgage House Get More, Save More Variable Home Loan

Last updated: 9 April 2021.

binocular icon
What's hot
  • Low 2.29% variable rate (2.33% comparison rate*)
  • Free extra repayments and redraw facility
  • No ongoing service fee
What's not
  • Only available to borrowers with a maximum LVR of 60%
Mozo snapshot

With a low variable rate of 2.29% (2.33% comparison rate*) the Get More, Save More Variable Home Loan from Mortgage House could be an attractive option for both refinancers and new borrowers (with a high deposit) who meet the maximum 60% LVR threshold. Borrowers will also have useful features at their disposal such as a redraw facility, extra repayments and the ability to split their rate. 

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Key features

The standout feature of the Get More, Save More Variable Home Loan is no doubt the 2.29% (2.33% comparison rate*) variable interest rate available to owner occupiers on loans between $150,000 and $5,000,000. However, it does come with a catch: a maximum LVR (loan-to-value ratio) threshold of 60%. Essentially, that means you'll need a fair bit of existing equity if your refinancing or a deposit of 40% or more if you're buying. 

That means that the loan is likely to be more suited to refinancers who have already paid off a decent share of their loan already, rather than first time buyers. 

While the loan doesn’t come equipped with an offset account, borrowers will be able to make extra payments (for free) if they’re looking to pay off their loan faster and there’s a free redraw facility for borrowers who want to withdraw any extra repayments they've made. Just bear in mind that there’s a $20 minimum redraw amount.

And if you fancy splitting your rate between variable and fixed rate portions via one of Mortgage House's fixed rate home loans, you'll be able to do just that with the split account feature. 

There are some loan costs to weigh up though. Upfront costs include a $395 legal fee and $445 settlement fee, plus there’s a $500 discharge fee. These are one-off fees though, so the good news is that there is no annual or monthly service fee to worry about.

snapshot
Who is it good for

Given the low variable interest rate, the Get More, Save More Variable Home Loan could be an appealing option for refinancers who have already paid down a decent chunk of their existing loan who are looking to switch to a more competitive rate. 

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Any catches

Aside from weighing up the upfront fees, don’t forget about that maximum 60% LVR threshold you’ll need to meet in order to be eligible for the loan.

Details

Rates and fees information correct as at 18 April 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.29% p.a.

  • n/a

  • n/a

  • n/a

  • 2.33% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $0.00

  • $395.00

  • n/a

  • $445.00

  • n/a

  • $0.00

  • $500.00

Other financial bits
  • $150,000

  • $5,000,000

  • none

  • 60.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $20.00

  • yes

  • no

  • none

  • none

  • none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Customer Reviews

How are Mortgage House home loans rated by the Mozo community?

Overall
4.2/10
Price
5.5/10
Features
6.0/10
Customer service
4.1/10
Convenience
4.6/10
Trust
3.9/10
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