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Mortgage House More Freedom Variable Home Loan

Advertiser disclosure
Rate
2.29% p.a.
Comparison Rate
2.33% p.a.
Service fee
$0.00
Upfront fee
$1,440

Mozo editorial review Mortgage House More Freedom Variable Home Loan

Last updated: 11 January 2021.

binocular icon
What's hot
  • 2.29% variable rate (2.33% comparison rate*)
  • Free extra repayments and redraws
  • No ongoing service fee
What's not
  • $1,440 in upfront fees
  • Maximum LVR of 60%
Mozo snapshot

The More Freedom Home Loan from Mortgage House is geared towards owner occupier borrowers with a sizeable deposit or existing equity in their own home, offering a super low 2.29% variable rate (2.33% comparison rate*). Borrowers can take advantage of a number of features, including free extra repayments and redraws, though there are also a number of fees to weigh those against. 

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Key features

Owner occupiers who sign up for the Mortgage House More Freedom Home Loan will be able to access a variable rate of just 2.29% (2.33% comparison rate*) on loans between $150,000 and $5,000,000. Importantly, this loan comes with a maximum LVR of 60% though, which means you’ll need to have at least 40% of a property’s value saved up in order to be eligible. While that might be a tall order for first home buyers, refinancers or those with a large enough deposit stand to benefit from one of the lowest variable rates currently available.

Aside from the interest rate, the loan also comes with a few useful features including a flexible repayment schedule (weekly, fortnightly or monthly) and the ability for borrowers to make extra repayments towards their loan for free. There's also a free redraw facility available in case mortgage holders want access to any of the extra repayments they've made down the track, though there is a minimum redraw amount of $20.  


snapshot
Who is it good for

The More Freedom Variable Home Loan from Mortgage Choice could be a worthy option for home buyers with a deposit (or existing equity) of at least 40% of the loan value, particularly because of the the competitive variable rate with which it comes. 

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Any catches

Before you get too excited, there are a few sizeable fees which you'll need to consider. These include a $600 application fee, $395 legal fee, $445 settlement fee, and a $500 discharge fee. There's also a $600 upfront fee for refinancing, though this can be refunded.

Details

Rates and fees information correct as at 25 January 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
  • $600.00

  • $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

  • Refinancing incurs a $600 upfront fee that can be refunded.

  • 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
4.3/10
Price
5.6/10
Features
6.1/10
Customer service
4.2/10
Convenience
4.3/10
Trust
3.9/10
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