Ready to lock in your rate? With fixed rates starting from 2.44% (2.60% comparison rate*) for three years, the Switch and Save Special - Fixed Home Loan from Mortgage House could be a competitive option for owner occupiers, especially given the handy extras like free extra repayments, redraws and an optional offset account.
The Mortgage House Switch and Save Special - Fixed Home Loan has two fixed terms available for owner occupiers willing to make principal and interest repayments towards their loan:
Just bear in mind that those rates are for loans between $150,000 and $5,000,000 with a maximum LVR of 80%, and once the fixed rate period is over a revert rate of 2.74% will apply.
Aside from the interest rate, you’ll also want to know about some of the handy features attached to the Mortgage House loan. These include the ability to make extra repayments for free and to redraw them later down the line (minimum $20 redraw amount applies). Speaking of repayments, borrowers will be able to make them on a weekly, fortnightly or monthly basis.
Mortgage House also gives its Switch and Save Special customers the ability to open an optional offset account which they can use to stash their savings and lower their repayments. However, it does come at a cost of $10/month.
While the loan doesn’t come with any ongoing costs (unless you opt for an offset account), there are a number of hefty fees you’ll want to consider. These include a $600 application fee, $395 legal fee and $445 settlement fee which all need to be paid upfront, as well as a $500 fee when the loan is discharged.
With relatively competitively fixed rates for 3 and 5-year terms and some handy extras features that you don't always see with fixed rate home loan offers, the Mortgage House Switch and Save Special - Fixed Home Loan could be a choice worth considering for borrowers looking to fix their rate. However, it’s certainly worth weighing up these benefits against some of the significant upfront fees attached to the loan.
Just bear in mind that the $600 application fee also applies to refinancers, though Mortgage House describes this as a ‘refundable’ fee.
n/a
n/a
n/a
n/a
n/a
n/a
2.44% (2.60%*)
n/a
2.74% (2.84%*)
n/a
n/a
2.74% p.a.
$600.00
$395.00
$0.00
$445.00
n/a
$0.00
$500.00
$150,000
$5,000,000
none
80.00%
Weekly, Fortnightly, Monthly
yes - free
no
yes - free
$20.00
yes
Optional - $10 per month
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.
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Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
Newcastle Permanent
Fixed Rate Home Loan (Premium Plus Package)
1.98% p.a.
fixed 3 years
3.56% p.a.
Bank of Queensland
Fixed Rate
1.94% p.a.
fixed 3 years
2.97% p.a.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
Newcastle Permanent
Fixed Rate Home Loan (Premium Plus Package)
1.98% p.a.
fixed 3 years
3.56% p.a.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a.
2.47% p.a.
Homestar
Star Gold Home Loan
1.79% p.a.
1.84% p.a.
Yard
Variable Home Loan Special
2.09% p.a.
2.12% p.a.
Newcastle Permanent
Fixed Rate Home Loan (Premium Plus Package)
1.98% p.a.
fixed 3 years
3.56% p.a.
Homestar
Star Classic Fixed Home Loan
n/a
n/a
People's Choice Credit Union
Fixed Rate Home Loan (Package)
1.89% p.a.
fixed 3 years
3.03% p.a.
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.
