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Mortgage House Switch and Save Special - Fixed Home Loan

Fixed 3 year rate
2.19% p.a.
Comparison Rate*
2.65% p.a.
Service fee
$0.00
Upfront fee
$1,440
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Mozo editorial review Mortgage House Switch and Save Special - Fixed Home Loan

Last updated: 13 May 2020.

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What's hot
  • Low 2.19% 3-year fixed rate (2.65% comparison rate*)
  • No ongoing service fees
  • Optional offset account ($10 per month)
  • Free extra repayments and redraws
What's not
  • Expensive upfront fees
Mozo snapshot

Ready to lock in a low rate? With a 3-year fixed interest rate of just 2.19% (2.65% comparison rate*) you’ll be hard pressed to find many rates lower than the Switch and Save Special - Fixed Home Loan from Mortgage House. Add in a few handy extras like the ability to make free extra repayments and redraws, plus an optional offset account, and this could be a home loan worth looking at.

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Key features

The Mortgage House Switch and Save Special - Fixed Home Loan has two fixed terms available for owner occupiers making principal and interest repayments: 

  • 3-year fixed rate: 2.19% (2.65% comparison rate*)
  • 5-year fixed rate: 2.74% (2.84% comparison rate*)

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 (min. $20 redraw amount). Speaking of repayments, you’ll be able to make them on a weekly, fortnightly or monthly basis. 

The Switch and Save Special also comes with an optional offset account which borrowers can use to stash their savings and lower their repayments. It does come at a cost of $10/month though. 

While the loan doesn’t come with any ongoing costs (unless you choose to have an offset account), there are a number of weighty fees you’ll want to consider including the $600 application fee, $395 legal fee and $445 settlement fee.

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Who is it good for

With competitively low fixed rates for 3 and 5-year terms and some handy extras features, the Mortgage House Switch and Save Special - Fixed Home Loan could be a worthy choice to consider for borrowers looking to fix their rate. However, it’s certainly worth weighing up those benefits against some of the significant upfront fees attached to the loan. 

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Any catches

Just bear in mind that the $600 application fee also applies to refinancers, though Mortgage House describes this as a ‘refundable’ fee.

Details

Rates and fees information correct as at 6 June 2020. 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
  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • 2.19% (2.65%*)

  • n/a

  • 2.74% (2.84%*)

  • n/a

  • n/a

  • 2.74% p.a.

Fees
  • $600.00

  • $395.00

  • $0.00

  • $445.00

  • n/a

  • $0.00

  • $500.00

Other financial bits
  • $150,000

  • $5,000,000

  • none

  • 80.00%

Features
  • 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.

Customer Reviews

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

Overall customer rating
6.5/10
Price
7.2/10
Features
7.3/10
Customer service
6.4/10
Convenience
5.8/10
Trust
6.2/10

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*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.