Mortgage House is one of Australia’s largest independently owned non-bank lenders. We have helped Australians achieve their dream of homeownership since 1986, and we have expert lending specialists who can help you do it without all the mortgage jargon. With a large range of different types of home loans, Mortgage House works closely with you to find one suited to your situation. Some mortgage types require deposits, others require more paperwork than others, and some can allow you to get a little help from your family to make your dreams happen. There are many options when it comes to choosing a home loan.

The ‘Top 10’ mortgage types we offer are:

Variable Rate Home Loan. Our most common home loan, where the interest rate can increase or decrease over the life of the loan, depending on a range of internal and external factors.

Fixed Rate Home Loan. Fixed rate loans are what they sound like. The interest rate is fixed over a period of time, with most lenders fixing them for between 1 and 5 years.

Toggle Offset Home Loan. This home loan gives you the flexibility of both a fixed and a variable mortgage. The mortgage is split between the two options, allowing you to toggle between the two when it benefits you most, to maximise interest savings.

Split Home Loan. Similar to Toggle Offset, Split home loans have portions that are both variable and fixed. The main difference is there are no restrictions on how much can be fixed and how much can be variable.

Portable Home Loan. With most people not staying in the one house over the entire life of their home loan, portable loans allow you to take your mortgage with you when you move.

Interest Only Home Loan. These home loans allow you to only repay the interest portion of the mortgage, usually for a fixed period only. These mortgages can free up money for other things and are popular with investors.

Line of Credit. We all want the luxury of having access to money when we need it, and a Line of Credit can do just that. Line of Credit loans can be for mortgages or personal loans and gives you an approved amount to help you afford what you need, quickly.

Low Doc Home Loan. If you are unable to provide evidence of regular income or full financial statements, Low Doc home loans can help. They are popular with self-employed people and freelancers.

Construction Home Loan. If you are building a home, a Construction loan can help you save money. Instead of paying upfront when you sign a contract, Construction loans allow you to pay builders in agreed stages, once sections of your home have been finished. You are only charged interest on the amount you have paid out.

Bridging Loan. If you are buying a new home and haven’t sold your current one, then a Bridging loan can help you bridge that gap.

At Mortgage House, we have a range of both fixed and variable rate home loans that include features to help you pay off your mortgage sooner. Paying off your mortgage sooner can save you thousands in interest payments.

Find a mortgage that allows additional repayments. Making additional repayments is a great way to save money and pay off your loan sooner. Banks and lenders will give you the minimum repayments they require you to make each week, fortnight or month. Use our Mortgage Repayment Calculator to see how much you can save by making extra repayments and paying off your home loan sooner. Short-term pain can certainly mean long-term gain. If you intend to make extra repayments as you go, regularly or often, make sure you choose a loan that doesn’t penalise you for doing it.

Redraw. Redraw works alongside your additional repayments, by giving you extra flexibility. It can encourage you to make extra repayments or lump-sum payments, in the knowledge that if you want to withdraw them at a later date, you can, without being penalised.

Offset Facility. A lot of Mortgage House home loans feature an Offset Facility. Offset allows you to offset an existing non-interest bearing bank account against your mortgage account. If your mortgage is $400,000 and you have an offset account with $50,000 in it, then you only pay interest on $350,000.

Attractive interest rates. By comparing interest rates and home loan features, you will discover the value of choosing Mortgage House.

Refinance your loan. Finding a home loan with a better interest rate is an obvious way to pay less. It may have been a while since you first took out your mortgage, and there may be better interest rates on the market.

In the current climate, it is worth doing a Home Loan Health Check of any existing loans to make sure you are paying the least interest possible.

Interest rates can often be in a state of flux, and how much you pay usually depends on what kind of loan you have, and how much your loan is for. If you have an investment loan, you are likely to pay a higher interest rate than a residential home loan. At Mortgage House, we know how important it is to have as much information as possible before you choose a loan. A home is likely to be the most expensive thing you purchase in your lifetime, so it is important to know all the facts before you sign up. Knowing how much interest you will pay can also spur you on to pay your home loan back sooner.

Refinancing your current home loan can save you money in the long term, but there can be costs and fees associated with doing it. It is always worthwhile to understand what these are before deciding to refinance. If you are unsure whether these costs outweigh the benefits of a new Mortgage House home loan, speak with our expert lenders, and we will walk you through the full process in detail. Alternatively, speak with your current or new lender. As a general rule, refinancing your home loan can cost anywhere from $500 up to $2000, but the benefits can be a lot higher.

Stamp duty is a tax on transactions. As well as property, stamp duty can also be paid on car registrations and purchases, and insurance. Stamp duty is administered by state governments, so how much you pay depends on where you live. States can also offer stamp duty exemptions to some home buyers, such as those looking to purchase their first house, as a way of helping them get into the property market. Another factor in how much you pay in stamp duty is the cost of your home. In most cases, stamp duty is calculated on the value of the transaction. However, if you are buying a house and land package, most states only charge stamp duty on the value of the land, making building more affordable.

Try our helpful Stamp Duty Calculator.

If you are building a home, and you want to know how much it may cost, then Mortgage House can help. Our table can give you an understanding of what it may cost to build versus buy, giving you an idea of whether or not that suits your financial position. Remember that where you live can impact how much it costs to build.