Leading Australian Home Lender, Mortgage House has announced the release of an innovative new home loan product. The Essential Home Loan is a low rate home loan, with no ongoing monthly or annual fees - for the life of the loan. Along with its low interest rate, this product has features which actively work to reduce your mortgage balance and save you money.
Key to the mortgage reducing capabilities of the Essential Home Loan, is it's 100% interest offset account for both variable and an unprecedented offset account applicable to fixed rate splits. The offset account allows you to deposit income such as salary, dividends and rental income into this fully transactional account. This income actively works to reduce the interest payable, potentially saving thousands of dollars over the life of the loan.
A Visa card can also be paired with this loan, providing for monthly spending. At the end of the month, the Visa card will be automatically paid from the loan account, ensuring you are ready for the next month.
Borrowers can fix their rate under the Essential Home Loan, and this product offers some unique fixed rate features not available under standard fixed loans. These features include the ability to make additional repayments (up to $20,000) without penalty, fee free refixing, higher LVRs (up to 90%), rates held for 60 days from formal approval, and the availability of both redraw and offset account.
The Essential Home Loan is suitable for first home buyers, refinancing customers, investors, self employed customers and companies. It comes with it's own BSB and account number, allowing true hassle free banking at its best.
Of the new product, Mortgage House Managing Director Ken Sayer commented,
"Mortgage House aims to help more Australians achieve their financial goals. The Essential Home Loan has the type of features which will help our customers reduce the cost and term of their mortgages. We are proud to be able to offer this product, with premium features at such a competitive rate and with no ongoing fees. "
Mortgage House was established in 1986 and is a Home Loan Lender in it's own right and has also retained it's mortgage management & broking capabilities.
The above information is supplied by Mortgage House.
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