Mortgage House Home Loans Review for Australian Expats
Mortgage House is a non-bank lender operating in Australia since 1986. It offers a range of home loans, including owner-occupied, investment, and construction loans. Mortgage House is known for its competitive interest rates and flexible lending criteria.
Discover if Mortgage House is a lender to consider for your home loan from overseas.
- Borrow up to 80% of the property purchase price
- Online application process
- Excellent customer service
Mortgage House Home Loan Options
Mortgage House offers the following home loan products. However, they may not be available to all Australian expats borrowing from overseas. You can contact us to confirm and find the right deal for you.
Toggle Offset
Split Home Loan
Low Doc Home Loan
Mortgage House's Toggle Offset Home Loan is a home loan that combines the benefits of a variable rate loan and a fixed rate loan. It allows you to split your loan into two parts, with one part fixed and the other part variable. You can then toggle between the two parts depending on where to save the most interest.
The variable rate portion of the loan will have an interest rate that changes over time, usually in line with the market interest rates. The fixed-rate portion of the loan will have an interest rate that remains the same for a set period, typically 1, 2, 3, 5, or 10 years.
This is a type of home loan where you can divide your loan into two or more parts, each with a different interest rate and term. This allows you to get the best of both worlds by taking advantage of the benefits of both fixed and variable-rate loans.
For example, you could split your loan 50/50, with half of the loan at a fixed rate and the other half at a variable rate. This would give you the security of knowing your repayments will stay the same for a set time, while also giving you the flexibility to benefit from lower interest rates if they occur.
Mortgage House’s low doc home loan is a type of home loan that requires less documentation than a traditional home loan. This makes it a good option for borrowers who may not have the same level of paperwork, such as self-employed borrowers, contractors, or those who have recently started their own businesses.
Mortgage House Home Loans Review
Here are the pros and cons of choosing a Mortgage House home loan to buy property in Australia.
| Pros | Cons |
|---|---|
Variable rate, fixed rate and loan split options | Not regulated by APRA |
Online application process | Limited branch network |
Redraw facility and unlimited repayments | Some fees may be higher than at a bank |
Excellent customer service |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Mortgage House Home Loan Features
Mortgage House can help you get the following home loan features.
| Feature | Details |
|---|---|
Offset account | Allows you to link your home loan to a savings account. Any money in the savings account will be deducted from your home loan balance, which can save you money on interest. |
Line of credit | Allows you to borrow money up to a certain limit. This can be a useful option if you need access to extra cash, such as for renovations or home improvements. |
Early repayments | Allows you to make extra repayments on your home loan without penalty. This can help you pay off your loan faster and save money on interest. |
Facts About Mortgage House
Operating since 1986, Mortgage House is a privately owned company with headquarters in Sydney, New South Wales.
It has over 100,000 customers and manages over $10 billion in loans.
It has been awarded numerous awards for its lending practices, including the 2022 Mozo People's Choice Award for Best Non-Bank Lender.
How Do I Apply for an Expat Mortgage with Mortgage House?
To apply for an Australian expat home loan with Mortgage House while living overseas, you can follow these steps:
- Contact a mortgage broker: A mortgage broker can help you assess your borrowing capacity and find a loan that meets your needs. They can also help you with the application process.
- Gather the required documentation: You will need to provide Mortgage House with certain documentation to support your loan application. This documentation may include:
- Proof of identity
- Proof of income
- Proof of employment
- Proof of residency
- Proof of assets
- Tax returns
- Complete the loan application: Once you have gathered the required documentation, you can complete the loan application form. The application form can be found on Mortgage House’s website.
- Provide a security deposit: Mortgage House may require you to provide a security deposit as part of your loan application. The amount of the security deposit will depend on the loan amount and your individual circumstances.
- Wait for approval: Once Mortgage House has received your application and documentation, they will assess your application and make a decision. The decision process may take a few weeks.
Who is Eligible?
To be eligible for an Australian expat home loan with Heritage Bank, you must meet the following criteria:
- You must be at least 18 years old.
- You must have a valid Australian Tax File Number (TFN).
- You must have a stable income and employment history.
- You must have a good credit history.
- You must be able to afford the repayments on the loan.
Here are some additional things to keep in mind if you are an expat or foreign investor looking to get a home loan in Australia:
- You may need to provide evidence of your foreign income and employment history.
- You may need to have a higher credit score than an Australian citizen or permanent resident.
- You may need to pay higher interest rates than an Australian citizen or permanent resident.
- You may need to pay Lender’s Mortgage Insurance (LMI), even if you have a large deposit.
It is important to do your research and compare rates and terms from different lenders before you choose a home loan.
What Documents Do I Require?
Mortgage House requires the following documents for a home loan from overseas with them.
Proof of Income from Overseas
This can be a letter from your employer verifying your salary, or a bank statement showing your recent income.
Proof of Residency Outside of Australia
This can be a copy of your visa, or a letter from your landlord verifying your address.
Proof of Identity
This can be a copy of your passport, or a driver's license.
Proof of Assets
This can be a copy of your bank statements, or a letter from your financial advisor verifying your assets.
A Copy of Your Passport
This is a mandatory document that you need to provide to any lender in Australia.
In addition to these documents, Mortgage House may also require other documents, such as a letter from your accountant or a letter from your lawyer.
Other Related Products from Mortgage House
Variable Rate Home Loan
Mortgage House offers a variable rate home loan where the interest rate on your loan fluctuates in line with the market. This means that your repayments could go up or down depending on the prevailing interest rates.
If you are considering a variable rate home loan, it is important to weigh the benefits and risks carefully. You should also make sure that you can afford the repayments even if interest rates go up.
Fixed Rate Home Loan
A fixed rate home loan is a type of home loan where the interest rate on your loan stays the same for a set period of time, typically 1-5 years. This means that your repayments will also stay the same for the fixed period.
Construction Loan
A construction loan is a type of loan that is used to finance the construction of a new home or other structure. Construction loans are typically short-term loans, with terms of 12 to 18 months. These loans are typically released in stages as the construction progresses. This can help you manage your cash flow and avoid paying interest on money that you are not using.
For example, if you are building a house, the funds may be released in stages as the foundation is laid, the framing is completed, and the roof is put on. This can help you avoid having to borrow more money than you need and paying interest on money that you are not using.
Need a Home Loan with Mortgage House?
Mortgage House offers tailored home loan solutions for expats. They understand the unique challenges that expats face and offer a customer-centric approach to help expats get the best possible deal. Whether you are looking for a fixed-rate loan or a bridging loan, Mortgage House has something to offer.
However, it can be challenging for Aussie expats living overseas to qualify for a great deal or negotiate a better rate. That’s where we come in. We have years of experience helping expats get home loans, and we can help you get the best possible deal.
Odin Mortgage has years of experience dealing with lenders regarding overseas home loans. Speak with one of us to discuss your requirements in detail and receive tailored solutions and help throughout the loan application process, even beyond settlement!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About Mortgage House
How do I apply for a home loan with Mortgage House?
You can apply for a home loan with Mortgage House online or by phone. You will need to provide some basic information about yourself and your financial situation. Once you have submitted your application, Mortgage House will assess your eligibility and get back to you with a decision.
What are the next steps after I apply for a home loan with Mortgage House?
If your application is approved, Mortgage House will work with you to finalize the loan terms and conditions. You will then need to sign the loan documents and provide a deposit. Once the loan is approved, you will be able to start using the money to purchase a home.
What are the benefits of getting a home loan with Mortgage House?
Some of the benefits of getting a home loan with Mortgage House include:
- They offer a variety of home loan products to suit your needs.
- They have competitive interest rates.
- They offer flexible repayment options.
- They have a good customer service reputation.
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