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Whether you’re looking to consolidate your debts, buy a car or go on a holiday, a personal loan can give you fast and easy access to extra funds. You can apply for a personal loan if you have a current home loan with any lender. It’s even better for existing Mortgage House home loan customers, who can get a personal loan quickly with less paperwork needed.

A Personal Loan is suitable for those looking for extra funds quickly and easily, without the high interest rates usually associated with credit cards. With a much lower interest rate, fixed repayments and a longer period to pay off the loan, a personal loan can improve your cash flow and over time, even your credit rating.

1. Fixed rate:A fixed interest rate home loan is one where the interest rate is fixed over an agreed period of time. This period is usually between 1 and 5 years, and the time can vary among financial institutions.
2. Variable rate: Variable rate home loans are the most popular in Australia and mean the interest rate can increase or decrease over the short and long term. Both internal and external factors can impact on whether the interest rates for these kinds of home loans rise or fall.
3. Toggle Offset:These kinds of home loans can be a good compromise between the above two. With a toggle offset home loan, half has a fixed interest rate, and half a variable. You can toggle between the two to make the most of current interest rates and save.
4. Split home loans: Mortgages like these are similar to toggle home loans, with portions that are both variable and fixed, but there are no restrictions on the proportions.
5. Portable loans: These kinds of home loans are ones you can take with you when you move.
6. Line of credit:A line of credit can be either a home loan or a personal loan and can help you access money when you need it most.
7. Low Doc loan:If you are self-employed or don’t have access to the documents most financial institutions require when applying for home loans, a Low Doc loan may be the answer.
8. Construction loan:Australians love building homes, and Mortgage House has a range of home loans that are designed just for that purpose. A Construction Loan will pay the builder in agreed stages, with interest only charged on the amount paid out, not the overall mortgage.
9. Bridging loan:If you are selling your home and buying a new one, Bridging Loans can help you fill the gap.

Feel free to get in touch with one of our Lending Specialists to discuss the best home loan type for you.

Yes, key loan features including an offset account and redraw facility could save you a significant amount of interest over the term of your loan and help you pay off your loan sooner. Credit your salary into the offset account and it will help reduce your loan balance and the interest payable. Any extra repayments you make into your loan above the required minimum will also reduce the balance and can be accessed when needed using the redraw facility.