Best Home Loan Deals
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A quick comment on RBA rates falling
As expected the RBA rate reduction has taken some of the competitive pressure out of the market. Already AMP have announced a massive increase in their loan assessment rate for fixed rate loans by 1.50 per cent. This means they are suddenly much less interested in selling fixed rate loans.
The Best Interest Rate is Not the Best Home Loan
Please don't confuse the best home loan with the cheapest interest rate - if it was that simple there would be no need for mortgage brokers - perish the thought! And don't be fooled by discount claims - it is the bottom line that matters and we offer you an actual dollar cost (including all fees) comparison between products.
| Here is an example of our home loan actual cost comparison report - the figures may not be current and should not be used for any decision making. Call us to discuss the current offers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The calculation period is based on paying out the loan after five years on a loan amount of $306,000 originally taken for a 30 year term.
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Remember that what is the best home loan deal for your next door neighbour or your work colleague may be a terrible deal for you. No two borrowers are the same and so we strongly recommend that you let us do our job and professionally assess your requirements and suggest the home loans best suited to your needs from the wide range available from our panel of lenders. Of course no mortgage broker covers the entire market but our panel is a good cross section of large banks, second tier banks, mortgage managers and building societies.
As a result of economic uncertainty and the current housing slump the Australian home loan mortgage market is pretty flat. The recent rate cuts will stimulate demand and so reduce competition between the lenders.
Fixed Rate Home Loans
Fixed rates continue to fall with several lenders offering rates below 6% however fixed rates often come with restrictions on repayments and can be very expensive to break early - so please talk to us first before committing to a fixed term. We often find that a split loan with part fixed and part variable provides the best overall outcome but you must give careful thought to how the split is structured. We also have one fixed rate product that allows unlimited repayments without penalty and also allows redraws.
Basic Home Loans
Basic home loans have rarely looked so good They used to have very low rates but restrictive repayment conditions and limited access to funds. However today you can get a basic home loan with unlimited lump sum or additional repayments and full redraw facility - features such as offset accounts are available on some loans however interest only is not usually available but then they are not basic features. If you have a standard home loan amount under $250,000 and you want to stay with a variable interest rate these loans could be just right for you.
Professional Packages
For borrowers with multiple property portfolios or just larger loans over $250,000 but particularly over $750,000 these type of loans are often the best option. With multiple loans bundled with linked offset accounts, access cards and often discounted insurance and other services, professional packages come into their own. Lenders are discounting over 1% quite widely so now is great time to let us negotiate a new deal for you.
Go to our secure inquiry form or pick up the phone and call us now on 1300 137 586.
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