Interest Rates

Why we do not publish lender interest rates...

A common mistake made by many borrowers is that they concentrate on interest rate and neglect all the other fees and features which can add significantly to the cost of a loan.

The mortgage market is littered with headline mortgage interest rates they may not suit the borrower. It is always best to discuss your requirements with a qualified mortgage professional. They can;

1. In less than 5 minutes, sort through hundreds of loans and find the one best suited to your lending needs

2. Compare each loan side-by-side showing costs, fees and features

3. Negotiate better rates and terms

4. Handle all the paper work

5. Answer all your mortgage questions

 

* Please read  the article below before applying for any type of mortgage. This shows that interest rates are not the only thing to consider when looking for a mortgage.

 

Mortgage Help!

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11 Common Mistakes Borrowers Make When Selecting a Home Loan...

The first thing that most people look for in a home loan is the head line  interest rate. Although this is an important consideration it is a common mistake people make when choosing a home loan. There are many other factors that can add significantly to the cost of a loan far more than interest rate alone. Loan fees and restrictive features can   prevent you from paying or exiting your home or in loan early.

 

1. Entry Fees - varies from lender to lender and can be anything from $0 to $1,000 plus dollars

2. Mortgage Insurance - this varies significantly from lender to lender and can vary by thousands of dollars

3. Ongoing Fees - some lenders charge up to $500 yearly for some loans

4. Early Exit Penalty Fees - paying out a loan within the first 5 years can cost hundreds if not thousands of dollars with some lenders

5. Discharge of Mortgage Fees - exiting your loan at any time can cost up to $1,000 with some lenders 

6. Can I Make Extra Repayments - the quickest way to save on interest repayments is to make extra repayments and pay your loan earlier. If you cannot make extra repayments a low interest rate loan may not be as attractive as it seems

7. Offset Accounts and Redraw - these features offer flexibility and can be valuable tools for reducing your mortgage quicker, however, these features can cost extra in the way of fees or higher interest rate.

8. Redraw Fees - If you are ahead of your loan repayments you may be entitled to redraw these funds. These fees can be as much as $50 per redraw.

9. Fixed Rates and Break Costs? - Many people do not understand that there can be sever penalties for breaking a fixed rate contract early. Sometimes this can cost into the tens of thousands of dollars and it is important that you understand what you intend to do with the property in the future before entering a fixed rate contract.

10. Is My Loan Portable? - Portability allows you to transfer your loan from property to property without incurring the excessive fees of closing out a loan and applying for a new one

11. Is My Loan With a Reputable Lender? - Lenders that have been in the mortgage market for a short while may not offer the same level of service or ongoing competitive pricing.

 

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Need Help?

We have home loan experts that can sort through hundreds of loan in less than 2 minutes to find the most suitable home loan for your lending needs. They can show you all the all the hidden costs and restrictions as well as show you which lenders are the most reputable to choose from.

 

Mortgage Help!