Home loan rates review – Spring 2017 Compare the rates of 66 different lenders from MOZO

Posted by Henry | BANKS,BORROWING LENDING,HOME LOANS,INTEREST RATES,MORTGAGES,RATE % COMPARISONS,REFINANCE | Monday 6 November 2017 11:56 am

*HOW DOES YOUR LOAN RATE COMPARE? ARE YOU BEING RIPPED OFF?

*DOES YOUR LENDER CONFORM TO THE CREDIT ACT? BE WARNED…..

*DO YOU KNOW THE DIFFERENCE BETWEEN A VULTURE & A LENDER?

*WHY DO SOME LENDERS CHARGE DOUBLE THESE RATES & HAVE ATTITUDE?

Take this information to your lender & ask why you are not getting a good deal.

Key Points

  • Spring home loan season kicks off with fierce rates competition
  • A record 66 lenders are now offering variable rates below 4.00%
  • Average Big 4 bank variable rate now 1.20% higher than lowest on market

Fierce lender competition for prime home loan customers is delivering a rate cut bonanza for owner-occupier borrowers this spring.

23 lenders have already cut variable rates to coincide with the spring property season, and Mozo’s data reveals that a record 66 lenders are now offering variable home loan rates below 4.00%.

Aussie, ING, CommBank and Westpac are among lenders to cut variable rates in recent weeks, with more lenders expected to follow as peak property season heats up.

According to Mozo Director Kirsty Lamont, the level of competition on the home loan rates front is higher than usual this spring.

“Spring is traditionally peak season for home loan offers, and this season we’re seeing intense competition amongst lenders driving owner-occupier variable rates to new record lows”, said Ms Lamont.

Home Loan Rates – October 2017

         www.loans.com.au

          Essentials Variable 80 Homebuyer Special

  • Owner Occupier, Principal & Interest

    interest rate 3.54% p.a. variable

    comparison rate* 3.56% p.a.

    Discounted Variable Home Loan (Premium Plus Package)

    Owner Occupier, Principal & Interest

    interest rate 3.64% p.a. variable

    comparison rate* 4.03% p.a.

    Advance Variable Home Loan

    Owner Occupier, Principal & Interest

    interest rate 3.65% p.a. variable

    comparison rate* 3.66% p.a.

    Discounted Home Value Loan

    Owner Occupier, Principal & Interest

    interest rate 3.65% p.a. variable

    comparison rate* 3.66% p.a.

    Basic Home Loan Special

    LVR<80%, Owner Occupier

    interest rate 3.74% p.a. variable

    comparison rate* 3.75% p.a.

    UHomeLoan – Value Offer

    Owner Occupier, Principal & Interest

    interest rate  3.74% p.a. variable

    comparison rate* 3.74% p.a.

    Low Rate Home Loan with Offset

    LVR<80%, Owner Occupier, Principal & Interest

    interest rate 3.69% p.a. variable

    comparison rate* 3.72% p.a.

    Kickstarter Home Loan

    Owner Occupier, Principal & Interest

    interest rate 3.72% p.a. variable

    comparison rate* 3.75% p.a.

    Base Variable Rate Home Loan

    Owner Occupier, Principal & Interest

    interest rate 4.17% p.a. variable

    comparison rate4.21% p.a.

    Equaliser Home Loan

    Owner Occupier

    interest rate 3.72% p.a.variable for 36 months and then 4.32% p.a. variable

    comparison rate*4.19% p.a.

*The Comparison Rate combines the lender’s interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Look beyond the big banks for the best ratesBorrowers who choose smaller lenders over the big banks can access huge rate savings right now. The average big 4 bank variable rate for a $300,000 owner-occupier loan is 4.64%, a whopping 1.20% higher than the lowest available rate of 3.44%.

“Owner-occupiers looking to buy a home or refinance their current home can secure an incredibly competitive home loan deal this spring if they’re prepared to shop around and consider loans from smaller lenders”, said Ms Lamont.

Rates not so rosy for investors

On the other side of the coin, housing investors are still feeling the pain of APRA’s risky lending regulations.  Australia’s new two-tier home loan interest rate market sees investors continue to pay more for debt and face stricter lending criteria.

Investors are typically paying an interest rate premium of around 27 basis points compared to owner occupier borrowers, according to Mozo’s data.

How to secure the best home loan this Spring:

1. Jump online to compare the best home loan rates on the market

2. Be prepared to look beyond the big banks and go with a smaller lender

3. Go for principal  & interest repayments as interest only loan rates are higher

4. Check for upfront fees, ongoing fees and any exit fees on your current loan if you’re refinancing

5. Consider loan features that can help reduce your interest and pay off your loan faster, like free extra repayments and an offset account

*** Interest rates and home loan data in this article are correct as of time of writing. Average rates based on $300,000 owner-occupier loan with 80% LVR.

Henry Sapiecha

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The mistakes first home buyers make

Posted by Henry | BUYING PROPERTY,MISTAKES,REALTY AGENTS,VALUATIONS APPRAISALS | Saturday 26 August 2017 8:44 am

JUST say you won the Lotto or a kindly relative left you a sizeable inheritance and, hooray, you have a deposit for a bedsit in a far-flung corner of Sydney.

It’s time to hit the listings with your chequebook and your shock-and-awe auction tactics.

What could go wrong?

Lots, in fact.

“First homebuyers are often at a disadvantage because you have inexperience combined with the intense emotion of buying your first home,” said co-founder of Cohen Handler buyers’ agents, Simon Cohen.

“It’s a recipe for disaster.”

Here are some of the most common traps to avoid.

TELLING THE AGENT TOO MUCH

The agent may be a great person, charming to boot, and you really like the way they spare you the hard sell. But it’s important to remember their loyalty is not to you.

“The selling agent works in the interests of their seller and it is their job to sell their house for the absolute maximum the market is willing to pay,” buyers’ agent at Property Mavens, Miriam Sandkuhler, said.

In order to work out your budget, they will either ask you how much you think the property is worth, gauge whether you have missed out at nearby auctions to determine your ceiling price or even inspect your cheque on auction day.

“They might take a look at your cheque to see if it’s all correct and they can then gauge from your 10 per cent deposit what you maximum is,” Ms Sandkuhler said.

“At home viewings the selling agents will ask you seemingly innocent questions about your likes and dislikes, what you’re looking for and how much you’re willing to spend.

“This is done to see how much money you have and work out if you are a serious buyer, but they are also gleaning information should they need to use it during the negotiation phase.”

So the less information given to an agent, the better.

NOT KNOWING THE VALUE OF A PROPERTY

First homebuyers waste months – sometimes years – attending auctions and missing out to other buyers.

Meanwhile, property prices are increasing at a rate they cannot possible keep track with through saving.

“If you have never done it before then you won’t know how to price property properly and that can cost you a lot of money,” said Ms Sandkuhler.

“The quote range of property often does not relate at all to the buyer’s budget.”

Not only is the market going up while first home buyers miss out at auctions, but they’re also having to paying hundreds of dollars on pest and building inspection fees for each auction they wish to bid at.

Mr Cohen recommended first home buyers research what similar properties have sold for (not listed for) in a particular area before buying – and that doesn’t mean relying on what the agent says.

“Go to auctions in the area you’re hoping to buy in and look at what homes are selling for and search for similar properties online,” Mr Cohen said.

“You want to get a good understanding of what a bargain would look like in those suburbs and then, eventually, what the home you want to buy is worth and why it’s worth that amount.”

BUYING THE MONEY PIT

Sometimes first homebuyers think they need to buy a rundown house and tart it up to get into the market. The kind of home the agent refers to as a “renovator’s delight”, but are, in fact, only delightful if money pits bring you joy.

Financial comparison website Mozo.com.au’s property and lending expert, Steve Jovcevski, cautioned against falling blindly for the DIY fantasy.

“If you’re going DIY, don’t forget that there are certain things, such as electrical wiring, that you need to hire a licensed contractor for,” Mr Jovcevski said.

“Make sure you get property inspections done to find out the extent of the work that needs to be completed, and get quotes from contractors so you can budget properly for them.”

Furthermore, banks often won’t lend on a property that is deemed uninhabitable.

“So if your lender inspects the house and finds that it’s unlivable, they may not agree to give you a mortgage, or only lend you a fraction of what you ask for,” Mr Jovcevski said.

“While some banks will lend going off the contract price of a property, you can’t rely on that.

“It’s important to be upfront with your bank about the property you’re looking to purchase, so you can be sure you’ll secure the loan you need.”

NOT UNDERSTANDING MORTGAGES AND MONEY

We get it. Securing a mortgage and filling out paperwork is burdensome, but if you don’t pay attention to the details you can end up big trouble.

First homebuyers often forget to factor in additional expenses, such as stamp duty, mortgage and solicitor fees and mortgage insurance.

While it may be tempting to cut back on professional advice to save money, Mr Cohen said this was a bad idea.

“Make sure you get a solicitor to look at your contract because they can pick up all sorts of things that turn a good property into a bad one, such as heritage overlays or problems with the body corporate,” Mr Cohen said.

Mr Cohen said first homebuyers desperate to get a foothold after years of feeling locked out of the market, shouldn’t feel grateful for just any old property.

“They should remember that their money is as good as anyone else’s,” Mr Cohen said.

“The first property you own really is a stepping stone for your life and it’s so important to get that right.”

Henry Sapiecha

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Rich lister on buying homes: ‘Stop buying $4 coffees’ & feel ‘Poor Me’

Posted by Henry | PEOPLE,REAL ESTATE PROPERTY,SUCCESS STORIES | Monday 15 May 2017 12:51 am

One of Mr Gurner’s luxury developments in Brisbane’s Fortitude Valley.

A YOUNG rich lister who made his fortune off the back of Australia’s capital city property boom says his generation needs to stop buying $4 coffees and travelling if they want to own a home.

Developer Tim Gurner, 35, is worth nearly half a billion dollars but has delivered a brutal smackdown to some would-be first home buyers struggling to get a toehold in the market.

“When I was buying my first home, I wasn’t buying smashed avocado for 19 bucks and four coffees at $4 each,” he told 60 Minutes in a segment exploring Australia’s housing affordability crisis.

“You have to start to get realistic about your expectations. There is no question we are at a point now where the expectations of younger people are very, very high.

“They want to eat out every day, they want to travel to Europe every year. This generation is watching the Kardashians and thinking that’s normal. Thinking that owning a Bentley is normal, that owning a BMW is normal.

Property developer Tim Gurner made his fortune riding the property boom.News Corp Australia

Mr Gurner, who ranked 157 on this year’s Financial Review Rich List after making $473 million in 10 years He started out by taking over a lease on a suburban gym as a 19-year-old, using $34,000 given to him by his grandfather. He sold the business a year later to a competitor and went into property development, riding the boom in Melbourne and Brisbane. His Gurner company now has 5000 apartments worth $2.7 billion on its books.

Mr Gurner said there was “no question” many young people today were blowing their money on a lifestyle, then whingeing about homes being too expensive.

“You’re not going to get a house in Camberwell for $700,000, you’re not going to get one in Alexandria in Sydney, you’re not going to get one in Newstead in Brisbane. I mean the market has changed.”

“I think until this generation realises that the people that own homes today worked very, very hard for it, saved every dollar, did everything they could to get up the property ladder (they won’t get ahead)

“You might have to buy an investment property first, you might have to share with mum and dad, you might have to buy with a friend, but you’ve got to get your foot in the door and you’ve got to slowly get up the ladder.”

www.money-au.com

Henry Sapiecha

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Australian Bankers’ Association to appear at public hearing

Posted by Henry | BANKS,EVENTS FAIRS FESTIVALS,GOVERNMENT | Thursday 16 February 2017 10:56 am

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The Australian Bankers’ Association (ABA) will join the four major banks at the House of Representatives Standing Committee on Economics’ public hearings in March for the review of the performance of Australia’s banking and financial system.

One of the committee’s focus areas is on how individual banks and the banking industry as a whole are responding to issues previously raised in Parliamentary and other inquiries, including through the Australian Bankers’ Association’s April 2016 six point plan to enhance consumer protections and in response to Government reforms and actions by regulators.

The Chair of the committee, Mr David Coleman, MP, stated that ‘these hearings provide an important mechanism to hold the banking sector to account before the Parliament’.

‘As the ABA is charged with addressing numerous issues of concern to consumers, it is important that they are scrutinised by the committee.’
Public Hearing Details:
Public hearing day 1

Friday, 3 March 2017
Committee Room 2R1,
Parliament House, Canberra
NAB – 9.15am to 12.15pm
Public hearing day 2

Tuesday, 7 March 2017
Main Committee Room,
Parliament House, Canberra
CBA – 9.15am to 12.15pm
ANZ – 1.15pm to 4.15pm
Public hearing day 3

Wednesday, 8 March 2017
Main Committee Room,
Parliament House, Canberra
Westpac – 9.15am to 12.15pm
ABA – 1.15pm to 3.15pm

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www.money-au.com

www.ozrural.com.au
Henry Sapiecha

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First home buyer grant used as deposit with no cash outlay.

Posted by Henry | BORROWING LENDING,BUYING PROPERTY,FIRST HOME OWNERS,HOME LOANS,HOME OWNERSHIP | Wednesday 15 February 2017 11:22 am

key-handover-for-house-buy image www.australianmortgageloans.com

DAVID Dyball had dreamed of being a homeowner for as long as he could remember but there was one word stopping him: Deposit.

The Maryborough man, 28, has purchased a home without a deposit in Aldershot The Fraser Coast Chronicle reports.

And he is sharing how he did it.

His trick was turning his $20,000 First Home Owners Grant into the deposit for the land.

“It all started when I picked up a paper and saw prices for house plans listed,” he said.

Once Mr Dyball realised the weekly payment on the plans was less than he was paying as rent, he started thinking outside the box as to how he could get himself onto a plan.

“So I contacted a few builders, explained my situation, and had two come back saying they work closely with finance companies that do no-deposit deals.”

He said negotiating a deal came down to communication and finding people that would listen to his idea.

Over the next few months, Mr Dyball looked at blocks of lands and found the piece he wanted in Aldershot.

“My plan was simple,” he said.

“The process was to find a house plan that suited my budget and then to find land to build it on.

“I spent a lot of time watching land prices to find one at a cheap price.

“The only luck in the process was the fact that the Government was offering grants.”

His new home is planned for completion in May.

“It has three bedrooms and two bathrooms,” he said.

“It was all done for less than $200k; it cost $196k to be exact.

“If you want to save money you have to get out there and put the work in.”

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Henry Sapiecha

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Customers use credit rate cut to get ahead on mortgages

Posted by Henry | BANKS,HOME LOANS,INTEREST RATES,RATE % COMPARISONS,RBA,VIDEO AUDIO MOVIES | Monday 29 August 2016 9:37 am

After the Reserve Bank cut official interest rates to a new record low this month, figures from two big lenders demonstrate customers have a growing safety buffer against a financial shock, because they are paying more than the minimum repayment.

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RBA cuts interest rates

The Reserve Bank drops interest rates to a record low of 1.5 per cent.

Separate analysis shows a typical mortgage borrower would have paid off an extra $18,250 on their home loan if they had left their mortgage payments unchanged since the RBA began cutting interest rates in late 2011.

As interest rates have plumbed record lows in recent years, home loan customers have on average taken the opportunity to repay their bank faster, which slows growth for banks.

Interest rate cuts have given many households a growing buffer against financial shocks. 

The trend is likely to pick up after the latest rate cut, as National Australia Bank, Commonwealth Bank and ANZ Bank have a policy of leaving customers’ mortgage payments the same when their monthly interest bill falls. Westpac is the exception – it drops the monthly repayments of its customers when rates fall where it has set up a direct debit.

NAB said that on average, its customers were nearly 15 months ahead of their minimum repayments, up from 14 months a year ago and 12 months in 2012.

CBA’s result this month also showed more borrowers paying off their mortgages ahead of schedule, with 77 per cent of customers ahead of their minimum payments at CBA. Including mortgage offset accounts, CBA customers were ahead by an average of 31 months on their loan repayments, up from 27 months a year earlier.

NAB’s general manager of home lending Meg Bonighton,said customers had the option of reducing their repayments, but the default for the bank was to leave repayments unchanged.

“Four years ago, the average home loan account was 12 months ahead on its repayments; today, it’s almost 15 months ahead. This is great to see, because it means our customers are closer to paying off their mortgages, and are paying less interest,” she said.

“When interest rates are reduced, the monthly repayment amount remains the same unless the customer requests to change it. Some customers do choose to reduce their repayment amount, while some choose to keep it the same.”

Over several years, customers can knock thousands of dollars off their loans keeping payments unchanged as rates fall.

If a customer with a $300,000 loan had kept their minimum monthly payments unchanged since the RBA began cutting interest rates in late 2011, they would be $18,250 further ahead on their mortgage principal, according to interest rate comparison website Mozo.

That assumes a 30-year loan with minimum monthly payments of $2108 a month and an interest rate equal to the average major bank standard variable rate.

While the trend points to an improvement in some households’ financial position, it also highlights the limitations of cutting interest rates as a way of boosting the economy.

UTXW4UYTR

Henry Sapiecha

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MORTGAGE LOANS ON OFFER FOR A VARIETY OF PROPERTIES & UNSECURED BUSINESS LOANS

Posted by Henry | BORROWING LENDING,BUSINESS LOANS,HOME LOANS,INTEREST RATES,LENDERS,MORTGAGES,REFINANCE | Tuesday 7 June 2016 9:38 am

Our mortgage & commercial lenders are looking for financing opportunities  in various areas of the property & business arenas.

WE WANT TO LEND YOU MONEY THEY SAY

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Commercial properties as well as industry & construction. Business capital is available with no security & residential finance is available as well. Mining projects are also financed..Whatever your finance needs are just click on any of the banners below that best describe your needs & drop us a line to discuss your needs from $5,000 to $25million

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Or just send an email to us here to describe your requirements >>email4 note moves

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Henry Sapiecha

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What makes property managers say no to a potential tenant

Posted by Henry | R/E AGENTS,RENTING,TENANTS | Tuesday 12 April 2016 9:10 am

house keys & tenancy doc image www.australianmortgageloans.com

  • Not all tenants are equal in the eyes of the landlord & agent.

In competitive rental markets, property managers need to quickly whittle down a pile of applications into the best possible tenants for their landlords.

It’s not an exact science, but there are several hallmarks of “bad tenants” they’ll use to weed out the weakest applications and to make their final decisions.

Terri Scheer Insurance executive manager Carolyn Parella warned of tenants who try to keep a distance from their landlord and who avoid leaving a paper trail.

“New, potential drug manufacturing tenants may be willing to pay rent months in advance and be happy to pay cash,” Ms Parella said.

She also warned of tenants who “try to avoid background checks”. This could include providing false references or not wanting to provide contact details.

When contacting a referee there are specific questions landlords and property managers should ask to determine whether an applicant is worth considering.

“Speak with previous landlords or property managers and ask whether they have had any issues with the tenants being reviewed, including late or missed rental payments and incidences of malicious or accidental damage,” Ms Parella said.

She said property managers should research the national tenancy databases to double check their rental history, undertake a public record check for bankruptcies and other details, and verify their identity.

But a negative mark on a tenancy database doesn’t necessarily mean a renter is going to be bad, Tenants Union of NSW policy officer Ned Cutcher said.

“The question of whether or not they’re a bad tenant warrants further exploration,” Mr Cutcher said.

“It puts them in a vulnerable position and to put a line through them without an opportunity to talk through what went on is symptomatic of our housing system.”

How a tenant acts at an open home can also be a deal breaker for some landlords. But while considering how polite an individual is, and how well-dressed they are, is “reasonable to a point” it isn’t always indicative of a good tenant, he said.

“In many cases you’re lining up with other hopefuls, it’s not quite what you are after and you’re expected to put on a cheshire cat grin. It’s a bit shallow but that’s the way decisions are being made about how you’re going to be housed,” he said.

“The best applicant might be the one that doesn’t immediately leap out at you,” he said.

It’s often not just one single warning sign but a combination of red flags that should be cause for concern. But in a competitive market it could be a single black mark that results in a potential tenant being unsuccessful in their application.

Unfortunately for most tenants, if you don’t get the rental “there’s no obligation for the landlord to provide a reason … most tenants wouldn’t hear back,” Mr Cutcher said.

Buyer’s agents and property management company Right Property Group director Victor Kumar said without a rental history they’d be willing to “give [a tenant] a break if everything else checks out”.

“I find that most times these tenants are grateful and will stay long term,” Mr Kumar said.

They also research the tenant’s workplace online, check on the ASIC register and ABN search where necessary to ensure the applicant is being truthful.

Asking for a month or two worth of bank statements can “tell a story too” about a tenant’s financial habits, Mr Kumar said, as can looking them up on social media.

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Henry Sapiecha

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Bob Carr says Australian immigration should be cut by 50%

Posted by Henry | HOME OWNERSHIP,IMMIGRATION,POPULATION | Tuesday 16 February 2016 11:34 pm

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Australia reaches population milestone

We all know that Australia’s population is growing, but you might be surprised to learn which city will be our biggest by 2050.

Former NSW Premier and Australian Foreign Minister Bob Carr has called for Australia to consider reducing its immigration intake by up to one-half before growing population density on the eastern coast changes the Australian style of living.

“I think the Australian people, if asked, would want immigration slowed,” Mr Carr said at a press conference in Sydney on Tuesday. “We’ve got a third-world style population growth rate.

“If you bring 100,000 people into the Sydney basin every year, the price of housing goes up […] people wonder why their youngsters can’t get houses in the big cities… the answer is we are going for breakneck population growth.”

bob carr file pic image www.australianmortgageloans.com

“We are going for breakneck population growth”: Bob Carr.

Australia’s population was officially declared to have hit 24 million people shortly after midnight on Tuesday, according to the Australian Bureau of Statistics.
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About 190,000 people will be admitted to the country under Australia’s managed migration program this financial year, according to federal government statistics. About 70,000 were admitted in 1999-2000.

Mr Carr said Australia had the highest rate of population growth of any developed country and that the growth was undermining policies by governments to make housing more affordable and to improve infrastructure. “It’s always never enough”.

“By the middle years of this century we’re going to have a huge concentration of the available land,” he said. “We can go the way of other cities so that the basic unit of housing is a unit in a high-rise tower, but I would rather think a lot of Australians would believe we’ve lost something of ourselves.

“There comes a point … at 50, million, 60 million, 70 million before the end of the century where we have to start thinking again.”

Mr Carr said new immigration would invariably be “crammed” on a “narrow coastal strip” in Australia’s east, despite the fact the country is among the least densely populated on Earth.

“There’s a case for pegging immigration back by easily one-third, perhaps even 50 per cent,” Mr Carr said.

He said reducing overall immigration was compatible with federal Labor’s plans to increase Australia’s refugee intake.

Mr Carr said Australia’s economy should focus on export-led growth and stop relying on an expansion in its domestic market.

Australia’s “net migration”, which subtracts the number of people leaving the country each year, has dropped from a 2008 peak of about 300,000 to about 200,000 in 2014. It remains at its highest level as a proportion of the country’s total population since about 1965, according to statistics from the federal Treasury.

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Henry Sapiecha

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Basic Training: How to have a second bite at your mortgage cherry

Posted by Henry | HOME LOANS,INTEREST RATES,MORTGAGES | Monday 28 September 2015 11:00 am

cherry row image www.foodpassions.net

Cherries, like a better mortgage rate, are always good for the picking.

The task of finding a better home loan deal is not right up there in the excitement stakes.

  • This is the latest in a series of stories for anyone just starting to manage their own financial future.

Sometimes the easiest thing to do is to forget about it, and keep paying too much. Or – as most of us do when buying petrol, milk, or any number of smaller things – you could shop around, and save a bundle.

Refresh your memory Check what your current interest rate is, and what the loan includes. Are you on a fixed or variable loan? If it’s fixed, are there discharge fees?

The fine print “The key to finding the cheapest home loan is that it’s not just about finding the cheapest interest rate – you also need to take into account the fees and charges associated with the loan,” says Shelley Marsh, a former stock market analyst who writes personal finance blog Money Mummy.

“This is why you should look at the comparison rate as well as the interest rate.”

She says the comparison rate reflects the actual cost of the loan as it takes into account fees and charges, plus the interest payment you’ll have to make over the entire life of the loan.

Featuring… If you want to pay your home loan off quickly (who doesn’t?), Marsh suggests looking for three top features: unlimited extra repayments without fees, a redraw facility and a 100 per cent offset account.

Play the field Do your research before tackling your bank. Comparison websites such as Finder, Mozo, Canstar or RateCity can link you directly to lenders.

New website HashChing, “Australia’s first online marketplace for home loans” – advertises special deals, and puts you in touch with a local mortgage broker who can help you get that deal.

Chief executive Mandeep Sodhi says mortgage brokers have access to better rates, and can do the heavy lifting for you.

Negotiate hard. Sodhi says if you’re dealing directly with a bank, dig your heels in, and don’t take the first offer.

Threatening to jump ship remains a smart tactic. “Do you want to stick with the bank that’s not looking after you?” says Sodhi.

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Henry Sapiecha

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