Problems with interest rates and repayments? Ask for home loan help.
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This question is never as simple as it seems! Home loan rate quotes vary from fixed terms, to variable rates, to “honeymoon” rates. Variable rates are by definition variable and comparative advantages can change overnight.
A total cost of the loan known as the “Comparison Rate” can be useful for comparing lenders at any given time. The comparison rate compares the total cost including fees and short term discounts over a period of 25 years on the given amount of $150,000. Comparison rates are published by all lenders and can be accessed on the “Cannex” website.
A borrower is best served by looking at the total value of the services offered by the lender. For example convenience of location, other services and safety are all of value. In fairness to lenders and as a result of a strongly competitive market, there isn’t that much difference in interest rates for like products.
Related:Should I refinance from an adjustable rate to a fixed rate?
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