April 09, 2018 by Jim Demetriou
Given that owner occupied loans are still at historical lows, the Mortgage and Finance Association of Australia's chief executive officer Mike Felton says borrowers need to review their home loan at least twice a year.
If you are paying anything above 3.7% you are paying too much or getting ripped off. Lenders have dropped their rates even though official rates have not change. The competition is high as lenders are fighting for new business.
You need to know how much you are paying. I get surprised nearly every day when someone is asked what they are currently paying. Most say they don't know or guess. Lenders bank on apathy so it's important to know what interest rate you are paying.
"You need to know what interest rates are available. Sometimes the best deal isn't always the home loan with the lowest rate, bust customers don't always have time to review their loans" Mike Felton said.
Half of all lenders are offering owner occupied principal and interest deal under 3.7%, new data shows.
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