July 10, 2014
The answer is “No”.
The lowest rate can often cost you more in the long run - you need to weigh-up all the factors involved in the loan, including the full features and the fees involved.
Loans with lower rates can sometimes have high fees. It may be that the low rate will only remain for 12 mths or for a short period of time. Once the low rate period is finished it may cost a lot to change the loan to a cheaper rate and the rates may increase by up to 1.50% than the initial low rate period, which will cost you a lot more each month.
If you'd like to have your current home loan assessed by one of our team, please give us a call on 03 9585 7779 or contact us via Mortgage Choice home page.