Right now, savings matter, so making sure you secure a great rate on your loan is important - but it’s also equally important to make sure your loan meets your needs.
The interest rate on your home loan has the greatest impact on your monthly mortgage repayments and on the overall amount you pay back on your home loan. Comparing interest rates can seem like a complicated task.
However, in the current environment, with interest rates at record lows, you could be entitled to more savings than you realise!
Can it pay to look beyond the rate?
In short, yes - when it comes to choosing your home loan, interest rates are just one consideration. Many people use the loan interest rate to compare different loans, however, the interest rate alone doesn’t take into account other costs like establishment fees and ongoing fees. This is where expert advice comes in.