How important is it to secure a good rate? Here are 3 tips to consider.

With interest rates being the lowest on record, it's never been cheaper to pay off a mortgage - lower interest rates generally mean lower home loan repayments.

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.

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When it comes to finding out what loan is suitable for your situation, your local Mortgage Choice broker can offer expert advice in understanding what's available in the market and the benefits offered by different loan features - which could save you big time in the long run.  The best past is they do all the leg work for you!

Not all rates are created equal. Here are few considerations when it comes to interest rates 

Do you need certainty?

Low interest rates sound amazing, however it’s important to note that some of these low interest offerings come with a fixed term. So, you’ll need to consider whether a fixed loan or variable loan would suit you.

Do you need flexibility?

So, you’ve seen a home loan offer with a new, low interest rate - but does it have all the features you would need to suit how you want to repay your mortgage and organise your cash flow? 

Do you need accessibility? 

Your personal preferences matter when it comes to choosing a home loan provider. Consider how you want to use the bank or lender, for example are you a branch or internet banking kind of person?

In today’s environment - expert advice has never been more important

Your local Mortgage Choice broker has up to date knowledge of what's available in the market and the benefits offered by different loan features. If you’re looking to snap up a sharp rate to lower your loan repayments or perhaps your situation has changed and you’re due for an overall home loan health check, contact your local Mortgage Choice broker and fast track your financial health today! 

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Refinancing guide

Considering refinancing? Our guide explains the reasons, costs and steps involved in refinancing your home loan.

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