|The current competitive home loan market means a number of local lenders have reduced their variable home loan interest rates, which is great news for home buyers.
However, it’s vital you investigate any mortgage deal thoroughly before signing on the dotted line.
According to finder.com.au, seven lenders have dropped variable interest rates on 20 home loans by as much as 0.17 % since January, including Bank of Queensland, Citibank, Home loans, HSBC and Westpac.
Even if a lender’s discount looks great make sure you shop around and compare rates before you jump on their bandwagon. You might find you’d save you tens of thousands of dollars over the life of your loan with another provider. That’s money better in your pocket than in interest payments.
What to look out for: