The finance market in Australia is picking up and starting to become competitive again. With Christmas just a few weeks around the corner, there are plenty of discounts and competitive deals available for those interested in taking out a mortgage. If you’ll do your research and be more attentive in looking for options, you’ll be able to find a lot of financial products and interest rates, perfect and timely for your need from different banks, lenders, credit unions and online finance providers.
How to Secure the Best Home Loan Rate Deals in Australia
To be able to avail the best possible discounts and home loan rates existing in the market, paying attention to how the market moves is a good starter. Christmas time is one of the best times to take advantage of when trying to get the best value for home loans, credit cards, and savings accounts.
For home loan rates, you can take advantage of owner-occupier loans and get a mortgage priced as low as 3.44%. Popular lenders offer 3.60% for owner-occupied homes while investment rates are under 4.0%. The key really is to research the market because there are a lot of options out there, some you do not even realize exist. You can talk to a mortgage specialist to help you find the best home loan interest rates for your circumstance. You can also follow these tips to land with the best rate discounts for your mortgage.
Make That Call
The way lenders and banks decide on how much interest rate they apply on your loan depends on several factors. Your financial situation such as your earnings, how much you will borrow and at times, your occupation determines the discounted rate you’ll receive on your mortgage. The more money you earn, the stronger investment for the lender.
Even if the advertised interest rate of the major banks can vary and you might get entitled to a discount if you make that call. You might want to explore the attractive incentives and package deals some of these banks offers. Make that call and coordinate with your bank or lender or let your mortgage specialist secure the best discount possible for your home loan.
For example, a home loan of anywhere above $150,000 can come with an annual fee-free credit card, a $600 loan approved with fees waived, an offset account and monthly service fees waived. You just need to coordinate with your bank or lender to be able to avail the best possible deals available for you.
It pays to be pushy and know what you deserve. Some banks just rely on lazy customers that are not coordinating with them in terms of possible discounts. Get the phone and do not be afraid to ask for a discount.
Do Your Research
Not knowing your numbers can cost you a lot- literally. For example, for an LVR of less than 80% with a home worth $500,000 and a loan less than $400,000, you can take control of your home loan interest rate. You can easily take control and switch lenders without worrying about excess lender’s mortgage insurance. This can be quite costly for a mortgage with an LVR higher than 80%. Reconsider taking that switch for a better deal on your mortgage or talk with your bank to know your options.
Find a Cheaper Deal
You can use a Comparison Rate Calculator and punch in the numbers from your prospect banks and lenders. Get the actual numbers on where you can get a better discount, interest rate or loan feature. Arm yourself with information to be able to close the best home loan account you can get from your bank or lenders. Compare home loans through the help of these financial tools.
A mortgage broker can help you collect home loan products you can choose from. They can also help you decide on what loan offer to choose as well as in haggling the best discount and offers possibilities for you. Whether you plan to get a standard variable or variable rate home loans, a mortgage specialist can help a home buyer get the best monthly repayments and loan terms available out there.
If you are currently paying for a mortgage and would want an instant drop in your interest rate, switching lenders or talking with your bank can give you the savings you long for. But if you are a client looking into securing a home loan with the best discounts possible, knowing your options and finding the best loan features out there, doing your research or asking help from a loan specialist can do wonders.