Home loan borrowers should stay on high alert for the most competitive loans and lenders, even when the cash rate is stable, according to Australia’s largest independently-operated mortgage broker, Mortgage Choice, which writes one in almost every 20 approved home loans.
The pre-Easter Reserve Bank decision to keep the cash rate on hold at 4.25% is no real cause for complacency among home loan borrowers. A big opportunity exists for those who are willing to make a change!
Borrowers who allow their home loan to lay idle and assume their lender is doing everything they can to help them reach their home ownership goal may be surprised at what they could be missing out on. Without comparing their lender’s loan products to those offered by others, they may bepassing up the opportunity to save thousands of dollars in interest and shave months, or years off their home loan term.
Now may be a good time to see how your lender rates in terms of product pricing, service quality,accessibility, and the flexibility to accommodate borrowers’ changing needs or circumstances.
An online home loan comparison can help borrowers compare interest rates, fees and features, enabling borrowers to make informed decisions about their lender and loan choice.
Of course, switching lenders and/or loans depends on the individual’s home loan situation. You will need to assess your financial situation, including your current loan obligations, future plans andgoals, and whether the benefits would outweigh the cost and time it may take to switch.
Most lenders calculate interest on a daily balance, but only charge it fortnightly or monthly.
This means that if you change the balance of your loan on any day by making an extra
payment or having your salary deposited, the interest calculated for that day will be lower
than the lender predetermined when your minimum repayments were decided.
Most lenders calculate interest on a daily balance, but only charge it fortnightly or monthly.
This means that if you change the balance of your loan on any day by making an extra
payment or having your salary deposited, the interest calculated for that day will be lower
than the lender predetermined when your minimum repayments were decided.
Most lenders calculate interest on a daily balance, but only charge it fortnightly or monthly.
This means that if you change the balance of your loan on any day by making an extra
payment or having your salary deposited, the interest calculated for that day will be lower
than the lender predetermined when your minimum repayments were decided.
By following theese simple steps, Christmas for you and your family could become a whole lot merrier!