Your Quick Guide to Interest Rates
Buying your home is an exciting experience and it makes good financial sense to understand the numbers around your purchase, these include interest rates, fees and charges that may be associated with your mortgage. When looking at interest rates, you need to consider the actual amount of interest you will pay over the full term of your home loan.
Your mortgage broker is best positioned to help you not only understand the numbers but more importantly to negotiate interest rates on you home loan with lenders.
Your mortgage broker will even help you fill in the paperwork for your home loan and apply for any government grants and concessions.
By following some simple strategies from your mortgage broker you can negotiate on your home loan interest rate and may even substantially reduce the amount of interest you would otherwise pay over the full term of your loan.
Understanding the numbers, a few things to consider:
- Use a mortgage broker to help you understand the key numbers around your home loan and budget for your mortgage,
- Choose a home loan which offers a low interest rate without compromising on loan flexibility and features that are important for your lifestyle,
- Plan and budget ahead to make extra repayments on your home loan,
- Negotiate a home loan with a free redraw facility, and
- Consider loan features like offset accounts to help save money.
With the current competition in the Australian home loan market, banks and lenders are offering competitive home loan interest rates. If you are concerned about your current home loan, talk to your mortgage broker for a free home loan assessment.