Different Mortgage Lenders

Different mortgage lenders will treat you differently and offer various interest rates and features for your home loan. But as rates are sliding up and down, and repayments are changing every other month, it can feel like everyone is in the same boat.

Even so, finding the best home loan for you means parting from the crowd. And although this sounds like a time consuming venture, comparison websites such as RateCity allow you to rank different mortgage lenders by their rates, features, and fees.

Having other options can also give you bargaining chips with your current lender, who may be willing to negotiate if the alternative is losing your business.

The size of the lender can make a big difference too. Smaller lenders usually remain competitive by offering lower rates and more flexible features, while larger lenders can provide a broader range of products for different needs.

Some building societies and credit unions also have requirements for membership, so make sure you read up on their rules before getting excited over their rates.

There???s also a host of different mortgage lenders for particular loans. For example, some lenders specialise in low-doc home loans, and therefore generally deal with self employed borrowers, while others have better deals for interest only or investment loans.

This is why it???s important to know what you want before you begin hunting for deals. Think about whether you would like a fixed or variable rate, the term length of your loan, and what features, such as redraw options and the frequency of repayments, would be best for you.

You???ll be surprised by how generous and flexible different mortgage lenders are as well. For example, fees for swapping your loan between fixed and variable rates can vary in the thousands, and lenders will also have different policies for borrowers who default on their payments.

For example, some lenders provide repayment relief when borrowers undergo financial hardship and different fees for those who miss repayments.

With over 2000 home loans in the market, it pays to compare different mortgage lenders at RateCity to find the perfect one that saves you thousands.

The table below displays some of today???s lowest variable rate mortgages from banks only. Compare more low interest mortgages to see products from all banks, building societies and credit unions.