Mortgage rates are the key to determining your regular home loan repayments and total loan amount so it’s important to shop around for the lowest interest rates. At RateCity we make this process easier by allowing you to search and compare some of Australia’s best mortgage rates in one place.
No two lenders are the same so it’s essential to expand your search to include a large range of Australian lenders, not just the top four big banks.
Just like you dedicate hours to finding the perfect home to purchase, it’s equally as important to spend time comparing home loan rates offered by a range of different lenders. Shopping around will not only give you peace of mind that you have found a great deal but could also save you thousands of dollars over the term of the loan.
For instance, if you are considering a mortgage rate of 7.22 percent for a $300,000 loan over 25 years and you shopped around to find a better rate of 6.79 percent then you might save more than $80 each month in repayments. Over 25 years that is a whopping saving of $24,000, and evidence that shopping your mortgage rate has is benefits.
Beware of clever marketing ploys that offer a very low interest rate for an introductory period only. While these mortgage introductory deals are still highly desirable you need to make sure you enquire into the revert interest rate, as once the low rate introductory period ends it will automatically revert back to a higher interest rate.
Australian mortgage lenders are highly competitive so you won’t have to look far for a great mortgage rate deal, and with over 2000 home loans listed on RateCity you might just find one below.