When we sit down to apply for a home loan our finances are instantly scrutinised and we are rated by lenders on a criteria they have devised to tell them if we are worthy of a loan. But if we have a stable income and money saved in the bank shouldn’t we be the ones confidently rating lenders based on what they can do for us?
The top four banks
More than 80 percent of Australia’s home loans business is held with the big four banks – ANZ, Commonwealth Bank, nab and Westpac. But did you know that there are hundreds of non-bank lenders in the market, many offering very competitive mortgage rates? So how does your home loan stack up with the competition?
At the time of writing, standard variable mortgage interest rates varied by as much as 178 basis points, which for a $300,000 home loan equates to a difference of around $350 per month and more than $126,000 over 30 years – so how do you rate your bank now?
Rate your lender
Rate your lender now by comparing home loan interest rates online using RateCity’s simple to use comparison tool. Simply enter your loan amount, the purpose for the loan – for instance, do you intend to live in the property or are you an investor? Then find a home loan.
If you can find a more suitable product for your needs, for instance a lower interest rate, lower fees and the features you require, then do the sums and consider switching! Re-assessing your financial circumstances regularly is a smart way to make sure you are getting the best out of your home loan. Don’t be afraid to ask yourself: how do I rate my lender now?
Aside from our comparison tools, RateCity offers a range of useful guides, star ratings, news stories and calculators to help you to be better informed – and hopefully save you some money too!
Take our home loans calculator, for instance. Instead of just being able to put in details of a hypothetical home loan, you can now select an actual home loan product that’s available on the site and see what it looks like in the calculator. You can vary the amount borrowed, time to repay and monthly repayments for actual products to see your savings and extra costs. Give it a try to see how your lender rates compared to the rest.