What is appraised value?
An estimation of a property’s value before beginning the mortgage approval process. An appraiser (or valuer) is an expert who estimates the value of a property. The lender generally selects the appraiser or valuer before sanctioning the loan.
The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.
We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.
Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.
Popularly known as the loan term, the amortisation period is the time over which the borrower must pay back both the loan’s principal and interest. It is usually determined during the application approval process.
The increase or decrease in the value of a property due to factors including inflation, demand and political stability.
Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.
Real Time RatingsTM uses a range of information to provide personalised results:
- Your loan amount
- Your borrowing status (whether you are an owner-occupier or an investor)
- Your loan-to-value ratio (LVR)
- Your personal preferences (such as whether you want an offset account or to be able to make extra repayments)
- Product information (such as a loan’s interest rate, fees and LVR requirements)
- Market changes (such as when new loans come on to the market)
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