When looking for a home loan – it is normal to want to get the best rate possible on your mortgage.
With many lenders now all chasing owner-occupied lending as opposed to investment lending due to recent APRA changes, it has become very competitive.
If you are in the market for your first or your next home, don’t be prepared to take an advertised rate from any of the major banks. There are plenty of choices apart from the main banks that are offering awesome rates and products at much lower rates than they can get close to. By as much as .40-.50% variance. And on a loan at $400,000 that represents nearly $2,000 every year in your pocket.
So if I can give you any advice… don’t just go to your existing bank – shop around, better still have a broker shop for you. Your bank will only sell you the products they have. They are not going to tell you that you can get a better deal down the road. A good broker will tell you, they work for you!