how can you Finding Competitive Mortgage Rates. Many borrowers need assistance to negotiate the loan maze and identify the best mortgage rates for their circumstances. The most popular options are:
- Fixed rates – guard against mortgage rate rises in the future, and enable long term budgeting. On the down side, the rate remains constant even if interest rates fall.
- Variable rate – a popular choice with flexible payment schedules and extra repayments accepted, however, Origin Finance warn not to be lulled into a false security through the short-lived honeymoon interest rates.
- Split loans – blend fixed and variable rates where borrowers choose a set amount to stay at a fixed rate with the remainder governed by changing interest rates. Popular with borrowers who prefer to err on the side of caution, however, additional charges may apply.
- Low rate – do not include any added extras such as fee-free credit cards but come with consistently lower home interest rates. This is a variable rate loan meaning it will be affected by fluctuations.
- Lo doc – ideal for contractors and the self employed. It is not necessary to provide financials, but the dangers lie in higher mortgage rates and fees and the risk of over committing.
Origin Finance can assist borrowers to compare mortgage rates on over 14 types of loans from 30 lenders. An on-site loan mortgage calculator assists in ascertaining eligibility and projected repayments.
The Reserve Bank of Australia sets mortgage rates, and Origin Finance work to provide reliable, up to date recommendations on loan options.