– Interest only, owner occupied variable average* 6.65%
*Depending on the LVR you could get a higher/lower rate
Home loan health check
It’s important for your home loan to have a “health check” every 12-24 months to make sure it is still the right loan product for you.
As part of our ongoing service, we are always here to review your current loan to make sure you are receiving the best deal possible. All we need from you is a screenshot of your current loan including the current balance, account number, interest rate and repayment amount. We will start by pricing your loan with your current lender to ensure they are giving you the best interest rate possible. Next, we will assess if it would be recommended to refinance to another lender or to stay with your current lender. Either way, it will give you peace of mind that you are on the right track.
How is my interest rate determined?
It’s important to point out that there are a couple of factors that determine the rate that your lender will offer you. We hear all too often “my friend said” their rate is lower than mine and we are asked why we cannot achieve the same rate. When lenders review your interest rate they look at the following:
– The size of your loan
– Your loan to value ratio (your LVR). The higher the LVR bracket, the higher the rate you will be charged. See our video below for more information
– Whether your home loan is an owner occupied or investment loan (generally speaking, an investment loan will have a higher rate)
– Your repayment type (generally speaking, interest only loans will have a higher rate than principal an interest)
– Lenders appetite: The discount offered can be reduced or increased depending on the lenders appetite at the time of the request.
All these factors combined will determine what rate you are offered, so while it may seem otherwise, not all loans are the same!
