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Moving Home Loans in 2018?

Moving Home Loans in 2018?

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Does your home loan still work for your lifestyle today? Compared to the time you started your loan to now, there has probably been 101 different changes in your life. Whether it was a new job, children, lifestyle changes or a new car, do you think there’s a better home loan out there that will save you money? Here are some of our tips for searching and finding the right home loan for you.  

  • Shop around to find the best home loan that suits you

Not every financial institution is the same. They all have different rates, offers and fees. Shopping around can help you better understand what different lenders are offering. A recent comparison has shown that our members may save up to $62,069^ in interest charges over the life of their loan, when comparing with other loan providers*.

  • Ask for a Home Loan Key Fact Sheet

Key Fact Sheets are set out to provide you with information about a particular loan. When looking at different loans, you can ask the lenders for Key Facts Sheets. This will assist you to compare loan features and choose the right loan for you.

Our Bank offers one of the best value home loans in Australia. See how we compare for an owner occupied $250,000 home loan over 30 years:   

 
  Variable Rate p.a* Comparison Rate p.a. + Loan Repayment p.m Total Interest Payment Amount Saved
Your Bank 4.09% 4.15% $1,207 $184,357  
ANZ 5.20% 5.30% $1,373 $244,200 $59,843
CBA 5.22% 5.36% $1,381 $245,312 $60,955
NAB 5.24% 5.37% $1,379 $246,426 $62,069
Westpac 5.24% 5.38% $1,379 $246,426 $62,069

 

  • Can your current lender give you a better deal?

Speak to your current lender about your home loan. There could be opportunities to internally switch to a better home loan that suits your current lifestyle, compared to when the loan was commenced.

  • Make your own comparison table

Once you have explored all possible lenders and their offers, come up with your own table to compare interest rates, fees and repayment amounts for each loan. Checking loan features can also ensure you are getting the features you want and not paying for the ones you don’t need.

If you’re looking to make the switch, speak to one of our Home Loan Specialists who can help you choose the right home loan. We can help you on the right path to a better home loan and bigger savings.       

For more information on switching home loans, click here for the ASIC Money Smart Guide.   

 

^ See chart above for full comparison details.

*Subject to change without notice. Terms and conditions, fees and charges and approval criteria apply. The big 4 Bank's Standard Variable Home Loan Rates were correct as at 31st January 2018, taken from each institution's website.

+Bank comparisons are based on a $250,000 loan, over 30 years secured with monthly repayments. (Taken from each bank's website 31st January 2018)

WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.