Top 3 tips to find a lower interest rate

Even if you have a helpful broker or bank lender, you need to make sure you get the right information to find a lower interest rate to suit your needs.

There’s a good chance you can end up confused, as there are now over 1000 different home loan products in the market.

Sorting through them is just as tricky as working out which mobile phone plan or private health cover is best for you.  So here’s the top 3 tips for you….

Tip 1 – Comparison Rate

A useful guide is the comparison rate that all lenders are required by government legislation to provide. But keep in mind that it is only a starting point. Even though it includes the basic loan costs, such as set-up fees, interest rates and ongoing charges, it does not include bank fees that are only charged in certain circumstances.

Tip 2 – Loan Flexibility

But there is more to a loan than the interest rate and the fees and charges.  One of the most important things to consider is the loan’s flexibility. You might believe that a no-frills loan with low fees is perfect for you right now because your affairs are simple and your present intentions are to stay in the one house for many years, but keep in mind that change is always with us, and your present loan may not be appropriate if things change.

Tip 3 – Independent Advice

If you decide to use a broker, make sure they can offer you the choice of many different lenders.  Most independent Brokers will have around 30 different lenders, and they will recommend the best three lenders for you to choose from.

How we can help you

At Craig Tracey Lending we take time to listen and understand you. Then we compare all the loan products in the market for you.   As we are completely independent we go a few steps further to help you make the right decision.

We give you all the information you need in simple language that is easy to understand – we call it your “Borrowing Plan”. Your borrowing plan is personalised to your specific needs and shows you the 3 best lenders for you to choose from.

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0400 449 135