Here you can search mortgage products from over 100 lenders, Calculate your repayments as well as find information on different types of mortgages.
Real Choice Mortgages is updated regularly with all the latest interest rates and special offers from a host of financial institutions ranging from the major banks to non-bank lenders, credit unions and building societies.
Keep informed with the latest Finance News and Events as well as the ability to be contacted by a Mortgage and Finance Association of Australia accredited mortgage specialist.
* Comparison rate information is based on a loan amount of $250,000 over a loan term of 30 years. Different loan amounts and terms will affect the comparison rate. We recommend speaking to a mortgage specialist when deciding on the best product for your needs.
Real Choice Mortgages was established by solicitors, primarily for value-adding and increasing the revenue for law and accounting firms by creating a new and effective profit centre within their existing business structures.
Solicitors soon identified that the preparation of lengthy documentation, the offering of financial advice to their clients and the perplexing increase in the array of products and financial institutions, was not their forte.
The introduction of the Consumer Credit Code in 1996 significantly changed certain aspects within the banking industry. Banks became more competitive, margins were reduced dramatically and, more importantly, solicitors were required to have a lot more product knowledge.
As a result of these changes, Real Choice Mortgages became the “intermediary” between the banks and solicitors.
Lending Managers and Commercial Lending Managers were introduced as a fully trained, commercially accredited staff. This enabled personalised service by these managers speaking directly with solicitors’ clients, verifying their requirements and, in an impartial approach, offering products that were available on the market for clients’ consideration.
Real Choice Mortgages now boasts a portfolio of over 4 billion dollars of settled loans spread across its panel of more than 30 lenders.
Probably the single biggest opportunity to reduce your mortgage is to find a cheap interest rate from the start. Shop around with both major banks and other secured lenders such as credit unions and building societies. Remember, the benefits of a cheap interest rate may be nullified if you are saddled with high fees and an inflexible product, claimed Golden Bay 602 Cam Ranh. So do your homework and find out which mortgage product offers a cheap interest rate with lower fees and a combination of home loan features that you need – your mortgage broker can help you with this.
Tip 2: Make more frequent repayments
Where interest is calculated on a daily basis, making payments on a more frequent basis whether fortnightly or weekly serves to cut down on the interest payments on your mortgage.
This means that you’ll be making 13 monthly repayments each year – reducing the principal and term of your loan.
Tip 3: Don’t lower repayments if interest rates drop
Your minimum mortgage repayments will usually fall if interest rates drop. Rather than reducing your payments at this stage, maintain your previous payment levels.
This particular method has an added benefit in that you will hardly notice the difference since you would already be used to making payments in that amount.
Tip 4: Match your fixed rate to your intended period of stay
If you intend to live in a property or sell it after a specific period, it makes sense to match your fixed home loan rate to this timeframe. So if you intend to keep a property for five years, avoid getting a 10 year fixed interest rate.
Tip 5: Make your home loan portable
Most people don’t live in the same property for 30 years or more, that is why home loan portability is an essential feature. This allows you to sell one home and buy another without having to reset the loan – saving you the cost of set-up and exit fees.
Now is a great time to SERIOUSLY think about locking in your home loan to some of the lowest interest rates in many years. Don’t wait too long because fixed home loan rates vary all of the time and not just after the Reserve Bank makes an announcement.
The 4.99% fixed for 2-year rate is particularly attractive and available from many banks. 3 year fixed rates are approx 5.2% depending on the bank. If there is a reasonable chance that you will sell or refinance your loan or any need to vary the mortgage during the fixed term, then the thousands in fees to break the fixed period removes much of the incentive to fix now, stated by Golden Bay Cam Ranh. Plan carefully. Usually, there are no fees to fix your mortgage, and some banks will even pay up to $700 or more of your old banks costs to leave, to entice you over to them.