- 16 December 2016
Are You Getting The Best Rate On Your Loan?
As it comes to the end of the year, there is no better time than the present to check that you are on the best rate you can be!
A property buyer borrowing $1 million could pay more than $490,000 in additional costs and fees on a standard variable mortgage by choosing the most expensive loan rather than the cheapest. That's more than $1,300 a month extra for the 30-year term, says research house Canstar.
For borrowers opting to fix their rate for three years, the difference between the highest and lowest rate would be more than $900 a month – or about $330,000 over 30 years.
Property buyers are facing unprecedented variations in rates, terms and conditions as lenders adapt to big changes in the cost of funding, which is influencing the types and costs of products on offer.
Five-year fixed rates range from 3.85 per cent to 5.68 per cent, or more than 180 basis points.The gap for variable loans is 215 basis points.
Property Club brokers consistently get better than market average rates with and for Club members.
More often than not, this is actually with the borrower's current own bank!
Are Property Club member more successful than the rest?. . . yes!!
Read through our latest Property Investor Magazine, to see the successes and lessons learnt from many Club members!
Property Club members have continued to benefit from our extensive Research and more, with 5,000+ members in our Millionaires Club!
Property Club members are having a lot of success with Club Research assisting them to acquire a residential property portfolio, that will give them more choices in retirement!
Make sure you contact your Property Mentor to assist you to catch the wave as well!
Have a great weekend and catch you next week!
Warm Regards,
Troy Gunasekera National Manager
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