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With all the home loans that are now available, finding the best one to fit your needs can be a difficult process. Interest rates are currently decreasing, and that is why now is the best time to buy your first home or even refinance your mortgage to a lowered rate. Here at Comparison Koala, we also have a home loan negotiator service which is the same as having a mortgage broker here in Australia. We also offer a large database full of home loans with varying features and options. Some of the home loans that we offer include variable rate loans, fixed rates loans, etc.
We also offer reviews of home loans by actual customers which will give you the inside scoop into aspects such as customer service procedures and even if there are any hidden fees.
Mortgage rate comparison
Here at Comparison Koala, we make it possible for you to easily compare home loans and filter out the ones that don’t work for you and your needs. You are able to search home loans through terms such as extra repayments, offset accounts, or even free redraw. You are also able to contrast home loans after you have chosen several that you are interested in enabling you to narrow down your top choices into your one singular choice. After you have chosen the home loan perfect for you and your needs, you will be able to apply online directly at the lender’s site.
Here at Comparison Koala, we also offer a home loan negotiator or mortgage broker to assist you even further. The home loan negotiator will be able to find the lowest home loan interest rates that fits you specific needs perfectly. You will also be able to ask the home loan negotiator any questions that you may have about the entire process such as which bank you can borrow from, which credit union to use, which non-bank lender is the best to use, and how much you can actually borrow. You will also be able to gain assistance with your application process which can make things much easier in the short and long-term.
Finding the right home loan for you
When starting to research home loans, it is advised that you figure out whether you need a loan that offers a low interest rate only or if you are looking to gain additional options with you home loan as well. It is a reality that the home loans which are the least expensive also don’t have a tendency to offer features and extra options such as unlimited redraw and extra repayments. It is important to do diligent research through Comparison Koala when determining the best home loan for you and your needs, and make sure to always read up on rates and fees when it comes to the home loan that you choose.
Fixed rate or variable rate?
When it comes to interest rates, there are two versions available, the fixed interest rate or the variable interest rate. A fixed interest rate is most beneficial when interest rates are low since a fixed rate will enable you to keep the same interest rate for an agreed period of time. Your monthly payments will be the same no matter if interest rates rise or fall.
The problem that could arise with a fixed rate is that many fixed rates do not offer extra features such as extra repayment options, and they are also costly to break if you do decide that the fixed rate is no longer fulfilling your specific needs. Conversely, there are many options dedicated to variable rate loans which might fit your particular needs better.
In addition to a fixed or variable rate loan, there is also an option that you are able to get which is a split loan. A split loan is able to fix a portion of your mortgage but keep the majority of your rate at a variable which will enable you to have some flexibility over your situation.