Best Mortgage Rates – Which Bank Has the Best Mortgage Rates?
As of October 2022 in Australia, the bank with the current best mortgage rates seems to be Macquarie Bank’s Basic Home Loan. However, individual applicants are capable of finding a lower mortgage rate by researching and comparing the loan options available to them.
A mortgage rate is another way to describe a home loan’s interest rate and indicates how much interest a lender will charge a borrower on each mortgage repayment. Additionally, a lender will also calculate a home loan applicant’s borrowing power to get an idea of how much they are approved to borrow and determine their ability to make the required mortgage repayments, as well as the applicant’s overall risk factor as a borrower.
An applicant can potentially decrease their home loans interest rate by trying a wide variety of methods, including the following examples:
- Consider opening a mortgage offset account
- Researching and comparing various home loan options to find the lowest interest rate available
- Make extra repayments in addition to the repayments that have been scheduled by a lender
- Avoid applying for an interest-only home loan
- Switch the mortgage repayment schedule to fortnightly repayments
- Improve low credit scores
- Refinance a current home loan
If you are interested in learning more about mortgage rates or are ready to apply for a home loan, reach out to the Mortgage House lending specialists for additional information and specialised assistance with the home loan application process.