What Is a Home Loan for the Lowest Rates?
In Australia, the lowest rates for mortgages start at 2%. Mortgage House offers some mortgage rates that start at 1.94%. However, the bulk remains in the 2% range. Interest rates indicate the risk a homebuyer poses. Thus, the lower the rate, the less risk the homebuyer poses. The market also plays a role in available interest rates. If the Reserve Bank of Australia decides to raise them, lenders must comply and raise theirs too. More often, the homebuyer can help their cause by preparing their finances before applying.
Conventional mortgages provide the most competitive loan terms. However, they have strict parameters including:
- A 20% deposit
- Three months of payslips
- Three months of bank statements
- Stellar credit score
When a homebuyer cannot provide any of those requirements, they no longer qualify for the conventional version and must apply for another. For example, a homebuyer with a credit score closer to 500 than 700 benefits from applying for a Mortgage House bad credit mortgage. Small business owners who cannot provide full financial documentation benefit from applying for a Mortgage House low doc loan.
The goal is to put the homebuyer in a position to succeed financially. Moreover, our team wants to ensure that the homeowner can repay their mortgage on time and in full.
Lowest Rates for Mortgages Conclusion
Our loan specialists at Mortgage House understand that homebuyers want to obtain the lowest home loan rates. Therefore, they use our proprietary tools to find competitive loan terms for most applicants. Contact our team today.