What Is the Best Interest Rate for a Home Loan?
In most cases, the best interest rate is the one that you can obtain. In Australia, home loan interest rates range from 2% to 5% on average. Mortgage House offers a few mortgages and home loans that have interest rates in the 2% range. For example, our Mortgage House Essentials Low Rate Home Loan 80 carries an interest rate of 2.19%. Our Mortgage House Affordable First Home Buyer Special has an interest rate of 2.59%.
To qualify for the best interest rates, homebuyers must organize their finances first. Conventional mortgages have the best loan terms. However, they also have the most strict requirements. Homebuyers must provide a 20% deposit and three months of payslips and bank statements. Small business owners and gig workers cannot provide payslips. Therefore, they cannot provide full financial documentation. It disqualifies them from the conventional mortgage and qualifies them to apply for low doc loans that have higher interest rates.
The good news is that Mortgage House works with an array of clients. As a non-bank lender, we have the freedom to lend to clients that have blemishes on their credit reports. In addition, we compete with banks for well-qualified applicants. Our loan specialists have access to proprietary tools that allow them to evaluate applications efficiently. Then, they spend more time with the underwriting department to find the best loan terms for most applicants.
Best Interest Rate Conclusion
Homebuyers who believe that they deserve the best interest rate for their mortgage can contact our Mortgage House loan specialists. Start the process of searching for loan terms today.