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Follow on Google News | Compare Australian Home Loans OnlineIt is really important to compare the different lenders interest rates and fees if you want to get the best deal on your home loan. There is probably no larger amount of money that you will be dealing with in your entire life, so it's important.
Over the term of your loan, a difference of a fraction of a percent can add up to thousands of dollars, and most of the money comes out in the first few years, so you need to do your research carefully, and compare the interest rates, fees, and charges of all the various lenders. By going to a home loan broker, you can probably find a financial institution that will give you a home loan at an interest rate of a full percent less than the most widely used lender, or more. How To Get A Better Deal On An Australian Home Loan If you want a better deal on a home loan, you have to look for the financial institution with the best combination of low interest rates, fees and charges, and you do that through a home loan broker. For example, my home loan is currently about six percent, but a friend of mine who sought out a cheaper interest rate through a home loan broker got a full percent cheaper on his loan, because his loan is about five point one percent. The difference that makes is compounded over a thirty year term, because each time the interest is calculated, you keep more and more of the money, and over thirty years, you're talking about more money in interest than the whole capital amount of the loan. In Australia, the Commonwealth Bank controls the market, and more than half of all loans are issued from this bank. For this reason, other banks offer much cheaper rates, to try to encourage customers to choose their brand instead. If you get a loan that has a better interest rate, even if it's only a half of a percent difference, that can add up to a huge saving over the term of the loan. So, you need to find a home loan broker, or even better, find a free online tool that can help you to easily compare Australian home loan lenders, and their interest rates, fees, and charges. Whether you are a refinancer, and investor, a renovator, or a first home buyer, there is one site that can help you compare Australian loans and lenders easily, and they will also do all the paperwork for you. That site is: http://www.creditandfinance.com.au/ End
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