Are you a first-time homeowner looking for the best home loan rates? It can be hard to find a genuine lender offering a full-featured home loan at a competitive rate. The cheapest home loan might seem like the one with the lowest interest rate; this is not always the case. As a first-time buyer you have many unique opportunities to save money and secure a great deal on a home loan.
I have compared many home loan packages from many different lenders, and I have found the real deal home loan. This home loan is aptly named ‘the real deal’ and it is offered by Australian lender Newcastle Permanent Building Society, check out their website for the best mortgage rates.
So, what makes the real deal so good?
Outstanding interest and comparison rate.
If you are buying a home to live in, and you can pay a deposit of more than ten percent of the principal borrowed than you qualify for the real deal special interest rate. At just %3.19 it’s one of the lowest rates I have ever seen.
Remember when I said the cheapest home loans aren’t always the ones with the cheapest interest rates? This is because home loans attract all sorts of fees and charges, that when added up can really affect how much the loan is costing you. To make things easier, lenders will provide a comparison rate. This rate is a more accurate indication of the cost of a loan and can be used to compare products from different lenders.
The comparison rate of the real deal is just %3.23, as you can see, you aren’t paying much for fees and charges, this is always a good thing. Such a low rate compares very favorably with other home loans tested, with the average comparison rate being around %4.5.
Rich in features.
The rate of interest has a massive effect on your repayments, but it’s not the only factor at play. Some home loans offer features to help you manage your loan, and some do not. The ability to make extra repayments can save you tens of thousands in the long term. Some loans allow you to make withdrawals in case of emergencies.
The real deal home loan features both. You can make unlimited withdrawals and extra repayments of up to $25000 a year. The real deal also offers a massive money-saving feature, the offset account. While some lenders offer a partial offset account, the real deal features a %100 offset account.
An offset account is a savings account that is used to offset the amount of interest paid on your initial amount borrowed. For example, if you borrowed $500000, with an offset account containing $50000 you will only pay interest on $450000. An offset account is a game-changing money-saving feature that rewards consistent savers. Some lenders charge for the inclusion of an offset account, the real deal does not.
An honest home loan can be hard to find. The competition is fierce; cutting through false promises can be daunting, and determining must-have features can be a headache. Luckily, Newcastle Permanent Building Society has produced one of, if not the best home loan for owner-occupiers.
With a competition destroying comparison rate, and an even more impressive suite of extras, you will be hard-pressed to find a cheaper home loan with the flexibility of the real deal. An extra repayment and withdrawal facility and an offset account, this home loan as all of the features you need, with nothing you don’t. All of these features offered from an Australian lender? This home loan really is the real deal.
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