Despite the RBA keeping rates on hold again for another month, lenders are still fighting it out for market share by reducing their home loan rates, with some going as low as 4.54%. Fixed rates are also getting cut, with one major releasing a three year fixed rate of 4.79%.
Whilst this is great for the consumer, when it comes to finding the right loan it is not all about the rate. Finding a competitive rate is important, however there are other factors you need to consider. Some of which include the following;
- Do you have the ability to make extra repayments?
- Are you on a honeymoon rate?
- Do you have access to an offset account or re-draw?
- What are the fees
If you haven’t reviewed your loan recently, then now is the time given the strong competition in the market place.