If you’re shopping around for a home loan or thinking of refinancing – you’ve probably noticed that mortgage rates vary wildly between lenders. So how do you know you’re getting a good deal?
Here’s how to compare mortgage rates confidently and save yourself thousands over the life of your loan.
Tip 1: Look Beyond the Interest Rate
That low advertised rate might look great… until you see the fees. Always check the comparison rate, which factors in upfront and ongoing costs. It gives you a better idea of the true cost of the loan.
Tip 2: Use a Calculator (Then Get Real Advice)
Online mortgage calculators are a great starting point, but they’re not the full picture. What a bank says you can borrow online might be different from what you can actually borrow once bonuses, debts, or different incomes are considered.
If you’re comparing rates, let us run the numbers with you – no guesswork.
Tip 3: Don’t Just Go to Your Bank
Banks only offer their own products. A mortgage broker (like us!) compares dozens of lenders and structures the loan to suit your goals -whether that’s faster repayments, lower upfront costs, or long-term flexibility.
If you’re comparing rates, let us run the numbers with you – no guesswork.
💬 One of our clients recently came to us thinking their bank’s offer was pretty competitive. After comparing options from over 30 lenders, we found them a loan that saved over $14,000 in interest over the life of the loan – with a lower upfront fee and more flexible repayments.
Tip 4: Fix, Variable… or a Bit of Both?
Interest rates have been unpredictable lately. Depending on your plans, we might recommend a mix of fixed and variable to give you stability and flexibility. Comparing rates also means comparing the structure of the loan – not just the number.
Ready to Compare?
Whether you’re buying your first home, upgrading, or refinancing, we can help you compare options from over 40 lenders – and find the one that makes the most of your money.
You don’t need to have all the answers before speaking with us. Whether you’re six months or six years away from your next property, the right guidance now can make all the difference.
Disclaimer:
The information provided in this article is general in nature and does not constitute personal financial advice. Individual circumstances vary, and we recommend speaking with a qualified mortgage broker, legal representative, or financial adviser before making any financial decisions. Loan products and policies are subject to change.
