Top Home Loans
The top home loans you can find are the ones that are most suitable for your circumstances and also dependant on the current state of the market. This is not a blog about who’s offering the best deals right now, it’s something to read before you look at current offers to make sure you’re looking at the right type of top home loans to suit you.
TOP HOME LOANS PROFESSIONAL PACKAGE
I would say that the majority of my clients elect for what’s called a Professional Package. This type of loan covers everything. It’s a product manufactured by the banks to offer more but at a price of course. Whether it’s the best deal for you will usually depend on how much you need to borrow.
Why is that? A package product offers you a discounted interest rate for the life of the loan but comes with an annual fee of between $300 – $400. If your loan amount is over $500,000 then the savings in interest will offset the cost of the annual fee. If it’s under $300,000 for example then you should go for the basic product because the discount on interest isn’t saving you money once you factor in the annual fee.
The package product always comes with an 100% offset account and a fee free credit card which are the other main draw cards.
TOP HOME LOANS BASIC PRODUCT
On the flipside of our top home loans would be the Basic Product. This is the no bells or whistles loan that has no ongoing costs. It’s great if you have a small loan amount and you just want to set and forget it. These basic products have a low interest rate but no 100% offset account. They usually come with a redraw account however which acts in exactly the same way as an offset account but your money isn’t quite as accessible. With internet banking today making life so much easier for us all it’s very easy to transfer money from your redraw to your everyday savings account and if you can wait a day for the transfer to complete.
TOP HOME LOANS FIXED RATES
Fixed rates can be top home loans at the right time. I compare fixed rates to buying shares. As the experts say you want to buy shares when they’re on the way up not the way down. Same goes with fixed rates. At the moment rates for investors are going up so fixing is a smart option. On the other hand fixed rates for owner occupiers would definitely not make my list of top home loans….
There’s a lot to consider so please call or send us your enquiry so we can match your unique needs to one of our current picks for top home loans.