If you ask people what they want in a home loan, a good interest rate is probably high on the list. Lenders may use a great interest rate to attract customers. This happens so often, that many people think the interest rate is the most important thing about the loan.
After all, a good interest rate means you’ll pay less interest. So what else is there to think about?
Great interest rates, with hidden strings
Unfortunately, really low interest rates usually have strings attached. The conditions and criteria that come with these great rates might not be clearly stated. This means people aren’t aware of the criteria attached to these home loan packages, until they apply. Then they may find that they are ineligible, or that the loan isn’t as great as they thought it was.
For example, one lender recently advertised a home loan package for first home buyers who have a small deposit, with a great interest rate. The promotion attracted a lot of interest. Some first home buyers who hadn’t been able to save a large deposit thought they’d found the perfect solution.
But, what the lender didn’t advertise as clearly, were the requirements and criteria for this great rate. What many people didn’t realise, was that the lender has strict rules about where a deposit needs to come from. Additionally, the lender requires that applicants show they have been saving the equivalent of their prospective repayments, every single week.
As you can imagine, many people would not meet these criteria. Some people advised they only discovered these requirements when they were declined for not meeting them! This left them with no home loan, and a mark against their credit file.
How to be Savvy when looking for a good home loan interest rate
At Bee Finance Savvy, it’s our job to be aware of all the hidden rules and requirements lenders don’t tell the general public about. This allows us to match our customers not just with competitivee rates, but with lenders who will actually approve them.
We use our extensive lender panel and insider knowledge to your advantage. We do the shopping around for you. We’ll find you the home loan package and interest rate that suits you best, with the right lender – the first time around.
As part of our commitment to quality customer service, we don’t submit applications unless we’re very confident of their success. This makes the process much less stressful for our customers, and allows them to plan their purchase with confidence.
Find out more
If you’d like to find out more about the home loans and interest rates available to you, it’s easy! Get in touch with our savvy broker Desiree. While proudly based in Sydney’s Sutherland Shire, Desiree also works with clients from all over the country. To discuss your situation, you can call or text her on on 0455 131 937 or 1300 140 554. Desiree can also be reached at email@example.com .
Alternatively, you can fill out the contact us form on this site.
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