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The best mortgage lenders revealed when homeowners are struggling to raise interest rates

Some of the best mortgage lenders have been revealed, as new research shows that many homeowners are already suffering from the announcement of interest rate hikes.

The comparison website Finder has revealed a mortgage reward for 2022. Winners are based on factors such as fees, required deposits, whether the loan has an offset account, and interest rates.

Reduced mortgages have won two of seven categories. The best investor mortgages with fixed interest rates for 3 years and the best investor mortgages with floating interest rates.

Macquarie Bank has also won two awards: a floating rate best refinancing mortgage and a fixed rate best refinancing mortgage.

G & C Mutual Bank got the best low-deposit floating mortgages, Beyond Bank scooped up the best home-owned mortgages at a three-year fixed rate, and Freedom Lend got the best-owned home loans at a variable interest rate.

“The winners further prove that some of the best offers on the market aren’t necessarily from the big banks around the corner,” said Salameginson, senior editor of Finder Money.

“I don’t want to be so poor that I can’t afford to have fun or travel because all my money is tied to a mortgage.”

Camera iconThe best mortgage lenders can be found by assessing their fees, the size of the deposit required, whether the loan has an offset account, and interest rates. credit: News Regional Media

Meanwhile, almost one in three Australian homeowners struggles to repay their mortgages, according to Finder’s Consumer Psychology Tracker in April.

Mortgage stress is likely to rise again in May and June, as monthly payments swell, Mr. Meginson said.

“In the last two years, a record number of buyers have entered the real estate market, but many haven’t budgeted for rainy days,” she said.

“If you can’t afford to repay, talk to your lender right away. The lender may be able to restructure your loan to relieve the pain.

“Refinancing a mortgage is also one of the best ways to save money. A higher cash rate may be a good reason to lower your rate.”

Angus Gilfilian, CEO of Finspo, told NCA NewsWire Monday that living expenses are a challenge for many Australians.

“To make the biggest impact on their savings, many Australians focus on their biggest household expenses. It’s their mortgage for most homeowners,” he said. ..

“Australian people recognize that there are many great lenders, not just the Big 4, so with the help of mortgage professionals, we cast a wide range of nets and a wide variety of products and lenders. It is important to compare. “

An elderly couple at home with many bills
Camera iconMany people are already experiencing the stress of mortgages. credit: istock

Gilphilian warned that lenders do not always provide you with personal updates when interest rates fluctuate.

“In fact, many lenders are only obliged to print ads on national newspapers to inform their customers about price changes,” he said.

“Usually it’s up to you to log in to your bank’s app or website to track interest rates and search for loan details.”

So far, most lenders have announced that they will change interest rates in line with the Reserve Bank of Australia’s 0.25% increase in cash rates last week, with an immediate effective June, according to Gilphilian. Up to 1 day.

“But your repayments may not change immediately, they may already be over the minimum amount, or your repayments are only after a certain period, for example on the annual loan review date. It may change, “he said.

Lenders usually offered better deals to new customers, he added.

The best mortgage lenders revealed when homeowners are struggling to raise interest rates

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