Lenders - whether a bank or otherwise - must comply with a range of credit, privacy and consumer laws, as well as industry codes.
Is it likely you'll want to make extra repayments? If so, you'll need a mortgage that easily facilitates this. Maybe you want to connect your loan to an offset account to reduce the interest payable.
If there are features on an account that you don't actually need, consider downgrading on services and obtaining a cheaper interest rate!
If you find a deal that is better than your current mortgage, it could be financially savvy to refinance and switch providers.
A comparison rate is the interest rate including all relevant fees and charges.
It's important to use this comparison rate when you compare different loans between lenders, as this is the true cost of the loan.
If you have a fixed rate, you can protect yourself against any increases in interest rates for a one to five year period. However, you might miss out on getting a better deal from your lender if their rates drop.
Have you considered a partially-fixed rate? This entails dedicating a proportion of your mortgage to a fixed rate, and the rest on a variable rate.
Otherwise known as a split loan, this will give you a sense of security on the fixed rate proportion while leaving you to reap the benefit from any drops in interest rates on the remainder of the balance.
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