2010 has turned into the year where non-bank lenders have escaped the shadow of the big banks! And with interest rates on the rise, competition is getting stronger which means consumers can gain greater value out of their loans if they do their research.
Just like shopping centres give you a centralised place to compare prices sales and deals for clothes, most people would like a one-stop loan shop to provide opportunity for you to compare and contrast the loan products that best suit your situation.
There are a lot of websites out there that provide an abundance of information to guide you through the home loan maze but they also report on competition in the home loan industry. Websites such as Info Choice, Rate City, Your Mortgage and Your Investment Property are good places to start.
Other websites which have only been available in the past year or two and also worth a visit are Mozo, Money Buddy and Home Loan Hints. Also check out Resi’s informative videos on My Home.
Also, don’t forget to flick through the financial and property sections of your weekly paper. This is usually a good starting point for your research into the right home loan for you. Your national paper will also have an abundance of budgeting tips and market news and can give you an idea of how much houses are selling for in your area of interest.
Tags: affordability, Budget, Credit Cards, Debt Consolidation, Equity, First Home Buyers, Fixed Rate, Home Loan, Home Loans, Interest Rates, Invest, Lender, non-bank lenders, rate rise, Refinance, Variable loan, variable rate