During this time, you will pay back the loan principal (the amount borrowed) plus interest (the rate charged by your bank to borrow money). What is a home loan?Ī home loan (or mortgage) is money borrowed from a bank or lender to fund the purchase of a property.Īustralia has one of the most expensive real estate markets in the world, so the vast majority of people who want to buy a home will need to take out a loan to do so.īorrowed money is paid off in instalments over a 25 to 30 year period. We compare home loans from more than 80 lenders across Australia to help you find some of the best mortgage rates, whether you’re buying your first family home, refinancing, or adding to your property portfolio. Mozo’s simple home loan comparison tools can help you find it. There are plenty of home loan options on the market from big banks, customer-owned banks, challenger banks as well as digital lenders, which means there’s sure to be a home loan that suits your needs. comparison rate*)Īustralians are spoiled for choice when it comes to choosing a home loan. comparison rate*)Ĭommunity First Bank | 5.94% p.a. Lowest variable home loan rates in January 2024Īt the time of writing, these are some of the cheapest variable interest rate offers from lenders in the Mozo database. Let’s look at some standouts for the start of 2024 – and have a Happy New Year! There are many features to compare, from offset accounts to payment frequency, so spotting a good deal is about spot-checking as many home loans as possible. That being said, a home loan is more than its interest rate and loan-to-value ratio (LVR). There may be another Reserve Bank rate rise in February, but rate cuts could also happen as early as September 2024.Īltogether, this could mean the savvy Aussie home buyer can move on a dream home that will not only gain in value but get a home loan that could become less expensive (if they opt for variable, not fixed). The property market has some major capital growth in store, if Domain and CoreLogic are bang on the money, and interest rates have largely settled. Home buyers thinking 2024 could be “their year” have good reason to hope. Updated by: Evlin DuBose, home loans writer, 2 January 2024 Home loans monthly snapshot: January 2024 If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo. While we pride ourselves on covering a wide range of products, we don't cover every product in the market. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. Mozo provides general product information. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Different amounts and terms will result in different comparison rates. *WARNING: This comparison rate applies only to the example or examples given. This article is an excerpt.^See information about the Mozo Experts Choice Home loans Awards However, there are different types of loan arrangers in the market and you need to find one who will give you the best service. And we provide these services at the doorstep of customers,” says Surjit Singh Grover, head (e-commerce), Andromeda Marketing Pvt. Our main functions include completing documentation, submitting documents to banks and ensuring that the process does not take much time. “We basically work as an intermediary between a loan provider and a loan seeker. So in a way, they help you save time and ensure the process remains smooth for you. Here’s a look at the benefits of availing their services. From filling forms to submitting documents, every minute detail is taken care of by them. These service providers help you secure a loan from the comfort of your home. Indeed, they are not loan providers, but are “loan arrangers”. The slogan on the hoarding caught your eye: “ No paperwork, get loan in 7 days.” You quickly jotted down the phone number but wondered how an entity, other than a bank or a lending institution, can assist you in getting a loan.
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