The difference between mortgage rates and official interest rates is at its greatest in 18 years after an unexpected move by many of the major banks. With many banks raising mortgage rates this month, the average standard variable mortgage rate is at 7.4 per cent which is 3.15 percentage points higher than the current RBA interest rate.
Analysts warn that banks are likely to continue increasing mortgage rates in order to boost profitability despite the fact that funding pressures have eased in recent weeks. With the current rift between mortgage and cash rates growing, it is extremely important for those intent on buying a home, choose a good loan.
Choosing a home loan that fits your financial situation will save you money, and make the process of paying it off far less stressful. When looking for a home loan, many Australians are turning to mortgage brokers for aid and advice.
A mortgage broker uses his expertise to quickly and efficiently find you a great loan. However, with the range of brokers out there it is important to choose carefully.
Tips to Choosing a Mortgage Broker
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