I am a fan of CUA (Credit Union Australia) Their rates are competitive they have a 100% offset account, you can redraw if you need the extra money you pay onto your loan free of charge and they give you a fee free account, and there are no monthly account fees of mortgage. I really rate them and I have worked for some banks… They come out to your home too which is an added bonus.

the last comment on here is so big and informative

There are a couple of different types of loans, which will relate to both the level of risk you are willing to take and your spending habits.

Some people prefer a fixed interest rate, which is locked in for a defined period of time and often comes with a limit of how much you can pay additionally each year. This is good for those who want to don’t want to be at the mercy of interest rates and won’t be in a position to pay extra money againest their mortgage.

A variable interest rate will rise and fall according to both Reserve Bank changes and the mood of their financial institution, but it can also allow you to pay less when interest rates fall. Again, check to see if there is a cap on how much you can additionally pay (if you are in a position to), so that you don’t incur any penalties if you can do this.

Some banks offer the option of paying your salary into your mortgage account, which then reduces the amount of interest you pay (if paying a variable rate). If you tend to spend out your budget, then this will provide a way of impacting upon your loan and can act as an incentive to save.

Finally, as per a previous answer, use an independent mortgage broker. They are free, as any commission is paid by the lending institution you go with, and as they don’t work for a particular lender, will effectively compare rates and loans and find the deal that best suits you. This includes being able to calculate the costs over the life of the loan, including initial costs, interest rates and how the loan suits your spending style/budget.

we did our own homework and compared with a couple of banks. And I made sure that I understood and was happy with EVEYTHING before I signed. I just don’t trust anyone. Sorry, I don’t know whats out there now

It’s best to do your homework and investigate all the different types of loans out there from the various banks, building societies and credit unions to give you an idea of what is being offered and best suits you. You may like to start with a broker but don’t stop at just one company’s advice. Do your homework and look around, even if online.

Hey: an apt with a broker is free and they can come to you -best person to give u an overview of lenders, rates, terms, deposit requirements and to fix or keep variable good luck x