Compare and save

Do you have the best home loan for your needs? How would you find out?

With interest rates remaining low and a relatively flat housing market, competition for home loans has heated up over the past twelve months, according to financial data provider Canstar Cannex.

Cannex’s Home Loans Star Ratings Report April 2013 shows that 133 home loan products have dropped their application fee over the past twelve months, bringing the proportion of home loan products with no application fee to 22 per cent.

The report shows that by doing some research and switching to a mortgage with an interest rate just 0.4 per cent lower, you could save $27,230 on a 30-year, $300,000 loan.

To help you compare, the report looks at 1,278 home loans from 100 lenders across variable, fixed rate and line of credit loans for both residential and investment purposes.

This will give you the ability to narrow down products worth investigating further. Cannex suggests you then go to your current provider and see if they can match it – there is a good chance they will, as they won’t want to lose you as a customer.