Osborne Park, WA – A Perth mortgage broker has highlighted why it’s important for Australians to understand comparison rate better. The government has put a law in place that requires all lenders to display a certain rate next to the interest rates that they advertise. The rate being displayed helps consumers or borrowers to determine the true cost of any loan they wish to take out, such as a mortgage. The broker, Mortgage Hero, is here to help consumers understand the importance of learning everything about comparing rates when considering their options for loans.
In the words of the brokerage’s spokesperson Tom Porter, “Most home buyers invest in property and mortgage facilities without spending enough time to appreciate what a comparison rate is. Consequently, they only discover much later that they were unable to get the best and most suitable loans or mortgages. The fact that a recent National Mortgage Survey discovered that around 29 percent of all Australians were not as financially literate as they ought to be highlights the fact that many people are using sub-optimal mortgage facilities”
The lenders in Australia have a role to play in educating the public on the importance of understanding comparison rates and fees. In fact, it will be beneficial to lenders to begin educating their clients on this. Borrowers and homeowners face different circumstances and have varying needs. Creating a one-size-fits-all solution is not a good idea; that’s why there are different types of products to cater to the unique needs of each homeowner or borrower. By publishing and educating the public on how to compare rates, lenders will be making it easier for the general public to make informed decisions when it comes to loans and mortgages.
Mortgages and loans in Australia have historically been attached to low-interest rates. However, this has not convinced 33 percent of the non-mortgage holders in Australia who hold the view that buying property is something they cannot afford. The low-interest rates also have yet to convince 40 percent of Australians who fear being priced out of the real estate market essentially because of the ever-increasing property prices and fees. What such Australians need is a proper understanding of the comparison rate to ensure they are actually getting the best deal. Mortgage Hero is a great resource for potential homebuyers to compare loans with different fee structures to determine how much they will have to pay over to course of the loan and what they can afford.
Anyone who has wanted to buy a home, but has always thought it to be too costly is encouraged to get in touch with Mortgage Hero for all the information they need about comparing rates and mortgage costs. In the long run, the knowledge a potential homeowner obtains today will be of immense help anytime they feel ready to take out a mortgage as the first step towards owning property.
5/17 Pearson Way
08 6316 0408
Osborne Park, WA6017
Company Name: Mortgage Hero
Contact Person: Tom Porter
Phone: 08 6316 0408
Address:5/17 Pearson Way
City: Osborne Park