If you’re looking to compare mortgage rates, or if you want to do a mortgage rate comparison between the different banks and often you’re looking on interest.co.nz, you’re just reading the paper, it’s really important for you to know that the rates that you see advertised are often not the rates people are getting. It’s quite likely that with the right application, you might be able to get bigger discounts than those rates that you see advertised.
It’s not always the case, but it’s often that if you’re talking to a mortgage advisor that we would be seeing implications and offers from the banks, dozens of times a day, every day. So, we know what banks have an appetite for new business. And so, when you’re looking at a rate like 3.95% and another bank’s offering you 3.99% then you might think, “Well, it makes a lot of sense to go to go with the 3.95%.” But, what you might not realize is that the higher offer might include more cash back and the lower rate might only have a small amount. One might allow for, another $100,000 of lending. And so if you want to buy more properties, or maybe you’re looking at a car next year or holidays, a different bank might actually be better for you in the long term and give you more options.
The rewards points at this bank or the bank products like offset or revolving credit might be favorable to the kind of lifestyle that you want to lead. And so, depending on how many properties you buy, what debt consolidation questions or future challenges you might have. What you’ve got to remember is it’s not just about the rate, there’s actually a lot more to it.
So when you’re doing a comparison, don’t look at the rates and think that’s the rates – they’re often lower. And, don’t be afraid if you’ve got friends or, people that you know are mortgage brokers and mortgage advisors, don’t be afraid to ask them, even if it’s just for a refix. We do a lot of refixing for clients. No bank switching needed. By all means, feel free to give us a call or flip me an email, email@example.com.
We can actually show you the proper mortgage comparison options. We do a lot of mortgage break and refix as well. So, you might be in the middle of your term, don’t be scared about break fees. Usually, with cash back and interest rate savings it does make sense and we check everything on a spreadsheet for you. So, don’t try run the numbers yourself in case you make mistakes and just be aware that what you see online or in the paper is not always necessarily what you are actually able to get.