With our home ownership rate staying steady at 70% since the 1960s, there’s no doubt it’s still the Australian dream to own your own home or investment property. We invest a lot of time, research, and emotion into the many decisions we make along the way to getting there. Thankfully, CANSTAR is here to help when it comes to your financial decisions – and there are ways to save over the life of your home loan.
A package home loan can result in significant savings, from a lower interest rate to discounts on the banking and insurance products included in the package.
As an example, over the 25-year loan period, home loan monthly repayments on a $500,000 loan at a 4% interest rate would be $2,639 compared to $2,922 at 5%. This is a saving of $283 a month, which will equate to $3,405 a year. (Try our Home Loan Repayment Calculator and you’ll see what we mean.)
In 2015, CANSTAR researched 37 package products from 33 lending institutions. The home loan packages researched not only offer home loans but also allow a consumer to take out a credit card and a deposit account with no annual or account-keeping fees. Read on to find which package home loans provide outstanding value for Australian home buyers and property investors.