In Australia, the Big Four banks are CBA, Westpac, NAB, and ANZ. They all have a large selection of loan products to choose from. However, smaller lenders, as well as non-banks, also offer competitive loan packages and interest rates. They can also provide loan features and cashback offers as the Big Four can.
Benefits and drawbacks of getting a mortgage from the Big Four
Mortgages from the Big Four offer convenience, a large selection of products, stability, and service. However, they often don’t provide the lowest interest rates available and don’t have many loan options for non-conforming borrowers. In addition, some smaller lenders actually partner with the Big Four.
How to Find the Best Mortgage Available
Often, choosing a bank to have a mortgage with is not about the bank at all. It’s about the loan itself. Choosing the right loan for you is an essential part of the mortgage process. Using online comparison tools to compare interest rates and loan features can help you determine which bank is the right lender for you. Look for interest rates comparable to the national average, with beneficial features that fit your needs, such as cashback, offset accounts and internet banking. In addition, you want to understand your current financial situation to determine if you need a variable-rate, fixed-rate, or interest-only home loan.
The Mortgage House Difference
Mortgage House is a non-bank lender. Our team of brokers has access to a vast network of lenders, allowing us to help you find a home loan that fits your financial situation and goals. Our loan and mortgage options may be better than those of traditional banks.
