Line of Credit home loans
Well we have decided to get a house, or unit. As I still want to continue my messing with investments, a Line of Credit type home loan looks the go. I like the product from Wizard Wealth Power (Line of Credit) loan but the interest rate seems a tad high compared to what’s out there. We’ll see if they negotiate down.. otherwise it’s off to LoanAustralia..
Also that meet the parameters of having seperate acounts for keeping personal and investment use of the loan differentiated is the LoanAustralia Line of Credit. The difference in Comparison Rates is 7.77% - 7.16% = 0.61% between LoanAustralia and Wizard.
Also interesting to compare these two web pages:
http://www.loanaustralia.com.au/interest_rates.asp
http://www.aaamortgagefinance.com/interest_rates.asp
Hosted on the same class C network, owned by the same parent company, just differently themed and with a difference in the interest rates. Guess one is a site for signing people up at a higher interest rate if people don’t look around too hard.
http://www.ratebusters.com.au/products.asp
these also look OK, and appear more feature filled than LoanAustralia
Comment by arandomperson — May 29, 2007 @ 2:02 am
Ratebusters have really wrong fees compared to LoanAustralia. Their comparison rate is based on 30 years, which is IMHO very wrong loan term for the home loan
About http://www.aaamortgagefinance.com - It looks like it the company that uses same products as LoanAustralia but pays commissions to mortgage brokers.
Comment by Mark — May 30, 2007 @ 10:09 am
I thought the point of comparison rates is they are all calculated the same manner - well I just looked in “Your Mortgage Magazine” and they have the comparison rate for RateBusters at 7.17% so I guess that is the rate caculated for 25 years?
re: http://www.aaamortgagefinance.com - so I guess this means a mortgage broker is not a good idea for getting the best rates if a company will offer their products to brokers at higher rates than they offer direct. I think LoanAustralia and aaamortgagefinance more closely associated than just using the same products as the WHOIS info indicates the domains registered by the same person and a bit of googling quickly shows they are essentially the same company.
Comment by arandomperson — May 30, 2007 @ 10:51 pm
I just called loansaustralia and they answered with AAA Mortgage greeting i was perplexed on this. Anyway the call was answered within 2 mins. But the lady was a little softly spoken and didnt know what to say when i asked her who is the backer of this operation / source of funds. she had no idea
Comment by james — July 24, 2007 @ 6:48 pm