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Date Published : Friday, April 11, 2008
A recent report found that home loans throughout Australia would be cheaper if the federal government introduced a mortgage-backed securities market.
As a result of increasing financial pressures - the credit crunch and increasing interest rates the main culprits - many home loans on the market are not much more expensive than they were a year ago.
This new system would make mortgages guaranteed against the state and, therefore, would create lower prices for all homeowners.
Australian Securitisation Forum chief executive Greg Medcraft told AAP: "We've had a favourable response from the big banks as well as the small banks. With government support, we think it would be reasonable to have it up in 12 months."
However, despite this, there are still some bargains to be had in the home loans market at the moment.
Aussie Loans currently charges 7.49 per cent on its standard variable rate home loans and homeowners can choose the length of the deal for a maximum of five years.
The company does not charge an application fee and offers a range of home loan products to suit the needs of most homeowners.
Meanwhile, Wizard Home Loans currently offers those looking for a mortgage a maximum term of 30 years, with a current rate of interest of 7.64 per cent. For a $100 application fee, customers get access to a range of products and a fast service - which takes just four minutes to get a home loan approved in principal.
Compare loan deals.
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