Overview

As in many other countries, Australia has a large selection of banks, financial institutions and "securitised lenders", each offering a wide variety of home loan products. We have links to a number of lenders under Mortgage Links.

The sheer number of mortgage products can be confusing and it is certainly time-consuming to compare them all. As a result, a great number of mortgage advisors/brokers have come into being.

Mortgage brokerage has become so accepted that over 30% of all Home loans in WA are put through the Lenders' Third Party or Broking channels. Usually this is a free service to the borrower, in that the broker's commission is paid by the lending organisation.

Please read our disclaimer statement.

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Current Mortgage Rates

February 2009 - The Cash Rate Target (base rate) set by the Reserve Bank of Australia is currently 3.25%. Australian rates hit a cycle high of 7.25% in March 2008 and have dropped dramatically in response to the global credit crisis. Over the last few years, Aussie rates have been quite a bit higher than in many other countries, notably the US and UK, as the Reserve Bank of Australia tried to keep inflation down. High inflation has been driven by Australia's booming economy, mainly by high-earning commodity exports.

The recent collapse in commodity prices and the expectation that many of the world's economies are going into recession was the trigger for the recent cuts in interest rates..

Source of data: Reserve Bank of Australia

Below are some rates offered by lenders as advertised in the WA press on 14 Feb 2009.

• Intro mortgage rate = 4.94% - 5.66%
• Standard Variable rate = 5.24% - 6.99%
• 5 year fixed rate = 6.29% - 7.36%
• Typical setup fees = $600

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Mortgage Advisors (our sponsors)

TOP MORTGAGES Top Mortgages is a mobile service that is a true 24 hour a day, 7 day a week finance broker. We are available to our clients at a time and place suitable to them, taking away the need to arrange appointments at bank branches during business hours. In addition, Top Mortgages service is completely free to you as we are paid by the lender for providing the business to them. We are licensed finance brokers with access to over 30 lenders, including all the major Australian banks. We have arranged home loans for many new migrants and understand the particular difficulties that you may face when looking for finance soon after arrival. Please phone or email Rhys or Mike at Top Mortgages to arrange an appointment to discuss your needs.	PO BOX 1265 WANGARA DC WA 6947 Phone: 1300 308 225 (in Australia) +61 8 9562 1591 (from overseas) Rhys Dillon rhys@topmortgages.com.au Michael Watts mike@topmortgages.com.au Visit our website: www.topmortgages.com.au
Full Member: Mortgage Industry Association of Australasia (MIAA) Operating with the assistance of Australian Financial Group (AFG)

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Mortgage Links

Mortgage Advisors/Brokers

• Top Mortgages (Perth)

Banks

• Westpac
• ANZ Bank
• Commonwealth Bank
• National Australia Bank
• BankWest
• St George Bank

Non-Bank Lenders

• Aussie Home Loans
• Home Building Society
• Homeloans Ltd
• IMB Banking & Financial Services
• Keystart Home Loans (WA)
• Members Equity
• Nationwide Mortgage
• RAMS Home Loans
• Resi Mortgage Corporation
• Suncorp
• Wizard Home Loans

Other Information Websites

• Infochoice
• Reserve Bank of Australia

  These links are provided as an information source only - we have no control over content in these sites and make no recommendation about their services or products.

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Disclaimer

Information on this website is intended to give the reader an overview of many aspects of life in Australia, such as healthcare, real estate, tax, superannuation etc.

While we at Aussiemove.com have performed a large amount of research on each subject area, we do not claim to be experts in those fields and we recommend that migrants discuss their requirements with companies specialising in those fields before making purchases, investments or other decisions concerning their move.

The content of this website is general in nature - no specific advice is intended. Specifically, no advice about mortgage rates or lenders should be construed from the content of this webpage.

We provide information about and links to certain companies as a service to migrants. We also act as a referral agent for some (eg. Select Mortgage Services) and may receive a small commission from them for referrals.

We make all referrals in good faith. However, we make no specific claims or guarantees regarding the performance of these companies and we accept no liability regarding their products or services. All individuals should do their own research.

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