Small player, big saver

Tuesday 15 June 2010

Article by Mozo

Ever wondered what life is like outside the Big Banks? Ever seen ads for small home loan lenders with crazy low rates and thought it’s just too good to be true?

The truth is there are a host of alternatives to the big brand banks, and they offer some pretty amazing home loan products.

So let us shine some light on the challenger brands who are shaking up the home loan market:

New Online Players: State Custodians, Homestar and MyRate are always at the top of the Mozo tables for having the cheapest home loans

The Stalwart: Resi has been challenging the big boys for over 20 years

New Lender-Brokers: Yellow Brick Road and Opportune were both started by the brains behind Wizard Home Loans

So instead of footing the Big Bank profit bill, check out what these smaller lenders can save you:

LENDER PRODUCT VARIABLE RATE COMPARISON RATE AVERAGE COST* SAVING Big Four Average Standard Variable Rate Loan 7.38% 7.46% $181,508 $0 State Custodians <#Standard Variable#HomeLoan#390#> 6.39% 6.64% $156,697 $24,811 Homestar <#Advantage Loan#HomeLoan#292#> 6.63% 6.64% $158,009 $23,499 MyRate <#Advantage Loan#HomeLoan#292#> 6.63% 6.64% $158,009 $23,499 Resi <#Resi Smart Pro#HomeLoan#603#> 6.69% 6.74% $159,840 $21,668 Opportune <#Agile Home Loan#HomeLoan#622#> 6.49% 6.85% $162,726 $18,782 YellowBrickRoad <#Homebase#HomeLoan#517#> 7.09% 7.15% $171,384 $10,124 *Combining interest rate, fees and charges based on a loan of $150,000 over 25 years

So it’s time to get out of bed with the Big Four and find yourself a young, petite, flexible and willing-to-please lender.

Compare home loans now!

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