No-Frills Loans Are No Answer to High Interest

The Morning Bulletin (Rockhampton, Australia), November 23, 2010 | Go to article overview

No-Frills Loans Are No Answer to High Interest


THE rise in interest rates have brought housing loans back into the spotlight and many borrowers are even considering changing lenders to take advantage of what may seem to be a cheaper rate.

Unfortunately, it is not as simple as it sounds and sorting through them is just as tricky as working out which phone plan is best for you.

A useful guide is the comparison rate sheet which all lenders are required by government legislation to display, but keep in mind that it is only a starting point.

Even though it includes the basic loan costs such as set-up fees, interest rates and ongoing charges it does not include bank fees that are only charged in certain circumstances.

These include fixed loan early termination fees and redraw fees.

But there is more to a loan than the interest rate and the fees and charges.

One of the most important things to consider is flexibility.

Now you might believe that a no frills loan with low fees is perfect for you right now because your affairs are simple and your present intentions are to stay in the one house for many years, but keep in mind that change is always with us, and your present loan may not be appropriate if things change. …

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