Thinking a
big bank will give you more bang for your bucks in your property investment loan
Over the
last few years, APRA has been reviving competition in the finance sector,
particularly between the big banks and non-bank lenders.
That's
because the big four in Australia – the Commonwealth, Westpac, ANZ, and NAB,
have a monopoly on the mortgage market with over 90% of the market share in
home loans.
However
when you look beyond the massive advertising campaigns that banks can afford to
flood the market with, often you'll find that their smaller, non-bank
counterparts can provide just as good, if not better deals.
Banks rely
on consumers to go with what they know and most of us have been bank customers
all of our lives, hence we feel more confident dealing with them for a
mortgage.
But are you
really getting the best deal?
Get it right
Rather than
remain in your comfort zone, when you start researching lenders why not
consider smaller operators who might be able to better what the banks have on
offer?
Often
you'll get more personalised service from non-bank lenders and your money will
still be safe as they are regulated by the same industry body – the Australian
Prudential Regulation Authority – that keeps the big boys in check.
RealRenta has all the tools a property manager has but for
less than ¼ the cost of a property manager.
Join now and the cost is less than a cup of coffee a week to manage your
rental property
RealRenta also has a free vision, so why not check it out
Jason Gwerder
Friday, 26 August 2022