When it comes to home and investment property ownership, what the MAJORITY focus on is the SHORT TERM.
The most frequent question we get asked is, “what’s the lowest rate in the market?” That’s like asking – which is the cheapest car in the market? Without the airbags and all =)
To elaborate on what the majority focus on is…
- Honeymoon rates – which offer an initial low rate and actually end up turning into a Frankenstein rate, after the honeymoon period is over
- “No Frills” & “Basic Home Loan” – which can give you short term savings but no service or potential to save thousands of dollars without the suitable features
- Lastly – the key killer is “Convenience” – it’s perceived to be “easier” to walk into a branch or walk up the road – however what is the cost of getting input that doesn’t meet your needs and acquiring a contractual arrangement that locks you in and doesn’t consider your LONG TERM GOALS?
In contrast, astute property buyers focus on:
- Minimising interest – with suitable features and therefore a potential to save thousands of dollars over the life of the loan
- Flexibility of their loan over short term focus – so they can make changes to their loan in an event of life and goal changes
- Flexibility to access equity – for future investments or improvements they can make to their home! As opposed to being stuck with something that doesn’t serve their needs & goals
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