Lifestyle

VIDEO: Building society slashes rates to below the big four

IT ALWAYS pays to shop around.

That's the advice for Rockhampton's first-home buyers from The Rock Building Society CEO Andrew Paynter.

Mr Paynter spoke to The Morning Bulletin after The Rock slashed their home loan interest rate to 4.79%, beating the 'big four' banks.

He said it was important for people to take advantage of obligation free consults many lenders offered when searching for the right price.

"Take the time to get another opinion," Mr Paynter said.

"You'll be amazed at how much you can save."

Given the competitive home loan market, Mr Paynter said people should be wary of lenders charging unnecessary fees on top of the loan.

Mr Paynter said when shopping around, it was also important to find out what the bank's comparison rate was, not just their advertised interest rate.

Bank-beating rate

The Rock Building Society, Rock Essentials Home Loan: 4.79% comparison rate

ANZ, Simplicity Plus: 5.23% comparison rate

CBA, No Fee Variable: 5.2% comparison rate

Westpac, Flexi First Option: 5.13% comparison rate

NAB, Base Variable: 5.12%

Information accurate as at July 31, 2014.

He said the comparison rate included added fees associated with taking out the loan on to the interest rate and, in some cases, could be higher than an advertised interest rate.

For people who are unhappy with their home loan, Mr Paynter said the first thing to do was contact their lender.

He said in the current competitive market, lenders may be willing to negotiate.

The Rock Building Society CEO Andrew Paynter flanked by lending consultants L-R Adam Bryan and Cathrine Roulston. Photo: Chris Ison / The Morning Bulletin
The Rock Building Society CEO Andrew Paynter flanked by lending consultants L-R Adam Bryan and Cathrine Roulston. Photo: Chris Ison / The Morning Bulletin Chris Ison

If you're not satisfied after that, Mr Paynter said to start shopping around for a better deal.

Mr Paynter said lenders looked for evidence of continuous income and savings patterns in all home loan applications.

While some contract and casual workers may have fluctuating incomes, Mr Paynter said they should still talk to a lender about their options.

Topics:  the rock building society




Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

3 easy dinner recipes your kids will love, and so will you

No Caption

THERE is a middle ground! Dinners fit for kids and adults.

How to reduce your child's risk of food allergies

ABOUT 90% of food allergies are caused by just seven foods.

5 good mental health habits for kids (and parents)

CRYING OUT FOR HELP: The demand for counselling support for children and young people is increasing.

FORMING good habits early is critical for your child's mental health.

Smack or no smack - where do you stand?

THE debate is reignited - is smacking acceptable?

Susie O'Neill: Why I stopped smacking my children

Swimming legend Susie O'Neill says she has stopped smacking her kids.

“I (smacked) because that’s what I knew growing up."

Introducing a step-parent into the family

Introducing a step-parent into the family can be stressful for the children, as well as the new parent.

THERE is no easy way to introduce a step parent into the family.

Rocky champion competes in CQ’s first strongman competition

HEAVY LIFTING: Jarrod Earle was one of 17 local competitors who sweated it out this morning in the Tropical Strength event. 
 Photo Madeline McDonald / Morning Bulletin

Local gym builds interest in strongman sports with weekend event.

Rocky Cup draws a crowd as Ruling Force snags victory

L-R Melissa Millar and Kate Misselbrook at Rockhampton Cup Meeting at Callaghan Park. Photo Liam Fahey / Morning Bulletin

Thousands turn out to Callaghan Park

Man climbs on bonnet to stop police seizing mate's car

Brodie Govaars

He was warned several times to get off

Latest deals and offers

Justice Lucy McCallum

Justice Lucy McCallum

Justice Lucy McCallum says she reduced Oliver Curtis's sentence due to comments...

Anthony Lynham on the Mount Morgan Mine

Queensland Minister for Natural Resources and Mines, Dr Anthony Lynham talks about...

Fitroy Basin River report 2014-5

Nathan Johnston announces the 2014-15 Waterway health report card at the Fitzroy...

Yeppoon up with the state's best as house prices rebound

Agent Adam Cook (right) says coast homes are now more affordable.

Capricorn Coast homes, once out of reach, are now more affordable

Is this state’s cheapest house?

BARGAIN BUY: Is this North Bundaberg property the cheapest home in Queensland?

Becoming a real estate mogul is all about risk and reward