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

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