Money Choices Now Compare Home Loans

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Money saving website, Money Choices, has expanded its free comparison service to include over 100 discount rate home loans from Australia’s major banks and lenders.

Tomorrow Finance is thrilled to be partnering with Money Choices. Money Choices clients will now be able to access free home loan information and discounted interest rates from the major banks via the Tomorrow Finance tool.

Money saving website, Money Choices, has expanded its free comparison service to include over 100 discount rate home loans from Australia’s major banks and lenders. The new comparison service on the website is completely free, offers better rates, by-passes brokers and connects people straight to a local mobile banker.

The newly installed home loan comparison tool serves up discounted rates from the major banks and lenders. Rates are as much as 1% lower than the advertised standard variable rates on offer from the big banks. The comparison tool itself is sophisticated yet very simple to use.

There is absolutely no cost to use the comparison tool and this means big savings for home owners and first time buyers. For example, somebody with a home loan of $500,000 on a standard variable rate of 8.0% could save on $100’s on monthly repayments and wipe over $100,000 off the total cost of the home loan by switching to a different home loan.

Money Choices founder David Boyd stated, “We’re excited to partner with Tomorrow Finance in providing an powerful home loan comparison service for homeowners and first time buyers. There’s a real opportunity for homeowners to make massive savings and there’s no fee to use the tool. And with over 115 home loans available for comparison it brings the total number of bank accounts, credit cards and loans on Money Choices to over 320.”

John Allen of Tomorrow Finance had this to say, "Tomorrow Finance is thrilled to be partnering with Money Choices. Money Choices clients will now be able to access free home loan information and discounted interest rates from the major banks via the Tomorrow Finance system. Many consumers are often paying too much on their home loan, we are delighted that Money Choices will now be assisting their customers put money back in their wallets."

The addition of the market-leading home loan tool to the Money Choices website couldn’t come at a better time. According to the recently published ‘Annual Demographia International Housing Affordability Survey’ it takes 9.6 times the median income to afford a house in Australia’s most populous city, Sydney. And, snapping at Sydney’s heels was Melbourne, which is right down there on the chart with house prices typically 9 times the median income. This is considered to be severely unaffordable.

The high cost of home ownership is one of the big driving forces for people to look to save on their home loan. That’s the pain point that the newly installed home loan comparison tool addresses.

Visitors can toggle the whole range of variables to find the right home loan regardless if they are looking to apply for a new loan or apply to refinance their existing home loan.

By entering variables, such as the dollar amount needed and the number of years the loan will run for, the tool will automatically calculate which home loan is the best and display up-to-date interest rates, comparison rates, monthly repayments, total costs and the savings that homeowners are likely to make over the life of the loan. After this, users can refine the results and be even more specific by selecting the features they need, such as an offset account or redraw facility.

At this point people are free to click the ‘Free Enquiry’ button and connect directly with the mobile banker from the bank of their choice - with no need for a broker. The mobile banker then can answer all the questions and properly handle all the paperwork to the point of settlement.

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