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Buying my First Home - Should I go to a Major Bank?

The answer may depend on your situation – but most likely not! The reasons are as follows:

1. Currently the Big Four Lenders (ANZ, NAB, Westpac and Commonwealth Bank) are not as interest rate sharp as some of the second tier lenders (such as ING Bank).

2. Often the Big Four lender credit policies are not as flexible as some second tier lenders.

3. The Big Four Lenders have been known to increase their variable rates more frequently outside of the Reserve Bank increases.

However, if you wanted a highly transactional offset account to link to your home loan, or interested in utilising the special lending policies available to medical, legal and accounting professionals then you’re stuck with the majors!

David Lipschitz, Logic Finance

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