Boring first post - Best home loan on the market

Howdy all, thought i'ld post some random boring post to add to the countless other boring posts on all the countless other boring blogs. Hopefully, this blog will become a little less boring in the universe of blogs....but alas I doubt it will be because of this little contribution today. This my friends is because I can't really think of something witty to say so I'll try and tell you something useful which I'm currently have to go through. Mortgages!!!

At the moment i'm dealing with a guy from Mortgage Choice here in Sydney who is proving to be a bit of an idiot. Home loans aren't rocket science but you would expect someone who does it for a living to have some practical sense or at least be able to put it into context with real life. Case in point, did you know that a loan in the name of the company or a trust still requires the lender to discount income produced by ~30% AND (wait for it) living expenses!! 30% haircut on income...fair enough...but the last time I checked a company doesn't eat, pay rent or need money for social lubricate on the weekend....i don't ask for much but a little commonsense in your mortgage broker isn't out of the question I thought!

Enough ranting and back to the topic....after running through the hundreds of available loans, I found a winner which I think is a good deal....a fixed interest loan with a 100% offset account....which means you get to lock in your interest rate but can effective pay as much as you want to reduce your loan and can still redraw if you want! There are apparently two loans of this type in the whole Australian market...adelaide bank provides one and credit union australia (CUA) provides the other one. I'ld recommend you go with CUA as the interest rates, establishment fees and probably more importantly exit fees are quite reasonable.

Stay tuned for something less geeky and less informative next time!