The Advantage Finance Super Saver Loan has won the Your Mortgage magazine Editor's choice award for April.
The loan was judged as the best standard variable product available on the market, calculated to save a borrower $4,284 over three years in comparison to the average mortgage cost.
Your Mortgage analysed and compared all the loans on the market and worked out the true cost after all fees and charges. Advantage Finance's low headline rate of 6.99% plus its low fees, $550 over the first three years, gave it the edge to take the title.
Craig Smith, Advantage Finance director, said: "Advantage Super Saver Loan gives you the entire range of features at no extra cost, it doesn't have a monthly fee and you can use the redraw facility for free. There's no limitation on the amount you can draw and you can also make extra repayments whenever you like."
The saving of $4,284 with the Super Saver Loan, compared to the average cost, is enough to buy a new 55in Sony flat screen television.
The standard variable loan is popular in Australia as it tracks the Reserve Bank of Australia (RBA) interest rate and gives flexible options, such as redraw facilities, offset accounts and line of credit.
Other loans that performed well include the Pacific Mortgage Group Standard Variable Loan, that won the five year category, and the Advantage Finance Choices Rate Reducer that won the 10 year category.
The Your Mortgage Editor's choice awards for May will focus on line of credit loans. For more details check the latest issue of Your Mortgage magazine on sale now.
It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan