State Custodians has raised its Self Employed Loan interest rate by 27 basis points to 5.69% (comparison rate 5.61%).
The rate applies for loans with an LVR to 80% plus LMI.
Your Mortgage’s home loan calculator shows the rise will cost consumers an extra $32 a month for a loan of $200,000, on a loan term of 25 years, compared to the previous rate.
The loan is designed for self employed borrowers who might lack the traditional proof of their income.
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