Your Mortgage, Australia's leading magazine for homebuyers and property investors, today announced the results of its 15th annual Mortgage of the Year Awards for 2007.
The independent review took into consideration 1,980 individual mortgage products in ten different categories. The competition this year was said to be the stiffest in fifteen years, presenting borrowers with the upper hand for negotiating their mortgage.
Scores were tallied using a holistic ranking system that took into account specific product features, flexibility as well as comparison rates representing the true cost of loans. Product features were compared based on market expectations and value-for value comparison.
The three major mortgage market sectors; first homebuyers, second homebuyers, and first-time investors set the scenarios for scoring, along with loan criteria and specific product categories.
South Australia-based lender Ratebusters won the coveted 2007 Mortgage of the Year Award with their variable Rate Buster product - a winner for three years now for the best overall mortgage.
Taking the reigns of Bank of the Year was Macquarie Mortgages, who also claimed a record five gold medals out of seven in the bank section. The bank took the top ranked products offered by banks for Basic Variable, Standard Variable and Fixed Loans (3 and 5 year), as well as the best Line of Credit.
Emerging as Australia's best Non-Bank Lender of the Year was Ratebusters, whose constant low rates and user-friendly facilities have given the lender an obvious advantage in the mortgage market.
For more information and details, check the latest issue of Your Mortgage, on sale now.