The highest rate for a Melbourne mortgage broker will depend on the interest rates offered by the lenders they work with. Mortgage brokers are intermediaries who work with a range of lenders to find suitable loan products for their clients. The interest rates offered by lenders can vary depending on factors such as the borrower’s credit history, the loan amount, and the loan term.
In general, the interest rates for home loans in Australia can range from around 2% to over 5%, depending on the type of loan and the lender. Variable rate home loans tend to have lower interest rates initially, but these can change over time, while fixed-rate home loans typically have higher interest rates but offer the stability of a fixed repayment amount for a set period.
It’s important to note that the interest rate is just one factor to consider when choosing a home loan. Other factors to consider include the loan features, fees, and charges, as well as the lender’s reputation and customer service. A Melbourne mortgage broker can help you compare loan products from multiple lenders to find the most suitable option for your needs and preferences.