As a member of a professional association such as the Law Society of NSW, CPA Australia, CA Australia or even Australian Medical Association you have access to AMP`s Affinity Home Loan, which provides you with a discounted variable rate and reduced fees.
You may already have an Affinity loan from AMP or maybe you are just in the market for finance.So how good is the Affinity home loan and how does it stack up against the market?
The interest rate on a loan of $500,000 would be 3.96% with a comparison rate of 4.00%. Comparing this scenario with the market Heritage Bank have rates from 3.79% (comparison 3.81%) and Suncorp have rates from 3.88% (comparison 3.89%).
So although the Affinity Home Loan is competitive, it is not the best rate in the market. With the difference between the AMP Affinity Home Loan and Heritage Bank being only 0.17%, in one year it would cost you an additional $848 in interest.
Speaking with a mortgage broker will provide you with access to a much broader range of lenders than your professional association has access to.
At Get a Better Rate we have access to over 40 different lenders, so why don't you send us an email or give us a call. It doesn't cost you anything and it might actually end up saving you money.
For more information and to compare the market visit our site.