High interest rates in Sydney West

Discussion in 'Loans & Mortgage Brokers' started by hash_investor, 19th Mar, 2017.

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  1. hash_investor

    hash_investor Well-Known Member

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  2. wombat777

    wombat777 Well-Known Member

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    That's crazy. My rate for my PPOR in Rouse Hill is 3.69% fixed which is less than half that rate.

    Anyone silly enough not to shop around for a better rate deserves higher repayments. Many might be constrained from switching though due to a poor credit record.
     
  3. Redom

    Redom Mortgage Broker Business Plus Member

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    It's normal to have higher average rates in lower socio economic areas.

    The rates quoted would simply reflect a greater percentage of borrowers who are not eligible for standard resi prime products. E.g. those with poorer credit histories, low doc loans, etc generally have higher rates attributed to them then standard resi products.

    Its a bit more difficult to ascertain whether borrowers on standard products are paying more based on geographic locations. On one hand financial literacy levels would likely be lower in western areas. On the other, there'd be more sensitivity to price movements and hence possibly more willingness to source better deals.
     

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