Broker education
Known as: InterscrewedShort answer. Because the special rate ended. A headline rate that expires after a few months tells you very little about what you will actually pay. The way to avoid it is to use a broker who compares the whole deal rather than the teaser rate.
The word of the day is Interscrewed: when a bank's special rate leaves you totally screwed. You said this was a great rate. It was. Then why has it gone up already? Because the special ended. After three months? That is what made it special. So the cheap rate was just bait? Exactly. We budgeted for one repayment. Now we are paying something completely different. We have been Interscrewed. A headline rate means nothing if it blows up later. So how do we avoid this? You use a broker who compares the whole deal, not just the teaser. If the special rate turns into a screw job, you have been Interscrewed. Go and see a broker.
Common questions
Lenders assess each application on its own facts, and your credit file is one of the inputs.
Check your credit report. You are entitled to a free copy from the credit reporting bodies.
How different loan types are assessed, and what that means for what you are offered.
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