It can be hard work to find the right home loan for your circumstances.
So where do you start?
1. Firstly, decide what “right” means for you. Do you want flexibility to make additional repayments or security of the same repayment every month? Do you want an offset account or just the bare minimum features at the cheapest rate?
2. Consider your long term objectives. Are you planning on starting a family soon? Do you have plans to use this property to leverage into your next home or an investment property? Changing loans can be expensive and time consuming, so try to think ahead and you’ll save yourself the cost and hassle.
3. Pay attention to any terms and conditions attached to the interest rate. Don’t get caught out by a low rate without doing some research!
4. Are you paying for extras that you don’t need? Does it have an offset account that you don’t really need? Can you make changes to the loan without penalties?
5. What are the fees you’re agreeing to? Application fees, ongoing fees, variation, switch, exit fees? How much are the mortgage insurance premiums?
6. Does the lenders policy suit your circumstances and goals – each lender has different criteria to assess an application under. Every time you apply for a loan, there is a mark on your credit history. Approaching the wrong lender can put an unnecessary mark on that record so you need to understand whether or not you fit their policy before you approach them.
So how do you know what’s right for you?
The best way to decide which is the right home loan for you is to chat with a professional. We can cut through the jargon, ask you the right questions and give you the shortlist of options to choose from.
What could be easier than that?
