Choosing the right home loan
Choosing a home loan is not just about interest rates; there’s so much more to consider. The fees and features of home loans can make a significant difference financially, so it’s important to take them into consideration as well.
Here are some tips for looking at home loans and what you need to ask yourself when comparing them.
Questions to ask yourself when choosing a loan
When answering these questions, think ahead – not just to next year, but 5 or even 10 years down the track.
Knowing the answers to these questions can help you focus on the home loan products that will suit your needs, both now and in the future.
- Do I want to pay the loan off as quickly as possible or am I happy to see out the term of the loan?
- Am I good at sticking to a budget or am I a spender?
- Do I want certainty in the cost of my loan repayments, or am I happy for them to fluctuate in line with interest rate changes?
- Am I likely to want to draw back some of my repayments in the future – for spending on holidays, cars, furniture, etc.?
- If I’m planning to have children, how will this affect my or my partner’s work situation?
- How secure is my employment or work situation?
- Have I budgeted for school fees and other expenses that are likely to come up in the future for my existing children?
- Am I likely to receive some form of cash windfall or bonus at any stage?
See our expert home loan brokers today to compare hundreds of loan options, and understand what makes a particular home loan right for you. We guide you every step of the way.
How a broker compares home loans for you
At your first meeting, your broker will find out as much as possible about your circumstances and goals, to see how we can best support you.
Your broker will then compare hundreds of home loans from our wide choice of lenders – including the big four banks – to find the right home loan for your needs.
They’ll take a range of factors into consideration, including monthly repayments, interest rates, features such as redraw facilities, and how much you can borrow from each lender. Your broker performs a detailed analysis that explores the finer points of each loan product, because we know that it can make a real difference to your bottom line.
We want you to get the right home loan for your needs, and are ready to provide as much guidance and advice as required.