Bianca Long
Mob: 0415 774 051

Mortgage Choice
Tel: 02 8197 0584
Fax: 02 8197 0583

Your Local Home Loan specialist, providing home loan advice to the Blacktown District for over 10 years!

Set out on an Easter nest-egg hunt and search for a better loan deal
Interest rates will impact minimum repayments for variable rate home loan borrowers and could make budgeting a challenge, which is why hopping to another loan may save money, time and stress this Easter holidays.

Mortgage lenders continue to battle each other for market share by introducing more loan options, which can only mean good news for borrowers preparing for more possible rate rises.

Financial uncertainty encourages many Australians to stick with what they know, and some do so regardless because they get lazy and don't shop around every few years.

Making the time to regularly reassess your situation provides peace of mind that you are either doing the right thing by your finances or need to make changes, according to Bianca Long, your local mortgage broker at Mortgage Choice in Blacktown.

"Borrowers may be surprised by how much they could save through refinancing to a loan with lower fees and/or a lower interest rate, which is a great way to deal with further rate rises. Moving to a product that is cheaper overall, or has improved features, definitely has its benefits. However, understand the switching and exit fees and ensure the benefits outweigh the costs," explains Bianca.

If you were offered $50,000 for doing a little extra work, you'd take it... why not take the time to visit a reputable mortgage broker and see if you can save yourself some money, simply by changing loan products. Shopping around these Easter holidays can pay off in the long run!

Drop in and see Bianca for a free home loan health check to compare your loan with others and ensure you still have a loan tailored to your needs. A regular home loan health check is a great way to keep on track. Every borrower should be doing this at least every couple of years to make sure they are making the most of their mortgage situation.

How to choose a home loan

Here are 5 essential tips that you should consider when choosing a home loan:

1. Interest rates

Interest rate is obviously important, but remember that you are not simply looking for the home loan with the lowest interest rate because there are many other considerations.

For example, the mortgage lender with the ‘best’ interest rate may have high ongoing fees and therefore your home loan may cost you more in the long term than a similar one with a higher interest rate.

Be sure to consider ‘break and switch’ costs as well because if you decide to pay out your home loan or refinance before time will you be charged exorbitant fees to do so.

Also, be wary of an introductory rate. It may be ‘cheap’ at the start but it may also revert to a much higher rate after once the introductory term has finished. You should try to negotiate an interest rate discount with your mortgage lender over the longer term.

2. Features and flexibility

What are the home loan features that you need? Home loans with the ‘best’ interest rate may not have all the features you need or be as flexible as you need it to be. For example, do you want the ability to pay extra so you can prepare yourself for future rate rises and also create a buffer if your financial circumstances change?

You also need to consider the accessibility of your mortgage lender in terms of ATM, internet, face-to-face contact, etc. Decide what you need and ask whether your chosen home loan lender has the features available.

3. Consider the current home loan approval times


Is your home loan approval time critical? If so, the lender with the ‘best’ home loan may not be able to get your loan approved in time. During peak processing periods, lender service times can vary between 2 to 20 working days.

4. Compare home loan products

Visit a reputable mortgage broker with more than 20 lenders on their panel. This way, you can research and compare a broad range of home loans and lenders all within the one visit.

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