Dylan Fisher
Mob: 0413 948 984
Albany's Home Loan Specialist
From our panel of lenders we can help you with all of your mortgage needs. From refinancing to buying your first home or adding to an investment portfolio we can help you choose the most suitable home loan product for your individual circumstances.
Savvy investors are ahead in the lending game
Signaling the return of competition to the mortgage market - albeit a slow return - a number of second and third-tier lenders are working hard for market share. Potential property investors looking to take advantage of higher rental yields and relaxed buyer competition should take note that a number of these lenders are introducing special offers for limited periods.
Local franchise owner for Mortgage Choice Dylan Fisher said, "It's not just first homebuyers who are potentially missing out on purchasing property thanks to stricter lending criteria. Investors looking to take advantage of positive market conditions by expanding their portfolio and those looking to invest for the first time are also being confronted."
"A number of smaller lenders are now introducing special offers that all borrowers, including investors, can take advantage of. Reputable mortgage brokers will show borrowers how they can meet tighter requirements and assist them in identifying loans that can enable them to make the most of an investment strategy."
Make your mortgage experience an enjoyable one with Mortgage Choice.
FB Lic No: 5560
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.