Philip Penfold
Nicole Penfold
Home Loan specialist in Maitland through to Singleton and surrounding areas
I have been working in the financial industry since 1991 firstly with the Commonwealth Bank until 1994 then moving to the Greater Building Society for 9 years, finishing as the Relationship Lending Manager at their head office before starting Mortgage Choice in 2003.
I have since opened my office at 1/95 High Street East Maitland where I am available for appointments Monday to Saturday either at my office or at clients homes - both day and evening appointments available.
I decided to open my Mortgage Choice franchise to enable me to offer people a better deal and choice for their home loan needs.
Please call 49330771, 0403064303 or email philip.penfold@mortgagechoice.com.au for an appointment. I look forward to helping you with all your Home Loan needs.
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.