Tips for comparing home loans and lenders

May 21, 2016
Justine Bennett

With interest rates at their lowest, and Australia’s lenders offering innovative and sharply priced home loans, there are many good reasons to shop around and consider a range of loan and lender options. 

A professional mortgage broker can help borrowers compare loans from a wide range of lenders based on the loans’ interest rate, fees, features, flexibility, and the lenders’ customer service performance. 

Mortgage Choice offers its top five tips for comparing lenders and their loan offers:

 

  1. Compare lender interest rates: Understand what interest rates are being offered by Australia’s lenders at the moment and then compare and contrast them against what else is on the market. While interest rates aren’t everything, your perfect lender should be very competitive on rates.
  2. Investigate the associated fees: Many lenders will charge various fees, so make sure the lender you are contemplating partnering with offers competitive fees and charges. Get your mortgage broker to compare how the lender stacks-up in terms of the fees and charges on the loan (eg. for loan features, transactions, late penalties, early repayments, top ups etc.)
  3. Consider your features: Before you can find the perfect home loan, you need to understand what loan features you want to have both today and into the future (eg offset account, redraw facility, etc). Once you have established what loan feature/s you require, you can see which lenders offer mortgage products with reasonably priced features.
  4. Consider lender support capabilities: If weekend branch access and phone support are high on yourpriority list, it is important to partner with a lender that offers such facilities. 
  5. Contemplate future commitments: Before you decide to partner with one lender, investigate whether or not they offer a wide range of loan options to suit you, should your personal or financial situation change (eg. if you need a loan top up, access to funds for renovations or you wish to refinance an existing loan).

 

If you want to learn more about your home loan options, please call me on 02 6239 4215 or email charlie.doherty@mortgagechoice.com.au.

Posted in: Refinancing

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