Have you been pre-approved for a home loan? Have you got a good deal?

June 24, 2015
Keith Mudge

Have you just been to see the bank and arranged pre-approval for a home loan? Great you have taken an important step towards purchasing a property and you can now begin the house hunt in earnest.

When buying a house you should seek specialist advice and opinion along the way, the same can be said of the Home Loan you are using to fund the purchase. To help with you with both your property search and home loan selection here are our top tips.

  • Do your research, check out real estate websites such as realestate.com.au or domain.com.au (and feel free to email us for a free suburb report)
  • Speak to local real estate agents or employ the services of a buyer’s agent. Go to some open homes in area's you may be interested in buying.
  • Complete a list of desirable features of the home and compare all the homes you look at based on the list for each property you have seen. Click here for our property inspection checklist.
  • Get professional advice –  building and pest inspectors, conveyancer
  • Arrange home loan pre-approval before you sign a contract of sale.

Whilst finding a home can be a challenge, you should also put in the effort to research your home loan options.

  • How much will the bank lend you? will another bank lend you what you need?
  • Do you have any big plans in the future? renovations? investing? Lenders all have different credit policies and product features. This means whilst one lender may say no or not have a suitable product, another may accept and have the perfect product for the situation.
  • Fees and charges payable and of course interest rate.
  • What security is the lender holding against the loan (very important for investment property purchases or instances where family properties are put up as collateral).
  • Suitable loan structures particularly for investment purchases.

This is where the CHOICE in Mortgage Choice comes into play. We compare up to 28 lenders and hundreds of home loan products. With just one interview we are able to provide a tailored proposal outlining the best options available.

Call us on 02 8076 7401 or email to arrange a free home loan market assessment.

Posted in: Home loans

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