How to hunt for a home loan bargain

March 01, 2013
Richard Windeyer

A number of Australians are being herded from full-time work into part-time work as a short-term solution to the economic downturn, while a number who have been retrenched have chosen part-time to tide them over.  

However, fewer working hours means fewer savings.  

During difficult financial times Australians tend to hunt down the best buy for their money; switching to no-frill bands and riffling through sale catalogues with the determination to save a dollar or two here and there.  

Monitoring day-to-day expenses is a great way to stay on top of personal finances and set up a savings trend, but perfecting the strategies behind controlling larger expenses in life, such as a home loan, is of utmost importance.  

Firstly, think about how you would usually shop for a bargain: research the product; compare brands; compare price; weigh up the pros and cons of each; and speak to an expert or sales assistant for technical information to help you decide on the product that suits you best.  

Then apply this method to your home loan search. Do your research, consider starting online there are some great websites offering product information and tips; know what type of loan you are looking for in terms of features and affordability; compare products from other lenders; and speak to an expert to help you discuss the pros and cons of each. A Mortgage Choice loan consultant can help you decide on a product that suits your individual needs and lifestyle.  

Keep in mind there are tricks and tips to reduce the costs involved in property ownership that you may not be aware of. These may include anything from tax benefits and government grants to the removal of stamp duty and/or Lenders Mortgage Insurance, not to mention offset accounts and redraw facilities. All of which can go a long way to reducing your upfront fees and ongoing repayments. 

For more information contact Richard Windeyer on 1800 01 LOAN or click here to "Book a Meeting"

Posted in: Tips

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