Choosing the best home loan

When choosing the best home loan (best mortgage) and looking for a good deal on a home loan, the interest rate matters.

What is most important in a home loan to you?

When choosing the best home loan (best mortgage) and looking for a good deal on a home loan, the interest rate matters.

A home loan is a long-term debt, so even a small difference in interest adds up over time.

However, while the interest rate is important, the cheapest rate might not be the best home loan for your requirements.

Other factors need to be considered before choosing a lender, you need to understand the 3 P's....

Policy

What is the lenders policy?

All lenders have their own policies, and these can vary from lender to lender.

If you do not meet the lenders policy, this will cause your home loan application to be declined.

However, if you are utilizing the services of a Mortgage Broker, with their knowledge of lender policies, your home loan application is more likely to be approved.

Product

These are the features in a home loan. With the help of a good Mortgage Broker, they will advise you of what features you may need in your home loan such as: a variable rate or a fixed rate, a basic home loan or a loan with an offset account, a construction loan or a bridging loan.

While most lenders products are similar, there are some differences.

For example: some lenders may have a redraw facility on a fixed rate while other lenders do not.

Price

This is the interest rate.

When you have considered the lender Policy and the products with the features you need, then you can seek a mortgage lender with the best interest rate.

Found your ideal home?

If you found a home and you haven't obtained a Pre-Approval yet, get in contact with us soon as soon as possible.


Once you sign a purchase contract you will need to act quickly to meet finance date deadline. Call 0401 388 153

 

Got your eye on something new?