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The advantages of using a broker come down to saving you time and effort. The benefit of using mortgage brokers over dealing directly with banks and lenders is that the broker takes out the hassle. Instead of spending excessive amounts of time shopping around for a deal that really meets what you need by comparing all the different offers out there, a broker handles all the negotiation and paperwork for you.
The advantages of using a bank for your home loan is convenience. If you already have a good idea about the home loan you are after, you may choose to deal directly with a lender of your choice. Make sure you “shop around” by comparing different lenders and home loan products, check loan interest rates, fees and features to decide on what works the best for you. A home loan is a long-term debt, so even a small difference in interest adds up over time.
There are 10 different types of home loans you need to know about.
Click here to learn more on the benefits of each home loan and which would suit your position better.
Before you begin your property search, you should have a good understanding of how much you can borrow. The easiest way to do this is to use a borrowing power calculator. While a borrowing power calculator doesn’t guarantee the loan amount a bank is going to lend you, it provides a reasonable estimate of how much you could spend on a property. If you want to be more certain about what amount a bank is willing to lend you, applying for conditional approval is the next step you could consider. Banks calculate your borrowing power based on your household income, your expenses, your reason for buying the property, the size of your deposit, your credit history, and an analysis of the property itself.
Before choosing a home loan, think about how much money you need and how you want to pay off this loan. Once you have the answers to these questions, look at the types of products available and the pros and cons of each for your particular needs.
When deciding on a home loan, check the interest rate, fees and features to weigh up what's right for you. An interest rate even 0.5% lower could save you thousands of dollars over time. Offset account, redraw or line of credit facilities can help reduce the amount of interest you pay, but can come at a higher cost. Use our tool to compare over 4000 homes loans from 27 lenders and explore your options.
Our home loans concierge Stephanie is here to help.