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Is your mortgage really an ‘award winner’?

June 7, 2011

Any foray into the complex world of trying to find the best mortgage is bound to yield an array of products that claim to be award-winning leaders in the field. But as Choice magazine’s Ingrid Just says, it pays to look beyond the gold medals and blue ribbons.

“There are loads of awards out there, but many of them are little more than marketing tools,” she says.

“It depends on the award criteria. Anyone who has won an award for a home loan product will say they’re legitimate – and if they meet the criteria set by the organisation handing out the award they are.”

However, she warns, it always pays to check the fine print on what the mortgage is offering. Just because it has gold medals stamped all over it doesn’t mean it’s the right product for you.

“Choosing a home loan shouldn’t be about how many awards it has. You should be looking at whether it has a low interest rate, minimal hidden fees and charges and great customer service,” she advises. “It’s like trying to choose a bottle of wine. Just because it claims to be a gold medallist doesn’t mean it’s the best drop out there.”

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