Choosing the right home loan


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Nov 20, 2008( 2 min read )

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Need help choosing the right home loan in Australia? At RateCity.com.au you can search, compare and calculate interest rates, fees, total repayments and offset accounts from more than 2000 mortgage products.

When it comes to choosing the right home loan there’s a lot to choose from and plenty of packaged options out there. Not many people know the differences between them, and as a result, many end up getting a mortgage that is not right for them. Each home loan package is aimed to benefit the individual and their lifestyle requirements.

Whether you are a first home buyer, buying an investment property, refinancing, or even renovating, there are a vast range of mortgage products on the Australian market. No matter what your situation is, make sure you do your research and speak to your lending manager to find a personalised mortgage solution for you.

How do I choose the right home loan?

  • Make a list of the facilities that will work for you
  • Consider your position at present as well as your plans for the future. If you plan to move houses is your mortgage portable?
  • Will your financial situation change? Make sure you have budgeted correctly
  • Are there any exist penalities?
  • Do you want to make early repayments? Are there extra charges for this?
  • Does the product show value for your mortgage purpose
  • Do the maths! Use a home loan calculator to work out your repayments and how much you can afford to borrow.

To secure your dream home today, compare home loans, crunch the numbers using our repayment calculator and follow our news articles to get the latest home loan tips. For more information visit our detailed home loans guide.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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