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How to search for a mortgage

How to search for a mortgage

Getting started on your home loan search can sometimes feel overwhelming due to the sheer number of products available and the variety of features on offer. Fortunately, there are plenty of online tools that can help you narrow down your search to find what best suits your needs.

The beauty of the mortgage market having such a vast offering is that it can make it easier to find a product that meets each of your specific requirements. These may differ from one borrower to the next depending on factors such as the size of your deposit, your loan-to-value ratio (LVR), and whether you’re buying a home to live in or as an investment.

To get a better idea of which home loans might be right for you, there are a number of questions worth finding the answer to, including:

  • How much are you eligible to borrow for a home loan?
  • How much can you afford in monthly mortgage repayments?
  • How much will you need to set aside for stamp duty and other costs?
  • Will you need to pay Lender’s Mortgage Insurance (LMI)?
  • What kind of home loan features might be beneficial to you?

Once you have clearer answers to these kinds of questions, it can make your home loan comparison simpler and help you better understand what kind of interest rates you may be eligible for.

To minimise the hassle, RateCity has a selection of tools that can help you find the answers you’re looking for.

Make the most of home loan calculators

If maths isn’t your strong suit, never fear. Our home loan calculators can provide you with estimates on a range of mortgage-related equations based on certain aspects of your personal financial situation.

Here are some of the calculators you can access and what they can tell you:

Use a home loan comparison table to create a shortlist

One of the easiest ways to compare home loans in Australia is by using a comparison table. RateCity’s comparison tables allow you to search for and compare home loans from more than 100 Australian lenders.

Simply use the filtering system to narrow down your options and create a shortlist of products that fit your specific financial needs. You can choose to filter the results by borrower type, loan term, borrow amount, repayment options and more.

Once you’ve filtered down your shortlist, you can then select the ‘compare’ option on each of your preferred products to see how they stack up against each other.

Get personalised guidance from a mortgage broker

If you’re looking for more personalised advice, you might like to consider visiting RateCity’s broker hub to reach out to a mortgage broker. Mortgage brokers are industry experts who can recommend more suitable home loans based on your individual needs and walk you through the entire home loan application process.

They can also be particularly helpful to borrowers who may have more complex application requirements such as those who are self-employed.

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This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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