Has the time come to make the ultimate commitment? Not marriage – a home loan! It’s no easy process securing your first home loan but it’s one worth investing some time in as a home loan will be part of your life for at least 25 years.
Start the wheels in motion with some valuable research and tips on what to look for in a home loan and how to find the right one for you.
1. Shop around online
Not every home suits every family, and similarly, not every home loan will be the right fit, so it’s important to do your homework and shop around for a mortgage that suits your circumstances.
Using a free comparison website like RateCity you can compare mortgage options side-by-side making it easier to weigh up things like fees, interest rates and mortgage features to determine the ones that are right for you and your family’s needs.
A home loans calculator can help you estimate your mortgage repayments. It can also help you calculate the interest you might save and the amount of time you could cut from the loan term by adjusting the repayments.
3. Don’t set and forget
Once you’ve bought the property and are repaying the home loan, remember to revisit it down the track to ensure it’s still the most suitable product for your needs. That’s because, not only do our circumstances change, the mortgage market moves too.
With most mortgage exit fees now banned there are fewer barriers to switching home loans. So jump back online and visit RateCity and compare your home loan with others on the market. If you find a better deal talk to your lender as they may be willing to negotiate on the rate of interest or fees. And if not, then consider switching to a more competitive option!