To begin your home loan journey, you first need to know how to search for and compare your options. This is where comparison tools, as well as trusted experts, can lend a helpful hand.
- Comparison tables
A comparison table is a way to compare apples with apples, meaning, it allows you to perform side by side comparisons of various home loan products you have filtered down to suit your financial situation.
Simply enter the details of your ideal home loan (loan amount, property value) and filter down the results by entering your loan type, rate type and more. You’ll then be able to view a range of options side by side to create a short list of home loans with competitive interest rates, repayment amounts and features, as well as fees you may want to avoid.
(Not sure of your ideal loan type? Don’t fret - these details are explained further in this guide.)
- Home loan calculators
Once you have a short list of home loans you may be interested in, you’ll want to continue your search by seeing how they may suit your budget. This is where home loan calculators come in.
Simply, enter in the amount you’d like to borrow, the interest rate, loan term, repayment type and whether you’re an owner-occupier or investor. You’ll then be given an estimate of your potential monthly repayments. If this figure would break your budget, for example, you’ll know that loan may not be the one for you. However, if the repayments are easily affordable (including any potential ongoing fees) you may have a loan contender.
- Real Time RatingsTM
Tossing up between a few home loan options? It can always help to listen to what the experts have to say. This is where Real Time RatingsTM may be able to help make the search a little clearer. Real Time RatingsTM is a world-first rating system that provides up-to-date assessments of home loans based on your individual requirements.
Other comparison site rating systems may only be graded once or twice a year. However, Real Time RatingsTM is calculated daily, with each loan given a rating out of 5 stars. This rating is based on loan cost and flexibility, factoring in your loan size, deposit amount and borrowing type. Consider using Real Time RatingsTM as a handy guide when searching for your ideal home loan.
- Mortgage brokers
Speaking of experts, if you’re absolutely stuck in your home loan search, or just want a little more specific financial advice, a mortgage broker can offer a lifeline for would-be borrowers.
You’ll not only get the insider view from an industry-expert, but they can aid in guiding you through the home loan application process, ensuring your application is as stress-free as possible.