10 Questions to Ask When Choosing the Right Home Loan

Research is paramount when finding the right home loan for your situation. While it’s important to access independent financial advice, it is also your responsibility, as a potential homeowner, to understand the market to help ascertain if the advice you are receiving is correct and best suited to your situation.

Reach out to the experts in home lending to find out which home loan is best for you.

Questions to ask:

  1. What home loan options are available to me?
  2. How much will my repayments be?
  3. What is the deposit required?
  4. What are the fees and charges I need to take into account?
  5. What are the loan conditions and are there any penalties or exit fees?
  6. What is your most competitive interest rate
  7. What is the length of the loan? [This will generally be a 25 or 30 year term]
  8. Are there any favourable conditions and charges with limited fees and/or penalties?
  9. Does the loan have a redraw facility, option to make extra repayments at no cost and via direct debit? .
  10. Am I able to access internet and phone banking services

Utilise a budget template to ensure you’ve factored in the costs of not only buying a home but also your ongoing financial commitments incurred by your lifestyle. Post purchase stress and anxiety is best avoided by sticking to what you can afford and not overextending yourself. And remember, shop around. Speak to many financial institutions or engage the services of a reputable Mortgage Broker to assist.