Whether you’re buying your first house, investing in property, upgrading or downsizing your home – the home loan features you choose can provide flexibility or let you pay off your home loan faster over time. Here’s what you need to know.
Put simply, different home loans come with different features, including fees and interest rates. For this reason, it’s worth investing the time and energy to find a home loan that’s right for you and also meets your lifestyle needs.
Comparison websites are a great place to start. They’ll give you a good overview of the differences and similarities between products. When you start digging a bit deeper, make sure you ask any potential lenders for key details, such as:
Our home loan comparison calculator can also help you compare different home loan options.
Remember, there’s no one-size-fits-all home loan. What works for you mightn’t work for someone else – and your needs may change as your life changes too. Here are some questions to ask yourself.
You generally want a competitive rate that helps you pay off your loan sooner. Here’s what you need to know about each:
Home loans with more features generally come at a higher cost. Therefore, it’s important to weigh up all features and ensure that you are not paying for features you don’t really need or may never use. Whether you go for a cheaper no-frills option, or a loan with extras such as a redraw facility, repayment pause or offset account – just make sure the features are relevant and helpful to you.
Depending on your lender, you’ll be looking at application fees, valuation fees, lender’s mortgage insurance, monthly and annual fees, and break costs if you want to get out of a fixed rate home loan before the end of a fixed rate term.
This is an estimate of how much a loan could cost each year when taking into account the interest rate (including any revert rate after an initial fixed rate term), fees and charges (including upfront costs and ongoing costs such as annual fees) and repayment frequency.
If you’re interested in our competitive home loans, we’re here to explain the finer details. If you’re just after more information, we can help with that too.
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