Do you know how to compare home loans and mortgages online to find the best interest rates in Australia?
With more than 100 home loan products available in Australia from almost 30 banks and lending institutions, it’s important to compare home loans against each other to determine the best rates, best costs and charges and even the best features of each loan.
If you want to compare home loans online, you can easily find information on interest rates on the internet and compare them to rates offered by other banks.
But are you comparing other account features and benefits that many Australian lenders can offer as well?
Finding the right home loan for you involves much more than just trying to compare mortgage interest rates. Your home loan should be individually tailored to suit your individual circumstances and future goals.
Consider adding things like monthly fees or annual charges to your home loan comparison. Early exit fees and penalties can also alter the total end cost of your home loan.
Another thing to watch for is the difference in application fees between banks. When comparing home loans, it’s common to check the difference in interest rates between lenders ‘ but not many people remember to check the total application fees.
Some banks may not call them application fees, making them more difficult to find. They may be listed as settlement fees or assessment fees. Some lenders even have separate valuation fees.
Keep these alternative types of fees in mind when you create your home loan comparison listing.
When you compare home loans, some other options to take into consideration are loan flexibility, such as a redraw facility. Some people also prefer the ability to make extra repayments, direct salary crediting and more.
By simply searching for the cheapest interest rates and nothing further, it’s possible you may be locking into a home loan with great rates ‘ but it may not be right one to suit your plans.
The easiest way to compare home loans from every Australian bank and lending institution is to call your mortgage broker and discuss your specific mortgage needs.
Your mortgage broker already has access to home loans from more than 30 Australian lenders. By talking with your mortgage broker about your future goals and aims and your specific home loan requirements, certain mortgages can be eliminated from your mortgage comparison list.
Once you know which lenders will offer the types of loans that will suit your own needs, ask your mortgage broker to go over your shortlist of home loans, assessing your loan comparison summary explaining differences in home loan interest rates and how account fees & features compare between each loan.