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Comparing Your Home Loan

Kevin Gomer
24 Oct 2016

Do you truly know how to compare your home loan and find the right one for you?

If you have a lot of time and some experience you could approach a number of lenders and obtain details on variable, fixed, split, interest only, equity and investment loans as well as features such as redraw and offset facilities.

Armed with this information you may then believe you have all that you need to make meaningful comparisons between the various loan products. It’s not a bad start – there‘s nothing wrong with what you’ve got. The problem is the information you don’t have.

First of all, you might not have the technological support to quickly compare a wide variety of loans, which could mean missing out on loans with the features that could save you money. You might feel a bit uncertain with your decision, did you really understand all that fine print? Just remember when you bought your last car and signed up for warranties and insurance features that were costly and unnecessary. Similarly, redraw and offset features may be desirable but they could add to your costs.

Even if you get to know how the various loans work, you’ll have to understand all the terms and conditions without anyone helping you – terms such as LVR, lender’s mortgage insurance, honeymoon rates and comparison rates. In addition, you’ll have to work your way through various types of fees and charges. If there are hidden fees you could miss them. You won’t have an independent expert at your side to help you get the loan best suited to your circumstances.

Signing up for a home loan is a big step in life. You don’t want to spend sleepless nights wondering whether you have the best loan. So call one of our finance consultants at Nicheliving Home loans. We have the technology and expertise to analyse a range of loans before recommending the best loan for you and taking care of the whole process from A to Z.