Tailored Home Loans
There are 2 major sources of home loan providers: banks and non banks.
Both have their advantages and disadvantages, for example:
Banks & Non Banks
A home loan from a major bank will most likely provide you with a local branch where you can speak to a person face to face if required as opposed to only a call centre. However banks today generally have regular bank fees that could easily add up to substantial amounts over the long term.
On the other hand, many Non Bank home loan providers can provide you with a home loan at competitive rates without the ongoing monthly or annual fees normally charged by a banks. This could result in significant savings that can help you payout your mortgage even faster.
The main challenge is to look beyond interest rates to the features that a home loan offers. Often there is a trade off between interest rate and flexibility. Make sure the loan suits your circumstances and the way you want to pay it off:
- Will you want to make extra repayments?
- Will you have to pay mortgage insurance premiums?
- How much will you need to borrow?
- Do you want to have redraw access to any extra payments made?
- Can you benefit from having your salary directly credited to your loan account?
- Is it better to just look for the lowest rate?
- Should you avoid a home loan with ongoing fees?
- Which lenders should you consider?
Smart people just plan for it!
Our loan experts can assist you obtain the most appropriate loan.
What about structure?
Having the correct structure can save you $$$
Selecting the best product and ignoring how the loan should be set up is akin to building a home without quality foundations. Sooner or later you may find yourself in a precarious position.