What should you look for when choosing a lender? Your first thought may be interest rates and you are not alone. According to the Australian Mortgage Snapshot 83 per cent of Australians choose their home loan provider based on their interest rates. However, there are several factors you should consider beyond the interest rates.
- Home Loan Features such as Extra repayments facility, Redraw Facility, Repayment Holidays, Interest only & Mortgage offset accounts
- Fees such as Application fees, Valuation fees, lender’s legal fees, Lender’s mortgage insurance, Monthly or annual fees & Break costs
- First home owner’s grant
- Introductory rates
- Early repayment penalties