Comparing Home Loans
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Comparing Home Loans
Most people compare home loans on the published interest rate, however this
is highly misleading. Speak to one of our mortgage brokers to understand how
to effectively compare home loans.
Mortgage Comparison Rate – The Comparison Rate combines the lender's interest
rate, fees and charges into a single rate to show the true cost of a home
loan.
It is important that you consult the comparison rates of a loan product
when comparing any two loans as it represents the true cost of a loan.
Mortgage Features – Not all home loans are the same. When comparing 2 or more
loans it is important to consider the loan features that the products offer
and whether these features would be of help to you.
If you do not care about home renovation, debt consolidation nor further investment, then there is simply no point for your to pay for a home loan with all the bells and whistles – you ban choose a basic discounted home loan.
However if you do wish to invest, renovate or consolidate then features such as an offset account, redraw facility, and free valuation may be of interest and of value.
When comparing home loans on costs only you miss out a very important
component, that of feature benefits.
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