How to know if your home loan is The One

The home loan market can be overwhelming. So many products seem good on paper, but now you’re six weeks in and you’ve realised your loan is a cat person, believes in pineapple on pizza, and doesn’t like The Sopranos.

Choosing a home loan that suits your needs requires research, clarity, and probably discarding a few duds along the way.

Let me be your wingman. I’ll help you figure out when to swipe right on a home loan.

Get to know yourself before you start

Close your eyes. What do you really need? A young Harrison Ford? Same. But what are you looking for in a home loan?

Think about your individual situation. Some popular features of home loans aren’t right for everyone. Start with rates: are you fixed or variable or a combination? Do you plan to exit early, or offset your repayments with a lump sum?

Next, think about whether you’d prefer a ‘basic’ loan with a lower rate, or something whizz-bang that’s packed with features. If your job includes an annual bonus, maybe you want fee-free extra repayments. If you’re planning a wedding, a redraw facility might help you manage the budget.

Don’t be swayed by fancy options you don’t need and shouldn’t pay for. I will compare all your home loan options to allow you to choose wisely. Don’t be ashamed to be basic.

Communicate with each other

Being clear about what you’re getting into will mean no complicated texts you need your friends to analyse over a wine. Ask your broker to explain everything clearly. What is an offset account? What are your options if you’re suddenly unemployed? What happens if the market changes?

The right home loan won’t play games with you. Be upfront and demand the same in return.

Look beyond the filtered selfies

A low rate can be very attractive but take a pause. Some of the cheapest loans can come with high fees or minimal features. Avoid disappointing long-term prospects by looking at a loan’s comparison rate – it takes into account upfront and regular fees so you can get a more accurate picture of the true cost of the loan. A broker's Loan Comparison calculator can also help with an apples-for-apples view of different options.

Do you know what to look for in a home loan? Keep a close eye on:

• Application or establishment fees
• Account-keeping fees
• Penalties for late payments
• Redraw or early repayment fees
• Early exit penalties

Let’s be honest: you deserve a loan with it all. Good value, features you need, and the flexibility to fit into your lifestyle.

Find a loan that’s emotionally available

The best relationships are a two-way street, and it pays to look for a loan that gives something back. Many home loans, have no application fees or ongoing account-keeping fees. They also give you the freedom to make fee-free additional repayments at any time on our variable rate loans and to redraw funds at no charge.

When it comes to your home loan soulmate, there’s nothing like tailored advice (and having your own in-jokes). Talk to your broker for expert help with finding your perfect match.

Terms, conditions, fees and charges apply. Applications are subject to credit approval.

This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.

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