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Home Loan Advice

Home loans tips.

Finding the right home loan and the right financial institution to deal with is a major decision.

It pays to do your research before committing to anything as you will be paying off your loan for many years to come.

There is a variety of different home loan products and services and in there is plenty of choice as well. In Australia there are now thousands of mortgage brokers who operate independently of the banks.

Home loan advice no. 1. Deal with a local

My recommendation is that you deal with a local broker.

Most of these guys or gals are running their own little business’s and basically get paid commission on the loans or mortgages they sign up or organize, but the point is they have access to most if not all the big banks loan products.

Instead of going directly to your bank find a local broker who can shop around for you, at least that way you have a local point of contact for how your loan is progressing.

Dealing with the big banks can be a pain in the backside.

When you are stressing about how long before you actually receive your loan approval you don’t want to be put through to some call center in India.

Deal with a local broker and they are responsible and will give you better feedback than banks annoying overseas customer service areas.

Home loan advice no. 2. Don't forget to shop around

I know it sounds obvious but some times we miss the obvious.

There is a variety of different home loan products and shopping around is essential.The home loans marketplace is a competitive area so some of the lenders will offer substantial incentives to get your business.

Finding the right loan will save you a lots of money over the length of the loan, remembering that these agreements on average last 15 years or more.

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Home loan advice no. 3. What you will need

For most lenders, a minimum of 5% of the purchase price is required as a deposit. However, the more money you can save for your deposit the better off you'll be.

Repayments will be reduced and you'll save money over the life of your loan. Most banks will require proof of savings history in the form of bank statements that show regular deposits.

Home loan advice no. 4. How much to borrow

Big Point here please remember don’t over commit with how much you borrow, just because you are offered it.

The banks are in the serious profits business!

They have hungry shareholders to feed. What ever the bank offers you don’t forget it’s a loan which has to be repaid with interest.

Did you know that the origin of the word mortgage is roughly translated from the French language as "an agreement until death"?

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Home loan advice no. 5. Get loan pre-approved

Getting your home loan pre approved should be part of your game plan.

What this means is your broker/financier will assess you and any other applicants and establish your borrowing capacity, prior to you finding your property.

That way you can go real estate shopping with realistic expectations and a genuine ability to purchase

Looking at Property

Having your home loan pre-approved gives you a head start because the real estate agents will take you more seriously.

If it’s your first real estate purchase it’s a good idea to not fall in love with anything until they give you the keys and tell you it’s yours.

Nearly everybody has a tale to tell how they got beaten at the post when buying real estate.

If you are a first time home buyer you can read more....

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Network sites : Real estate agent fees - Real estate refunds -Real estate agents commissions More useful sites for consumer information: Australian Real Estate Institute | NSW Real Estate Institute | Victorian Real Estate Institute | Queensland Real Estate Institute | South Australian Real Estate Institute | Western Australian Real Estate Institute | Tasmanian Real Estate Institute | Northern Territory Real Estate Institute NSW |