When comparing home loans, the key things to look out for are:
The most popular way to compare home loans. A low interest rate will help you save money, however it’s important to compare loans using the comparison rate. The comparison rate includes any additional fees and charges and reflects the true cost of the loan. You’ll find the comparison rate listed next to the interest rate.
You’ll also get the choice between a fixed-rate loan or a variable rate loan. Learn more about the difference between fixed and variable interest rates.
A low interest rate is just the beginning. The right features can make a big difference over the life of your loan.
Some clever features to look out for are fee-free extra repayments, so you can pay down your home loan sooner and a free redraw facility (in case you need your extra repayments).
If you have some extra savings, an offset account is another useful feature that can help you save money on interest.
Compare our home loans and features today.
Most home loans have an establishment fee, however it’s important to check for ongoing fees such as a monthly or annual fee. Or a fee for making extra repayments. Ongoing fees add to the cost of your home loan and can sometimes cancel out a low interest rate.
You can use the loan comparison calculator to easily check the full cost of your loan and find the loan that will give you the best chance of saving money.
It’s normal to take your time when looking for a home loan and comparing before you commit is the best way to find the loan that’s right for you.
If you have any questions, we’re here to help. You can call us on 133 282 or connect with a Home Loan Specialist for an obligation free chat.