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Helping You Compare Home Loans

Comparing financial products is something that we at Webdeal.com.au do on a daily basis. It is our business to know and understand home loans, car loans, debt consolidation products and the like. Comparing different loans is nothing like comparing the price of groceries or petrol. Understanding the methodology behind financial products is essential when trying to compare  home loans.

The Australian mortgage landscape is overflowing with spruikers promoting discounts, cheap rates, no fees and other bells and whistles. Before committing to accept any loan offer, it is important to understand what these offers actually mean to you as the borrower. The borrower needs to be familiar with the available loan features and those which are essential to their lifestyle and product use.

Is The Loan Comparison Rate Important?

In comparing home loans and their interest rates, it is important that you take into account the mortgage comparison rate not the advertised rate associated with a home loan. The difference between the two can translate to thousands of dollars over the life of your loan. A loan Comparison rate is a calculated average interest rate that you can expect to pay over the life of a loan with the lender of your choice. The calculation of this rate will associated loan costs and fees over the life of a loan and is known as the ‘true’ interest rate.

Choosing Home Loan Features

Do not get trapped in being sold loan features that you do not need. If you have no intention to sell up or upgrade your home in the near future, there is little reason to look for a portable home loans. However if your plans include selling your property in the short to medium term then understanding exit fees as well as the portability of your mortgage can be critical. Selecting a very cheap fixed mortgage can be a mistake if you are looking to sell your property in the short term.

Generally the highest exit fees apply to a borrower breaking up a fixed mortgage contract. May be it is a good time to think about income protection insurance quote? Visit the Lifedeal, you intend to continue holding your property and rates are expected to go up, fixed loan can be a good idea.

Banks vs Non Banks – which lenders are best?

Many borrowers worry about using a non-bank lender when applying for a home loan. There is no real reason for this concern. All home loan lenders operating in Australia, are regulated by the government. In fact many non-bank lenders are specialists in bad credit or self employed home loans and can offer deals not available through banks and other mainstream lenders. It is important to consider the available loans irrespective of the lender when comparing home loan. Limiting your choice to the big four, will also limit potential benefit and savings available.
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Home Loan News

Should you fear low doc mortgages?

December 13, 2013, 3:23 pm

The media does a great job at putting fear into their readers and listeners. After all who would not be afraid of such headlines: ” The low doc loan that brought down a family” …or  ” RBA exposes low doc … Continue reading →

Home loan strategies for borrowers experiencing a temporary drop in income

September 4, 2013, 2:21 pm

Sooner or later most young families find themselves in a situation of reduced income. It may be only for a few months while one of you is off work having a new baby, or it can be for a period … Continue reading →

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Much appreciate all your help with my home loan. I could not believe how quick and painless the whole process was……. Thanks a lot ! - K.Jara - Vic

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