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Pick The Right Lender and The Right Product

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People often focus on getting the best interest rate for their home loan in the hopes that it will save them money.

While it’s true that a low-interest rate can save you money on repayments, finding the right lender and the right home loan product are actually more important than the advertised interest rate. For starters, the right lender will look at your circumstances and consider different home loan options that suit you. They may make a number of suggestions, and offer flexibility when it comes to repayment plans and other loan features.

But more importantly, the right home loan product will offer you a range of ways to save money on interest – and not just through low-interest rates (which can vary with the official cash rate anyway).

The following considerations can help you find the right lender and product when you are searching for a home loan

• How much can you borrow?
• What repayment options does the loan offer and/or recommend?
• Does the lender apply additional charges for changes to the loan, such as additional repayments?
• Does the loan offer additional features, such as the option of an offset account?
• Have you already borrowed money from this lender?
• How easy will it be to make changes to your loan repayments in the future if your circumstances change (i.e. through better pay, retirement etc)?

Considering these different questions, and even asking lenders about them, will help you find a mortgage provider and product that actually helps you save time and money on repayments

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