What to look for when comparing Home Loans.

When refinancing, it’s essential to compare different options to find the best loan that suits you. Hint: This is where we do the leg work!

Here are somethings to consider when comparing home loans for refinancing:

Interest Rates:

Compare the interest rates offered over multiple lenders, and consider both fixed rates and variable interest rate loans. A reduction in your interest rate could save you thousands over the lifetime of your loan.‍

Loan Term:

Consider the length of the loan term, and whether it fits into your unique financial situation. Shorter terms can save you money on interest, but they also mean higher monthly repayments. And if you are already on a shorter term, extending this can set you back further from home ownership‍

Fees and charges:

Look at the fees and charges associated with each loan, including application fees, ongoing fees and any early repayments fees. These costs can add up and affect the overall cost of your loan.‍

Loan Features:

Check the loan features offered by different lenders. This includes offset accounts, redraw facilities and the ability to make extra repayments. Having access to features like this will help you pay off your loan sooner, and save money on interest.‍

Lender Reputation and customer service:

Consider the lenders reputation and customer service. Look at reviews and ratings online, and ask friends and family for recommendations.