If you’re thinking about buying a new home or have reviewed the latest interest rates and feel that your existing home loan might be a little high, then now is the time to compare home loan eggs.
Well, the home loan industry has never been more competitive. The cash rate is the lowest it’s been in years and banks, building societies and other lenders are all vying for your business. This means they are slashing interest rates on variable and fixed rate home loans, wavering application fees and boosting the number of home loan features to gain you as a customer. This is why it is vital for you to compare your home loan eggs, before you put them in your basket, this Easter.
Be critical when looking at home loans. Don’t just look at the pretty wrapping. Look past this and consider what features you’re getting and how much each home loan is really costing you in the short and long-term. Do the math and don’t be afraid to ask for a better deal. Also consider the quality of service you’re being offered. If you don’t like the lender, then don’t do business with them. After all you’ll be dealing with them for years and you don’t want your home loan egg to leave a bad taste in your mouth.
Grab a pen and paper. Write down the name of each home loan you like, the name of the lender, the type of home loan, and the interest rate you’re being offered. Next, write down each of the features the home loan has, the application cost and any other associated fees. Then use a home loan calculator to work out how much each loan will cost you over the term of the loan. Write this figure down. Then compare home loans.
If you’ve already got a home loan and are considering switching your home loan egg for another that looks better, then make sure you consider exit fees and other costs that you may be liable for. Don’t just put the new home loan egg in your basket and hope for the best. This can be costly. Instead, do the math, and if you’re saving money by switching home loan eggs, then it may be a viable option. If, however, you make only minimal savings or nothing much at all, then you may be better off sticking with your existing home loan egg this Easter.
Want to know more about home loan eggs this Easter? Then contact eChoice and our mortgage bunnies will hop right to finding the right home loan for YOU.