Buying a home is one of the largest financial commitments that many of us will make. But when it comes to buying a home the majority of us fail to shop around, research the market thoroughly or get a second opinion, and this can cost us thousands. So how can we avoid making costly mistakes?
Research the Market More
According to recent research some 50 percent of Australians head straight to their bank when they want a home loan. They don’t research the market or shop around and compare home loan rates. Sure banks are doing a better job at maintaining customer satisfaction. But, this doesn’t mean that home loans are easier to secure with a bank, or that a bank will give you a better deal.
Consider Using a Broker Rather Than a Bank
A survey of 1306 Australian home buyers found that 43 percent of home buyers found a mortgage broker easier to use than a bank. 61 percent of home buyers also said that a broker got them a better home loan deal than their bank.
Mortgage brokers typically cost you nothing to use and can save you money over the term of your home loan. Plus, they can answer your questions and complete your application for you.
Make Your Home Loan a Priority Not an After Thought
Of the home buyers surveyed, only 36 percent said their home loan was the most important aspect when buying, compared to 73 percent of home buyers who felt property price was the most important. However, 2 in 5 home buyers said they regretted not getting a second opinion on their home loan as they may have saved more.
Are you looking to secure the right home loan for you? Visit eChoice TODAY find out how our mortgage brokers can help YOU.
Written by eChoice