House hunting is one thing. Finding and securing a mortgage is a whole other challenge.
How can you be sure that you’ve selected the perfect mortgage? How do you know if your chosen home loan will continue to benefit your family in 5-10 years?
The truth is, there is no perfect mortgage. That being said, which mortgage solution you opt for should depend on your unique circumstances. Let’s take a look at this in more detail.
No two households are the same. We all have different budgets, life plans, work situations, and property goals. It is vital to take a good, hard look at your circumstances. Here are a few points to get you started:
Answering these questions should steer you in one direction or another.
A whole range of variables differentiate competing mortgages. Here are three of the key factors to consider.
Generally speaking, the higher the interest rate, the more you will pay over the lifespan of your mortgage. But it isn’t that simple. You will also be faced with the following options:
There are two main types of repayments you can make, both with advantages and disadvantages:
Many Australians opt for one of the big four banks. Other choose to work with a smaller lender. It’s worth conducting some research to determine which type of lender best caters to your circumstances.
At the end of the day, there is no right or wrong decision when it comes to deciding on a home loan. Go for the product that works best for you.
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