Matching home loans with your needs

Many people spend a great deal of time looking for their home, but neglect to research the best way to pay for their dream. This is surprising when you consider that buying a property is probably going to be one of the single largest expenditures you will ever make. Determining the most appropriate home loan for your specific needs and circumstances can, in the long run save you a lot of time and money.

There are many different home loan products available today, making it difficult to choose the best home loan suited to your personal and financial goals. The range of home loans include those tailored for first home buyers (for example honeymoon home loans), investors (split home loans or investment loans), self employed people (low doc home loans or a non conforming home loan), renovators (construction loans), owner builders (owner builder finance) or people with bad credit (bad credit home loans). There are also home loans available for seniors (reverse mortgage) or those seeking to upgrade or refinance. With so many home loans currently on the market, how do you know which one is the best mortgage loan for you?

Get a mortgage broker to do the reseach for you

Choose a mortgage broker to help you do all the research and comparisons for you. Mortgage brokers will analyse your needs, define your particular life stage and narrow down the best home loan options for you - at no cost to you.

When considering a home loan product, take into consideration the following:

1. Interest rates and fees payable on the home loan

2. Principal only or principal and interest home loan

3. Home loan features, such as the ability to make weekly repayments, additional repayments, redraw facility and so on

Mortgage brokers are intermediaries

Mortgage brokers don't finance home loans - they act as the intermediary between you, the borrower and the mortgage lender. Mortgage brokers are experts in their field and can provide customers with a range of options to suit their individual needs.

Remember that no one knows your needs better than you and the information you provide is vital for the mortgage broker offering you financial advice about home loans.

The basic premise is that a mortgage is still a mortgage - it is merely a means to obtain your goal of owning your own home or investment property. How you achieve that goal as effectively and economically as possible will be determined by individual financial factors, the information you provide and what you want from a home loan. It is in no-one's interest - borrower, mortgage broker or mortgage lender - if you end up with a home laon product that doesn't suit your needs.

A sophisticated market

Today's dynamic financial services industry is constantly creating and re-inventing property home loan options to cater for a more sophisticated and demanding market. This means that mortgage brokers need to be able to explain the features, benefits and differences of all home loan products available, including basic variable home loans, standard variable home loans, fixed rate home loan, split loan, line of credit loans, low doc home loans, non conforming home loans and bad credit home loans just to name a few.

Since mortgage brokers carry the responsibility to be educated and transparent about the home loan products they represent, they are ideally placed to provide you with the peace of mind of knowing that you have been matched to a home loan that suits your needs.

To find out more about how a mortgage broker can help you find a home loan based on your needs, speak to Intellichoice today on 1300 55 10 45.