Spend some time before you spend your money
28 February 2008
If you were considering just going to your bank and applying for a mortgage, stop and think again. They may not offer you the best mortgage loan for you, and have little incentive to entice you with special rates as you're already a customer. With just a little effort, you could save yourself hundreds or thousands of dollars by finding a mortgage loan that suits your unique financial situation.
1.Decide on the kind of home you need
Don't take the risk of making assumptions about the market. Research thoroughly where you want to live, and decide on the size of home your family requires. Try not to assume that you can just move again if you end up needing a bigger home in the future, as the market and your own financial and work situation may not be suitable at that time. If you're planning on starting a family and this is your first home, you may also want to borrow more money for furniture and other essential expenses.
2. Take inventory of your finances
Once you know the market prices for the kind of home you want, work out what you'll need to do financially to present the best image to a lender. If you were considering buying a new car, but don't really need to yet, you may want to consider waiting until you are a fair way into paying off your mortgage. Try not to change your employment situation if you can, as frequent fluctuations in income may turn off mortgage loan providers.
3. Use MortgageLoan.com.au to help you find the best deal!
Visit our home loans page to find who's offering the best rates and mortgage search services in Australia. Let us or one of our sponsors help you with one of the biggest decisions of your life. Good luck!
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