Negotiating a Better Home Loan Deal
Managing your mortgage starts with preventing situations that could lead to mortgage stress and that means negotiating the right home loan deal from the very beginning. Most borrowers don’t realise that they can often negotiate with the lenders to get a discounted rate below their advertised rates. The size of your loan, previous transactions with the bank and a clean credit history can all be used to place you in a stronger position at the negotiating table.
Assistance Negotiating a Better Home Loan Deal
Your local mortgage broker can further strengthen your position at the negotiating table by using their insiders knowledge of the loan market and their established relationships with the lenders. Simply email us the form on this page or call 13 LOAN (or +61 2 9249 3739 for international callers) and we will return your contact within 2 business hours.
Choose Your Home Loan Wisely
The right home loan will take into account more than just a low interest rate. You should view each loan in its entirety, which means looking at the features, service and the fees involved. You should also try to shop around and view the loan products on offer from a variety of lenders including banks, non-bank lenders and credit unions.
Consider Future Changes to Your Circumstances
As a general rule of thumb, your mortgage repayments should never exceed 30% of your after tax income. So when choosing a loan, take into consideration interest rate movements, reductions to your income or added expenditure that may result from expanding your family. The key is to ensure that should any of these changes occur in the future, you would still be able to comfortably meet your loan repayments. Get a mortgage broker to help you do the math and work out what your repayments would be should your circumstances change.
Conduct Regular Home Loan Assessment
Mortgage products are constantly changing and what may have been a good deal a few years ago may not stand up to the current products in the market. To ensure that your mortgage remains above par, get your mortgage broker to conduct a free home loan assessment every 2 years. This will usually take into account the latest interest rates, new product features and services that could ultimately cut the cost of your home loan.
More information and home loan help
For more information on how and where to find a better home loan deal from an extensive panel of Australian banks and secure mortgage lenders, or to speak to your local area mortgage expert, contact us on 13 LOAN (direct +61 2 9249 3739)
