How to choose the right home loan lender

August 05, 2016 by Rebecca Crommelin

When applying for a home loan, one of the hardest decisions many people face is choosing their home loan lender.

At Mortgage Choice Joondalup & Clarkson, we have access to over 20 lenders - giving you many options to choose from. 

However, sometimes with so much choice, it may seem difficult to make a decision. Some can get overwhelmed by the amount of choice and worry they won't pick the right one. Since a mortgage is one of the largest financial commitments a person can make, it is understandable why people are concerned about making a decision.

Luckily, we've come up with a few simple steps you can take to make sure you are choosing the right home loan lender for your needs. 

1. Compile a list of what you need from your home loan lender

There will likely be a few things you will want and need from your lender. For example, these things could include (but aren't limited to):

• An offset account
• Competitive home loan interest rate
• 24/7 phone support
• The ability to make unlimited additional mortgage repayments on your loan
• A redraw facility; and/or
• Local bank branch access

But you don't need to have all or any of these above examples. As everyone is different and will be looking for different things from their lender. So your first step is to make a list of the features you want in order to find a lender to partner with that will meet all your needs. 

2. Research

When you have decided on exactly what you want from your preferred home loan lender, you can begin to shop around and see which lenders offer your desired features. Get some feedback from your family and friends by asking who they deal with. You can also do some research online and look at the different lenders on the market. 

3. Talk to an expert

Another option is to speak to our team at Mortgage Choice Joondalup & Clarkson, if you let us know what you want from your lender - we can research hundreds of home loan products from over 20 lenders to find the right one that will meet all your needs. If you are still unsure of what you want from your preferred lender, as your mortgage broker, we can work with you to understand your goals and help you identify which lender will best suit your needs. In addition, we will also be able to help you secure a very competitive home loan interest rate because we have great relationships with many different lenders. 

4. Don't take a set and forget attitude

Now, once you have found the right home loan lender for you it's important not to just set and forget your finances. With the lending market always changing, it's important to continue to review your finances on an annual basis. It will ensure you stay ahead of the game and are always partnered with the right lender for your needs. 

Let us help you choose the right home loan lender, chat to us today at Mortgage Choice Joondalup & Clarkson on (08) 9485 0090.

Dennis Aplin, Your Local Home Loan Expert

dennis.aplin@mortgagechoice.com.au

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