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What You Should Be Looking For In A Home Loan

What You Should Be Looking For In A Home Loan | Financial Information | Tiger Finance

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If you’re on the hunt for a home loan, you’ll know how many options are out there. We understand that home loan searching can feel like a daunting task. When looking for the right home loan, you need to find a loan, and a lender, that will offer you competitive rates, fast results and flexible loan terms.

Read on below to find out more about what you should be looking for in a home loan.

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What fees apply to the home loan?

There may be a number of fees charged on different features of a home loan. When looking for a home loan, you should check what kind of fees your home loan will have. Some of these fees might include:

  • Application fees
  • Ongoing fees
  • Late payment fees
  • Early exit fees
  • Termination or settlement fees
  • Redraw fees
  • Lender’s Mortgage Insurance, if you have a small deposit attached to your loan.

While your loan might not have all of these extra fees, it might be beneficial to do some research to see if any apply to your loan. Fees can quickly add up over time, causing you to spend more on your loan than you might have originally thought.

What is the interest rate on the home loan?

When you begin to research home loans, you might find that lenders display both an advertised rate and a comparison rate.

The advertised rate of a home loan is generally is just the interest rate, and it does not usually include the cost of any fees or charges. On the other hand, the comparison rate usually takes into account most fees and charges over the life of the loan.

In addition to these figures, some lenders might have an introductory offer interest rate. The introductory rates are generally lower rates offered only for a short time at the start of your loan. It might be a good idea to also check the comparison rate of a loan that offers an introductory rate, as this will give you an idea of what the real cost of the loan could be after your introductory period comes to an end.

What features does the home loan have?

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While the interest rate, fees, repayment and deposit amount are important to think about when choosing a home loan, you might also consider looking at what features come with a home loan that you might be interested in. Some features that are included might be:

  • The ability to make extra repayments without extra fees
  • An offset account
  • A redraw facility
  • Ability to split your home loan between fixed and variable

Depending on what you are looking for in a home loan, you might find these extra features appealing in the long run.

What type of home loan is best?

If you’re wondering about which type of loan will be the best fir for you, we have all the information you’ll need in our loan articles page. Whether you’re looking for a private loan, a self-employed loan or a low doc loan, you’ll be able to find everything you need to know.

Where does Tiger Finance come in?

Luckily for you, Tiger Finance has home loans that offer all of these benefits. We can offer you competitive rate home loans from our range of partnered lenders. It’s never been easier to apply with us online, and we can even have your home loan approved on the same day!

We have helped countless Australians with both good and bad credit ratings get approved for funding. If you are one of the many Australians finding getting a home loan difficult, Tiger Finance can make the process simple and pain-free. Call today to speak to one of our loan specialists for your free initial consultation.

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