The lending market is saturated with options, making it difficult to determine whether your home loan is the best deal for you. Comparing your options is always smart, but can quickly become an arduous task, given how much information there is to sift through. A great way to get around this is by looking for a loan broker in Melbourne who can provide you with specialist knowledge.
While there are great websites you can use to compare home loans, lenders will sometimes refer to the same product with different names, making it hard to work out what you’re actually looking at. A Melbourne mortgage broker, on the other hand, will know all the different names and pricing, have all the local insight, save you time on the decision-making process and inform you on the various advantages of each product.
Understanding every part of a product is essential to making the right choice. Contrary to what some people may think, the best home loan for you isn’t necessarily the one with the lowest interest rate. Your home loan must meet your goals, whether that’s to fund a renovation in the future, minimise the fees you have to pay over the life of the loan or simply pay off the loan as quickly as possible. A mortgage broker can guide you towards a loan that best supports your long-term goals and current needs.
For example, lenders will often lend different amounts based on the same criteria. A lender with the lowest interest rate may lend less than another one with a higher rate, meaning some people may find it worthwhile to go for the higher interest rate in order to lock in a property while others prioritise finding the lowest rate possible.
When it comes to home loan comparison and choosing the best deal for our clients, Mel Finance are truly the industry leaders. We have specialist knowledge of over 150 products from 34 lenders to ensure you get the best loan suited to your needs and goals.