Do Your Own Home Loan Analysis
There is probably no bigger financial decision than buying a first house.
That’s because houses cost more than most things and it takes time to pay back what we need to borrow to buy them.
For this reason, you probably want to be sure you make the right choice when it comes to home loans.
One of the ways to be more confident about your decision is by doing your own home loan analysis.
This means examining and comparing mortgage lending products to determine how they match up with your current and anticipated future needs.
With a home loan calculator Australian loan products can be put to the test. You can compare the cost of various loans in fees and mortgage payments over the term of the mortgage.
Your aim should be to see whether your finances would benefit from different features. For example, you might want to see the effect of paying a minimum deposit on a fixed interest rate loan.
Then, for contrast, find out what your monthly repayments look like when you up your deposit, or move to a variable rate loan.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.