Home Loan Advice: Why Is It Important To Get The Right Advice


Buying a home is one of the largest, and most important, investments of your life so its imperative that you get it right. And that means getting quality home loan advice so you can ensure you know what you’re getting yourself in for before you sign any contracts. Here’s why it’s so important for you to get the right home loan advice.

Why You Need Good Advice For Home Loans

Home loans can be complicated, so its best you have the right advice before signing up to ensure you’re getting the best loan to suit your financial situation and loan requirements. Choosing the right mortgage can prevent you from becoming trapped with an expensive loan that lacks the freedom you require.

There are many different types of home loans available, with factors dependent on what you intend to do with the property, loan features you require (such as offset accounts), and so on. Getting the right advice will ensure you aren’t spending more than you can afford, and it will help you to get the best interest rates in a volatile market.

Things To Look For In A Home Loan

Before you visit a mortgage broker, it’s good to have a basic idea of what you want. The type of home loan that is best for each person is determined by their wants and needs, as well as their unique circumstances.

You want to look for low interest rates, but you also might consider a fixed rate, which means the amount you pay back stays the same regardless of what the RBA are doing with interest. Or, you might prefer a variable rate, which is usually lower, but also fluctuates with the market.

Other considerations include:

  • No annual fees
  • A set-off account
  • 25 year loan term

A lender and broker will work with you to come up with a loan term that makes sense for your situation.

Who Should You Go To For Advice?

When you want the right advice for getting a home loan, there’s a few people you should talk to, including:

  • A certified public accountant will analyse your financial situation and your assets to determine if buying a home “right now” is a good idea. They can also advise you on tax structures, tax deductions, capital gains tax and negative gearing.
  • Mortgage brokers can give you advice and help you choose the best loan to suit your circumstances. They can assist you through the entire process of purchasing a property, from application for finance through to contract closure.
  • Real estate buyer’s agent acts on your behalf when purchasing a property, taking all the stress out of purchase for you. They will ensure you don’t pay too much for a property and can represent you at auctions and help to negotiate the sale price.
  • Financial planners and advisors can assist with financial planning and future decision-making, including home loan guidance based on your current and future financial situation.

There are many others in the chain of buying a property that can help you with advice, from real estate agents to property inspectors. It’s best you are armed with as much information as possible to ensure your investment is safe now, and into the future.