How to find the best mortgage or loan.

Whether you’re a first-time homebuyer or a seasoned repayment-pro, working out how to find the best mortgage or loan can be overwhelming. To get you started on your home loan or refinance journey, we’ve pulled together some practical tips and clever insights to help you navigate the lending landscape. Read on to learn how to find the best mortgage and simplify the process of locking in your loan.

7 tips for finding the best mortgage or home loan.

1. Seek out unbiased advice from a Mortgage Broker.

If you do nothing else – do this. Find yourself a skilled and experienced Mortgage Broker. A good Broker, who is not aligned to any particular institution, is able to provide impartial advice and help you navigate the complex world of mortgages and loans.

Click here to learn more about what to look for when hiring a mortgage adviser.

Or lock in an obligation-free chat with our Mortgage Advisers to find the best loan options suited to your unique needs. 

2. Get your financial ducks in a row.

Before you start the loan application process, it’s helpful to get your finances organised.

Having a clear understanding of your household budget and financial situation makes it much easier to determine how much you can afford to borrow.

Get a jumpstart on pulling together your paperwork – pay slips, tax returns, banking info and the like. This will speed up your application and the process of narrowing down suitable products. And all of this brings you one step closer to ultimately finding the right mortgage for your needs.

3. Check your Credit Score.

Did you know your credit score impacts the products you can access and the interest rates you’re offered? 

During the lending process, banks and potential lenders will check your credit history. But you can get on the front foot and do so as well.

Checking your credit score and working to address any issues before submitting your application can help you secure a more favourable loan.

4. Compare lenders and products.

Don’t feel pressured to settle for the first offer you come across. Your Broker will help you compare different lenders and products, ensuring you find the best deal in terms of interest rates, fees, and features. Your Broker can also leverage their expertise to secure better terms for you, based on their market knowledge and understanding of what’s happened for other clients.

5. Consider all features of the loans, beyond its interest rate.

Finding a mortgage or home loan is easy. Finding a mortgage or home loan that works well for you for years to come requires you to consider more than just interest rates. 

So be sure to look into the other features of your shortlisted loans before selecting your final package. For example, does your loan have an offset account or the ability to do splits? Are there linked credit cards or frequent flyer programs? Does it have a good app, reporting, reminders and alerts etc? 

Depending on your needs, these other features can make a real difference to your lifestyle and save you money, both now and into the future. 

6. Work through the fine details with your Broker.

Some loans come with hidden costs. Your Broker will carefully review the terms and conditions to ensure you’re aware of all associated fees and charges.

They’ll also help you understand the differences between fixed and variable interest rates, so you can choose the option that best suits your financial goals and risk tolerance.

The length of the loan term affects your repayments and the total interest paid. Make sure you’ve discussed your longer-term goals and financial objectives with your Broker. This can help you select a loan that aligns well with your financial plans.

A good Broker will work closely with your financial adviser and accountant to ensure your facilities are set up properly and support your overarching objectives.

7. Lean on property insights to guide your decision.

Beyond helping you to secure a loan, a skilled Broker should also support your property search.

For example, at Kearney Group, our Strategic Lending team helps you back your property decisions with data by providing detailed property reports and suburb analysis. Our team works with you to unpack postcode trends and historical sales data, and identify opportunities to expand your search.

When armed with expert insights, you’re able to explore suitable suburbs with confidence. And as you narrow down your options, you’ll know you’re making smart and informed property decisions.

Fill in our form below or go here to get your free property valuation.

How to find the best mortgage:
Wrapping up.

Your journey to homeownership or refinancing doesn’t have to be a stressful experience. With the right advice and a clear understanding of your options, you’ll be well-equipped to make informed decisions and move confidently towards your property goals. Remember, finding a good mortgage starts with good guidance from professional advisers—so take that first step and reach out to our Strategic Lending team today.

And don’t forget to fill in the form below for a free property valuation on any Australian property.