Top 4 Tips To Save On Your Home Loan
1. Find the lowest rate for your home loan
This one is first for a reason as it’s kind of obvious, but not everyone thinks to do it! When searching for a home loan make sure you’re getting the lowest interest rate you can. After all, why pay the banks more interest on your loan when you could put that money in your own pocket? Practically speaking finding the lowest rate involves more than just calling up all of the available lenders to ask for their best offerings. The key is to find a way to get your hands on dedicated loan software that will analyse thousands of Australian home loan options for you. That not only saves time but ensures you’re getting the best rate out there. Also, in comparing home loan rates make sure to check the comparative rate as some home loans are offered with fantastic initial rates only for you to experience a hike in the rate after the first few years. And make sure your home loan has the right features to be best suited for your needs – some of the loans with the lowest rates just won’t be practical for you.
2. If you have a home loan already consider refinancing
Did you know you can potentially put thousands of dollars back in your pocket simply by correctly refinancing your home loan? That money can be better put into your savings account or towards those home renovations you’ve been dying to get than into the bank’s profit margin. True, you may already have the best loan available, and if you do refinancing won’t be worth the hassle – but it’s worth asking the question and at least finding out! If you do decide to check whether it’s financially viable to refinance your home loan make sure you factor in the up-front costs associated with switching loans, especially if moving to a new lender. LMI in particular (Lenders’ Mortgage Insurance) can potentially run into the thousands of dollars when switching between lenders so make sure you run the numbers first in order to determine whether it’ll be worth the effort of changing over.
3. Pay yourself first
Successful investors the world over live by this maxim, so why shouldn’t you? Make sure at least 10% of what you earn goes towards your savings account or your asset column, and live off the rest. Rather than being at the mercy of your bills and mortgage and never feeling like you can get ahead financially, paying yourself first gives you confidence in your ability to save and provides you with a safety net for that rainy day or those unforeseen expenses.
4. Consider getting a mortgage broker
If you want to save yourself the hassle of wading through the multitude of loan offerings that are available on the market then you should definitely consider getting a mortgage broker. Mortgage brokers’ whole purpose is to give free expert advice to anyone looking to save money on their home loan. In fact as Brisbane’s expert mortgage brokers our job consists in helping you find the loan which takes the most money out of the bank’s pocket and puts it in your own. That’s what we do and we’re very good at it.
The truth is that if you’re not taking advantage of our free loan advisory service then you’re simply making the banks bigger and fatter. Our mission is to make the banks lose money on mortgages.
With 25 years of industry experience we are well equipped to provide expert financial advice on how to fund your home or next project, obligation free and at no cost to you. So how do we get paid? The banks pay us when we present them a loan application on your behalf. That means we can help you find the right loan from thousands of offerings and the service we provide to you is absolutely free. It’s also healthy for the market because we keep the banks honest by making them compete for your loan.
If you would like to find out more about us and what we can do for you go to our About Us page and find out more about the history of Multi Choice Mortgage Brokers. We are well known for our integrity in the mortgage broking industry and because of that integrity our business has stood the test of time for 20 years. We are able to give expert guidance in the areas of first home buying, mortgage refinancing, building loans and effective tax restructuring for investment property loans. Our clients are our best advocates so if you’d like to hear what they say about us go to our Testimonials page. We hope you benefit from realising how much money you can save on your home loan and look forward to hearing from you soon.
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Having a Multi Choice broker negotiate finance on your behalf is the smart way to go as we look to save you time, stress and money.Book a free appointment