Choosing the right Home Loan
Getting the right mortgage can take time, but has the potential to save you thousands of dollars in repayments, fees and interest over the life of your loan.
Before you start comparing home loans, work out what features will be most important to you. Do you need mortgage that gives you the flexibility to switch products down the track? Do you want to make lower repayments at the start of your loan, or pay it off as soon as possible? Do you want to be able to access the equity in your home?
In addition to fees and interest rates, look out for features including:
Allow your everyday savings to help reduce the balance on your mortgage, so you pay less interest and potentially save thousands over the life of your loan.
Once you understand what you’re looking for, you can talk to a Home Lending Specialist who will help you find a home loan to suit your needs. You can make an appointment online, by phone on 13 2224 or at your closest branch.Download our home loan fact sheets
Although there are many different home loans available, they are each made up of two components: interest and principal.
An interest only home loan means your repayments only cover the interest for a set period of time—they won’t reduce the balance on your mortgage.
This type of repayment option is ideal if you’re looking to reduce your loan commitments at the beginning of your loan period (available for up to 15 years). It gives you the flexibility to pay off other debts or take advantage of wealth-building opportunities.
This repayment option involves paying off a portion of both the principal (the amount borrowed) and interest over an agreed period of time, up to 30 years. This repayment option lets you reduce your home loan balance when you make repayments.
When choosing a home loan, you should take into account any upfront and ongoing costs associated with the loan, including loan service, loan establishment, account keeping, redraw and early termination fees and charges. You can view all standard home loan rates and fees or compare home loans to see which loan is right for you.