Comparing Home Loans – Filtering the choices?

Posted by nick on August 18, 2010 in Latest Guides & Learning Centre Updates with No Comments


There is a great quote in a Joe Jackson song that refers to the amazing amount of choice that we have in society today. But the song goes on to explain that “they say that choice is freedom, but I’m so free it drives me to the brink”. In other words he is going insane with all the different products available, and how on earth is he meant to know what to choose. It would be fair to say that when comparing home loans its a bit the same.

The song refers to 83 kinds of chocolate chip, but in the Australian home loan market, at any one time, there can be more than 40 lenders, providing various types of loans and features that can give you over 600 loan types. The great challenge for everyone is, how on earth do I filter through and compare these home loans and know that I have got the right one.

Well in this basic guide, we offer you a few options to help you start searching and appraising loans. Actually its at the core of what we hope to provide you.

There are 3 key options for working through the Home Loan market.

1. Use  a service like HelpCompare.com.au
> This is a great way to understand the type of questions you need to answer in order to help create a shortlist of potential providers and loans compared.
> We filter hundreds of loans to get to the top 3 matches based on your criteria

2. Use a Mortgage Broker
> A qualified and registered Mortgage Broker can help you better understand the details of loans and loan providers and further find the right loan and rate for you.

3. Use a Bank
> It is not common for a Bank to help you compare loans, but if you have a long standing relationship with a bank, you should at least ask to negotiate a better rate on the loan you have.

Here at HelCompare.com.au we advise you to utilise our service in conjunction with that of a Broker. You should feel like you have a better understanding of the loan market, and feel more empowered to have a good conversation with broker about what you may or may not need. In fact we will introduce a broker to you, and together you should be in a much stronger position to effectively Compare Loans across lenders.

Of course you need to keep in mind that not all Brokers can compare every loan in the market, but you should feel that most of them,are in a position to compare loans from all of the major lenders and most if not all of what we know as the regional or second tier banks.

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