Have you considered a home loan comparison to check if your home loan is still the most suitable loan for your situation?

If you got your mortgage more than a year ago, it’s possible that what seemed like the best product to suit you back then could now be outdated and not doing its job as well as it should.

By doing a simple home loan comparison it’s possible to see what loans and rates other banks and lenders are offering. You might be surprised at how much you could save.

For anyone entering into a new mortgage it’s vitally important to know that you’re getting the right home loan for your specific needs. In some cases, what looks like the cheapest interest rate up front might be the home loan that costs you money in the long run.

To most people all home loans look about the same with only small differences in the interest rate. Unfortunately differences between mortgages run much deeper than just the interest rate you’ll be charged.

The only way to know for sure that you’re getting the right mortgage is to run a simple mortgage comparison of home loans so you can see at a glance what fees and charges might apply to your account. You’ll also be able to estimate the potential savings to you by altering the type of loan facility.

Any good mortgage broker can conduct a thorough home loan comparison for you. You’ll be able to compare at a glance certain aspects about loans from multiple banks and lenders, including:

• Annual Interest rate
• Average annualised percentage rate (AAPR)
• Monthly or annual fees charged
• Loan flexibility (interest only mortgage option or principal and interest)
• Redraw options
• Off-set account options
• Potential exit fees and charges
• Maximum loan to value ratio
• Online banking capability

By knowing precisely what each bank is able to offer, you can then make an informed decision which home loan is the right one for your circumstances.

Home loan comparison for loans in Australia can be quite frustrating if you’re doing the research on your own. Banks are masters at making all of their financial products sound great, while down-playing any aspects they’d rather you didn’t see.

Although it is possible to do a home loan comparison yourself, can you be sure you’ve picked up all the information about each loan you’re comparing?

This is why asking a qualified mortgage broker to conduct your home loan comparison for you makes good sense. A good mortgage broker will already have access to all home loans available through banks, credit unions, building societies and non-bank lenders.

Simply ask your mortgage broker for a home loans comparison between some of the different Australian mortgages and see the difference for yourself