Comparing home loans is a difficult task, especially with rates that regularly change and different loans for different situations. The compare home loans team has worked hard to make it easier to compare home loans in just two quick and easy steps.
The compare home loans website also provides free advice including our home loan guide and the application process. If comparison steps are still too daunting you can find a mortgage broker in your area which can find the best home loan for you.
The compare home loans engine works on the different algorithms that banks and financial institutions use to determine the mortgage products and rates they will offer to different segments. One of the main factors what the mortgage will be used for such as an investment, for your first home or to refinance. This can determine in part the risk factor of the loan which can leads to adjustments when it comes to deposit rates and the associated rate of the loan. The actual property itself (ie house, apartment, townhouse) is also a key variable that financial institutions use to determine what home loan customers are eligible for. In many cases a property valuation by the bank will be needed to finalise the mortgage amount.
There are many other factors that the second step of the compare home loan form requests including the type of loan, the full amount and deposit level. Having no deposit can really restrict which financial institutions will offer you a loan and what products are available. The features of a loan can be important of your situation (especially an offset facility) but some ‘no frills’ loans won’t offer them as standard. Overall, its important to be as truthful as possible when providing your details as the lender will require proof of all these factors when it comes to securing the final home loan selected.