Australians should 'compare home loans online'


Monday 18 April 2011

Australians looking to find a more competitive mortgage should use the internet to compare home loans, it has been suggested.

Home loans 'should be compared online'

Spokeswoman for Mortgage Choice Kristy Sheppard explained the best way to find a competitive deal is to draw up a budget and then "go online and play with home-loan calculators".

The tools will enable people to "formulate a decent idea of how much [they] should and can borrow", she stated, adding this information will help mortgage seekers be more prepared when they approach a lender to ask for a deal.

Ms Sheppard added that when drawing up a budget, it is important homeowners take all their incomings and outgoings into consideration so they can "truly understand [their] cash-flow situation" and identify where it is possible to make savings.

Last month, those seeking to switch to a more competitive home loan were given a boost by news that exit fees will be banned from mortgages from July 1st this year.

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