Home loan customers should make a checklist, expert advises

Tuesday 28 September 2010

Article by Mozo

Potential property purchasers looking to acquire a home loan in Australia could be among those to benefit from recent advice offered by one expert.

In an interview with Adelaidenow.com.au, Chris Acret, managing director of Smartline Personal Mortgage Advisers, has urged people to make a checklist before they start comparing the market.

The expert said individuals should be certain of what they want from a loan before they think about signing any deals.

He advised that the lender a customer has their transaction account with may not necessarily offer the best loan product to suit specific needs.

"A honeymoon rate might look attractive now but it's not likely to save you money when and if you decide to use the lender's other services such as repayment holidays, a redraw facility, a loan top-up or accessing ATM facilities," he told the news provider.

"At the start of a mortgage, you may not think there is a possibility you might repay or refinance your loan within four years but your situation may change, meaning exit fees will become an issue."

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