Pick home loans suited to your financial situation, experts recommend

Monday 17 October 2011

Article by Mozo

property.

Home loans 'should be compared to find one that is suitable'

Aussies hoping to purchase a new property have been advised to compare home loans to find one that is suited to their individual financial situation.

Mortgage Choice explained that there are a wide variety of different loans to consider and that how appropriate they are for each person depends on a number of factors, such as their lifestyle and investment portfolio.

It noted that with so many different products on the market, Aussies should ensure they get one that is suited to their needs.

Kristy Sheppard, spokesperson for the firm, commented: "Many Australians could be missing out on building their property portfolio simply because they are unaware of simple, successful solutions."

She suggested that there are a number of ways to get on the property ladder or build an existing portfolio, for example by taking out interest-only loans or tapping into current home equity.

Earlier this month, the expert reminded Aussies to look beyond the interest rates on offer when selecting a mortgage, noting that the fees and quality of service should also be considerations.

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