Save more on your home loan

Buying a home is a major financial decision that requires astute financial planning and discipline. But did you know that apart from choosing the right property, the right home loan can affect your finances significantly? If you are planning to buy a home, the time is ripe, thanks to low-interest rates, meaty grants and stamp duty concessions on offer for first-time buyers. But did you know there is more to choosing a home loan than just comparing interest rates?

Even as banks and online platforms make it easier than ever before to secure a home loan at an attractive rate, it helps to understand the basics, to pick a home loan tailored to your financial condition and vision.

For starters, you must decide between a fixed and variable interest rate loan. Of course, it is tempting to choose a fixed rate, considering the rates remain unchanged for a fixed tenure. However, given the steadily dropping interest rates, a variable rate could lead to more savings. Besides, you can quickly switch from variable to a fixed rate, but the reverse will incur break fees.

Another feature that can lead to significant savings is the ability to prepay your loan, in part or in full, before the completion of the loan term. Many lenders allow additional repayments or complete prepayment at no extra charges, helping you own your home sooner. It is also highly recommended to opt for an offset account linked to your home loan to save a considerable amount of interest.

Comparing home loans

Experts say that having the right features in your home loan could be more beneficial than a vanilla low-interest rate mortgage, in most cases. If you already have a home loan, you can always ask your lender for a better rate and features. The increasing competition in the mortgage market has made it easier than ever to switch lenders, which means, lenders are working harder than ever to keep their customers happy. In case your lender does not oblige, you could always refinance with another mortgage provider. Start by comparing home loan deals or get in touch with an expert at HashChing who will help you assess your situation better. We also recommended that you opt for mortgage insurance, to keep your loved ones covered, in case of an accident, illness, loss of job or death.

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About HashChing

HashChing is a borrower-friendly online mortgage marketplace, a first of its kind in Australia. Powered by sophisticated algorithms, it is a tech platform that enables borrowers to access and compare broker pre-negotiated mortgage rates from over 60 lenders across Australia. Besides, HashChing offers on-demand broker services wherein you can choose from verified mortgage brokers in your area, connect with them and discuss your requirement from the comfort of your favourite screen. Recognised for changing the landscape of the mortgage industry across Australia, HashChing continues to innovate, helping Australians realise their foremost dream of buying a home.