Things to consider when finding a home loan
1. Figure out what you can afford
Use our handy calculator to see how much you can borrow, or our repayments calculator to see what your monthly repayments will be. Make sure you can afford the loan, now and in future. Consider what may change to your income and expenses in future, for instance when you want to start a family, or work more or less.
2. Find home loans that match your needs
Shop around and compare home loans. Find interest rates, terms and conditions, features and look carefully at fees and charges. The comparison rate is useful for a general idea of the true cost of a loan: it includes fees and charges for a standard loan. Decide if you want a variable or fixed rate, an offset account and a redraw facility. Also make sure you are dealing with a trustworthy and reputable lender, and one who you can talk to when you need help or support.
3. See if you pre-qualify
Talk to a home loan provider to see if you pre-qualify for a home loan. They may also help you understand and choose the right home loan. We are happy to offer personal advice at a service centre near you, or over the phone, whereas other lenders may offer pre-qualification online.
4. Start collecting paperwork
You need lots of evidence for a home loan application (sorry!), so you may as well start collecting it. Gather documentation that show your income, assets, debts, expenses and employment so you don’t need to scramble once you found the right property.