Who should you go to for home loan advice?

Choosing the right home loan is one of the most important decisions you’ll ever make. You need home loan advice from the right people.

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Along with deciding on which property you want to purchase, selecting your home loan is another huge decision that can stick with you for a while. To help you make the right decision, speaking to the right professionals can help you significantly. Here are some of the property experts we recommend talking to for home loan advice.

Accountant

An accountant can help you look at your financial position and assets and see if purchasing a property is right for you at this time. An accountant can also give you advice to help you decide what tax structure to use to purchase your property.

Your accountant will help you understand what you can and can’t claim on tax as a property owner, including tricky matters such as capital gains tax and negative gearing.

Mortgage broker

A mortgage broker acts like a one-stop shop for all things home loans. They are loan specialists with a lot of experience in matching people with appropriate financial products.

Your mortgage broker can then help you select the right loan and apply for it, giving you an advantage as they know all the ins and outs of the application process. Mortgage brokers assist you from the start of the process right through to settlement.

Typically, mortgage brokers won’t charge you anything for their services. They usually get a fee or commission from the financial institution they refer you to.

Get in touch with a professional mortgage broker

Property buyer's agent

Property buyers act on your behalf and help you find properties to buy. They charge a fee for their services. These fees according to the Real Estate Buyers Agents Association of Australia (REBA) are about 1.5 - 3% of the property price plus GST for full services, or 1% plus GST for negotiation only services. It is the property buyer’s responsibility to ensure that you don’t overpay for a property. They can also attend auctions on your behalf, bid for you or negotiate on the sale price of a home.

Learn more about buyers agents

Financial planners and advisers

As the name suggests, financial planners and advisers can assist you in planning your finances and making future decisions. Purchasing a property is one of the biggest decisions you will make with your finances, so it’s only natural for you to get financial advice. If you are purchasing an investment property and need home loan advice, financial planners will be able to talk you through this process and discuss your financial position.

Comparison services

Using a comparison service like finder.com.au is another great way to get home loan advice. finder.com.au helps you compare home loans from across the market to help you select a suitable one for you. We also have a wealth of free tips and advice on almost every aspect of mortgages and property buying. We also have a live chat service, an email help service and you can ask comments on specific pages and have them answered by our home loan experts usually within 24 hours.

Real estate agents

Even if you’re buying rather than selling, sometimes it’s a great idea to call up a local real estate agent in the area you’re buying in to ask them what kinds of properties are selling well in the area, what the average price is in the area, and what potential buyers are looking for in homes.

If you’re buying a property to renovate and then sell, a real estate agent’s information can be invaluable.

How to find a good real estate agent

Free financial counsellors

If you are currently committed to a home loan but are struggling to make repayments and keep up with your financial commitments, there are free financial counsellors available to assist you. These counsellors are professional and non-judgemental. They are there to provide support and information to those who need it the most and who find themselves in financial difficulty.

Five key questions to ask when buying a home

When buying a property it’s always good to have these five questions clearly answered before considering it.

  • How long has the property been on the market for?
  • What is the average price of other homes in this area?
  • What is the minimum price the owner will accept?
  • How many offers has the seller received?
  • How old is the property?

Read our detailed guide to buying property

Compare suitable mortgages for first home buyers

$
years
Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Fees Monthly Payment

HSBC Home Value Loan P&IHome≥ 30% Deposit

HSBC Home Value Loan
2.19%
2.20%
  • App: $0
  • Ongoing: $0 p.a.
$570
$3,288 refinance cashback offer
This competitive variable rate loan is available for borrowers with 30% deposits. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.

St.George Fixed Rate Advantage Package P&IHome 2Y Fixed≥ 20% Deposit

St.George Fixed Rate Advantage Package
1.84%
3.38%
  • App: $0
  • Ongoing: $395 p.a.
$544
$3,000 refinance cashback
Borrowers with 20% deposits or equity can get this competitive fixed rate loan. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Apply by 30 September 2021. Terms and conditions apply). Refinancers Only.

loans.com.au Smart Booster Discount Variable Home Loan P&IHome≥ 20% Deposit

loans.com.au Smart Booster Discount Variable Home Loan
1.99%
2.47%
  • App: $0
  • Ongoing: $0 p.a.
$555
Home buyers can get a very low discounted variable rate for the first year. Requires a 20% deposit. Add an offset account for an additional 0.10% on your interest rate. Get your loan processed fast and settle within 30 days.

UBank UHomeLoan Variable Rate P&IHome≥ 20% Deposit

UBank UHomeLoan Variable Rate
2.34%
2.34%
  • App: $0
  • Ongoing: $0 p.a.
$582
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.

Suncorp Back to Basics Home Loan P&IHome≥ 20% Deposit

Suncorp Back to Basics Home Loan
2.44%
2.45%
  • App: $0
  • Ongoing: $0 p.a.
$590
A competitive variable interest rate loan with low fees. The establishment fee is waived if you borrow $150,000 or more.
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