To make an informed decision, it is essential to consider several factors that can significantly impact your financial future. In this article, we’ll guide you through a few factors worth your consideration when making the selection for the right home lender.

The primary concern for the majority of borrowers revolves around the interest rate, given it plays a significant role in determining a substantial portion of their total expenses over the duration of the loan. Borrowers are urged to pay attention to the comparison rate, as it includes the interest rate as well as certain fees and charges relating to the loan.

Lenders may view your financial situation and history differently, resulting in variations in your approved loan amount, loan term, interest rates, and more. Don’t be discouraged if you didn’t get the outcome you wanted with one lender, as others may give a loan solution you are pleased with. Each lender may have their own way to value employment status, servicing, loan affordability, minimum LVR requirements and others when determining your home loan, so it is important to choose correctly.

Interest paid on top of the principal amount is not the only cost that borrowers need to take into account. Competing lenders often have their own list of upfront fees, ongoing fees, exit fees that all need your attention. Examples include upfront application or valuation fees, or ongoing annual fees, or even discharge fees if you decide to refinance to another lender. It would be prudent for new borrowers to research the full cost of obtaining a loan and choose a lender that is always transparent about their fees.

Most lenders are able to give you some flexibility with your loan terms to suit your needs. Loan duration, principal & interest vs interest only, fixed vs variable, repayment frequency plus a range of different options tend to be adjustable based on your preference. However, other loan add ons such as an offset account, or a redraw facility may not always be available, or cost extra. Choose a lender that provides the loan terms and options that align with your financial goals.

Support goes a long way when it comes to your finances, especially for borrowers new to the home loan process. Every lender will claim to have the best customer service, but you can dig deeper by looking for customer service awards, customer testimonials online or most importantly, past experiences from people you trust.

In today’s digital age, many lenders offer online tools and resources to simplify the mortgage application process. It may be wise to look for a lender with a user-friendly website that allows you to calculate mortgage payments, upload documents, and track the progress of your application online. These tools can save you time and frustration to make the whole process a whole lot smoother.

Last but not least, don’t forget to choose a lender that aligns with your core values and a purpose that you stand for. At WLTH, for every loan settled with us, 50m² of beach and coastline will be cleaned of marine plastic pollution alongside our partners from Parley for the Oceans.

As with everything you do with your finances, it is vital to conduct your own research to find the best mortgage lender to fit your needs. However, don’t forget you never have to do it all on your own. Do your due diligence, but ask a trusted finance professional or mortgage lender to assist. Our team of lending specialists are always at your service and available to chat on 13 WLTH or by emailing hello@wlth.com. Hopefully, the correct lender by your side can elevate you and your finances to better opportunities.

Any advice provided is general in nature and should be considered in line with your financial situation, needs and objectives.