Home loans in Darwin

The Top End is booming and likewise Darwin has experienced a huge property boom in recent years. With more and more people moving to the Territory's capital, the choice for home buyers seeking finance has increased greatly. Today, there are many home loan options from both the traditional banks and the newer non bank lenders. While most of us are familiar with the large banks, the non bank lenders are relatively new on the scene. Here we take a look at the non bank lending market in Darwin.

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Non bank home lenders in Darwin

It wasn't all that long ago that if you wanted to buy a home or investment property in Darwin, you had to go to one of the big banks or building societies. Today, the home lending market has become extremely competitive thanks to the huge increase in the number of non bank home lenders available in Darwin.

Two of the big ones include Wizard and Aussie Mortgages. Both have either branches or mobile consultants in Darwin. There are also a large number of specialist mortgage brokers ready to help you find the best home loan deal in Darwin that best suits your personal situation. These non bank lenders have introduced innovative and highly competitive home loan products. This has resulted in the larger banks also offering more competitive products. This is naturally good news for Darwin home buyers as more and more lenders compete for your business.

Shop around for the best deal and compare

Before deciding on any home loan, you should check out all the options available to you. Many of the non bank lenders will offer home loans in Darwin with reduced fees and charges and very competitive interest rates. When you work out exactly what type of home loan you want, then it's time to do your research and shop around.

Here are just some of the things you should compare between the different home loan products from both the banks and non bank lenders:

The interest rate - make sure that you take into account any honeymoon interest rates. What will the interest rate revert to when the low honeymoon rate is over?
Fees and charges - compare establishment fees as well as ongoing charges and charges for accessing different features of the home loan. Also check for the costs involved with early repayment of the loan. This could affect your ability to switch to a better home loan at a later date.
Discounts on other financial products - many home loan products will now also offer you discounts or special deals on other financial products such as credit cards.

There are now many competitive home loan options in Darwin available to you. Shop around before you buy and don't be afraid to ask for a better deal. Remember, the competition is high and everyone is after your business!

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