Home loans Perth Reviewed
With house prices on the increase in Perth and other boom towns in Western Australia, it's important to find the cheapest home loan possible. Here we provide some tips on getting the cheapest home loan in Perth.
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Over the past ten or more years, the property market in the eastern states has experienced boom times, but while the market has now slowed in places such as Sydney and Melbourne, but the Perth real estate market is booming, thanks largely to increasing demand as a result of the resources sector. Today, the home loan lending market has developed into a highly competitive market place. The traditional bank lenders must now work hard to compete with the new breed of aggressive non bank home loan lenders. This is great news for anyone looking for a home loan.
Choosing the right home loan in Perth
With the huge choice Perth home loan borrowers now enjoy, you need to do your research in order to get the best and cheapest home loan deal for your personal situation. Before deciding, you will need to consider these questions:
- Do you want a fixed rate, standard variable rate or split home loan? To help you decide have a look at our article about choosing between fixed rate and variable rate home loans
- Do you have a deposit of 20% or more or do you have no deposit saved?
- Are you self employed or run your own business?
- Do you want a line of credit on your home loan?
- Will you deposit your whole salary into your mortgage and redraw funds as required?
- Will you be paying extra off your regular monthly repayments? Use of loan repayment calculator to see how much you can save by paying extra repayments per month.
When you answer these questions, you will have a much clearer idea of the type of home loan you are after. You will then find it much easier to compare home loans from different lenders.
Comparing home loans
A good place to start comparing home loans available in Perth is to check the internet. There are a number of sites available that will help you compare similar home loans available from the various lenders. Start by doing a search on cheapest home loans. Also, check out our partners' websites. If the thought of searching through websites comparing loans, interest rates and fees and charges does not appeal to you, then you can seek professional help from a Perth mortgage broker. Be careful here though: when choosing a mortgage broker, make sure that they can source the best Perth home loan for you from a wide range of lenders. If they only deal with a handful of Perth home loan providers, then you may not get the cheapest home loan deal possible.
Another alternative is to go with one of the larger non bank lenders who also offer loans from a wide range of different lenders.