While these changes have created some challenges for homeowners, it’s important to know that there are still plenty of options available for those looking to apply for their first home loan or refinance.

Let’s dive into a few key factors to consider when finding a loan that’s right for you.

Understand your budget

 Start by doing your sums and getting a comprehensive picture of your living costs. Make sure to include any future changes, like children or major expenses like a new car. Be as accurate as possible with your budget and don’t underestimate your spending or debts. Lenders will likely cross-check your credit cards to assess your creditworthiness.

At this early stage, it’s also essential to get your documents in order. Lenders will want to see payslips, bank and credit card statements, and proof-of-identification documents.

Set your goals

It’s crucial to outline your short- and long-term goals and factor in any changes ahead. For example, do you want to consolidate your debts or ramp up your investment portfolio? These considerations can impact how you approach your home loan application.

Focus on more than the rate 

While most homeowners want to save money, comparing rates is just one part of the process. You also need to consider other factors such as whether the loan allows you to consolidate debts, access home equity for future upgrades or investments, and has features like a redraw facility or flexible repayment options.

Do your research

There’s a wealth of information available online, including home loan comparison sites, like Canstar. You may also want to talk to a mortgage broker for advice. When researching, don’t forget to consider the cost of any exit fees should you wish to refinance in the future.

Future-proof your loan 

Home loans are not set-and-forget exercises. Set an annual mortgage reminder to explore how your home loan compares to any new deals out there. You might be surprised at the savings you can find!

At Harlow Tarneit, we’re here to ensure the home buying process is as straightforward as possible. If you have any questions about your buying or building journey, don’t hesitate to get in touch with our expert team who can help arrange an appointment with an accredited mortgage broker.