Newspaper article The Observer (Gladstone, Australia)

Top Tips to Help You Shop around before You Put Your Eggs in One Lender's Basket This Easter

Newspaper article The Observer (Gladstone, Australia)

Top Tips to Help You Shop around before You Put Your Eggs in One Lender's Basket This Easter

Article excerpt

ARE you considering buying property in the near future?

If so, while it may seem easy and advantageous to apply for a home loan through the lending institution you currently deal with, this isn't necessarily the best route to take.

With interest rates hovering around record lows, and Australia's lenders offering innovative and sharply priced home loans, there are many good reasons to shop around and consider a range of loan and lender options.

Gladstone Mortgage Choice franchisee manager Kellie Bebendorf said borrowers should not necessarily put all their eggs in one lender's basket and settle for a lending institution with whom they already have a relationship.

"Despite the fact that there are hundreds of loan products on the market and many of Australia's lenders are offering some fantastic borrower incentives, a considerable amount of borrowers will apply for a loan through their current lending institution," she said.

"By choosing a home loan lender on banking history alone, borrowers could be selling themselves short when it comes to finding the best home loan deal for them. There are many lenders out there offering mortgage products whose features may be ideally suited to a borrower's needs. Of course, if they don't shop around, they will never know what is on the market."

Ms Bebendorf said a professional mortgage broker can help borrowers compare loans from a wide range of lenders based on the loans' interest rate, fees, features, flexibility, and the lenders' customer service performance.

"While it may be easier for a borrower to apply for a loan through the lender they already have a relationship with, it is not always the most prudent decision," she said.

"This Easter, it is important borrowers don't put all of their eggs in one lender's basket, but rather hunt around for a mortgage product that is ideally suited to their needs both now and into the future. …

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