Taking out a home loan is often the biggest financial decision people can make in their lifetime so it pays to avoid common pitfalls when making your decision.
When it comes to home loans Geelong people can benefit from expert advice from specialist brokers such as the experienced team at Konnect Financial Services.
We pride ourselves in sourcing the best possible loans to help people achieve the home of their dreams. It’s about tailoring the right loan to the right person so it fits comfortably with their lifestyle, their needs and their financial situation.
But without the support of a home loans expert, it’s easy to make a mistake and end up with a loan that costs you more money than it should.
Common mistakes include –
- Not doing your financial homework early enough. Too many people find their perfect piece of property without knowing their borrowing capacity, which takes into account factors including credit rating and earning capacity. You should also research whether you meet the criteria for the First Home Owner Grant.
- Not using a professional mortgage broker, who can help you fully understand the best deals available when it comes to home loans. It’s all about shopping around among lenders to find a mortgage structure that suits you and that can take patience and experience.
- Choosing a home loan on one factor – such as its interest rate – without examining the ongoing fees and other costs you will have to pay.
- Underestimating all the costs that come with buying a property, such as stamp duty, solicitor’s fees and building inspection fees. People also often fail to comprehend the cost it takes to maintain a property once bought.
- Forgetting to review your current home loan to check whether it remains competitive in the current market place.
- And over committing yourself when it comes to repayments. Experts suggest people commit about 30 per cent of their income to mortgage repayments. You do not want to stress your finances so far that you can’t deal with any other financial situations that confront you.
At Konnect Financial Services, we are here to help you navigate a smooth path through the home loans jungle until you are turning the key in your new front door.
For quality home loans Geelong region people can trust our experienced team to offer great advice and great mortgage options. Please contact us to book an appointment.