5 tips for getting a home loan in Australia
You can simplify the process to secure a home loan that meets your needs.
If you’re new to the home loan hunt, getting the best home loan rate in Australia can seem like an impossible task. Where do you start looking? How do you know you’re getting the best interest rate available?
The internet is home to millions of pieces of information and advice on how you could find the best home loan rate. But is there a simpler way to find a home loan? Here are our 5 tips to help you get the best home loan in Australia, and how Joust can make the whole process simpler.
Tip #1: You don’t need a mortgage brokerIn Australia, 55% of current home loans are settled by a mortgage broker, and that figure is on the rise. However, the reality is you may not need a broker in order to find the best home loan rates.
When you use Joust Marketplace, brokers and lenders bid over your home loan, offering lower interest rates than you probably thought possible.
It takes just three minutes to create your profile, then you can let the Joust begin.
Tip #2: You can switch home loan lenders
For some people, the concept of moving lenders can seem too big and too hard and scares them out of making the transition altogether. But if you’re not happy with your lender, or you’ve found a better rate elsewhere, it might be time to switch home loans.
If you decide to move your home loan to another lender, you can expect to pay anywhere between $300-$500 in associated costs, but long-term, you could be making bigger savings.
In order to make the transition as seamless and stress-free for you as possible, discuss the move with your new lender. They’ll be more than happy to talk you through what needs to be done to get started.
Tip #3: Start the search earlier than you think
It generally takes about six weeks for a home loan to be approved and settled by your lender. Home loan processes are not yet entirely digital and paperless, so they aren’t as streamlined as they could be.
Processes around credit approval and documentation as well as compliance obligations and requirements that lenders have to go through also take time. To speed up your approval process, make sure you stay on top of all the documentation that requires your attention.
Tip #4: Shorten your home loan search from weeks to days
Sometimes finding the right home loan rate involves walking around from bank to bank or meetings with brokers, gathering information, and making appointments that can be weeks away.
But sometimes finding your dream home or investment opportunity can crop up out of nowhere, and you need financing options — fast. There are a couple of ways you can reduce your search time; you could look online, or you could use Joust.
When doing a Joust, you can set a specific time frame for banks to bid on your home loan — anywhere from 1 to 3 days. Once the Joust has ended, you can select a winning bank bid, all from the comfort of home.
It's a dynamic and efficient approach as opposed to the old way of doing things. It’s hugely powerful for you as a consumer, as it puts you in the driver's seat.
Tip #5: Get an idea of what your home loan rate could be
Whether you're keen to investigate refinancing of your home loan or you're on the hunt for your first home, you can run a Joust at any time. It's obligation-free, and the results can give you a really good indication of what rates you can expect. Joust is designed to be super simple, so you can plan for your future in your own time.
At Joust, we’re dedicated to helping you find the best home loan rate available. Instead of using home loan calculators, meeting with banks or mortgage brokers, Joust can quickly and easily help you to find some of the best interest rates available.
Want to get the most competitive mortgage rate out there? See how Joust works here.