Local Home Loans in Richmond SA

Things to check while selecting a home mortgage loan

Using a broker can make finding the right home loan easy. We’ve assembled some tips to help you with the process of finding loans at home.

• Find out if your local mortgage broker has direct connections with the lender. Consider if there are any conflicts of interest in the advice you are given.
• Find out how your mortgage advisor is being paid. Who pays the commission? Do they charge a fee? What loans do they offer?
• Check if the loans that are offered suit your requirements. Low deposit home loans will most likely incur Lender’s Mortgage Insurance, which is insurance you pay on behalf of the bank should you fail to meet mortgage payments.
• Check that the broker and lender are licensed to operate in Australia. You can search ASIC Connect’s Professional Registers to check if the credit provider is licensed.

Ask plenty of questions to help your broker find you a loan that meets your specific needs. Have a look at our local listings for good deals on low deposit loans.