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Mortgages - If you have to have one, then at least get a good one!

Heres a  mortgage shopping list, a good start in the process of selecting a mortgage. 

 

Fees    Nil

 

Ideally the mortgage should have no application, valuation or legal or deferred application fees.  There should be no monthly or yearly account keeping fees.  

 

Rates  focus on features of loan rather than rates

 

The advertised rates and the comparison rate should equal.  Be careful of special rates, honeymoon rates.   Do the calculation of what you actually save on a mortgage in the first year. Then subtract the saving with any fees in the loan.   .

 

Principal reductions and additional payments.  No fees

 

There should be no restriction or fee on any additional deposit you make into you loan. 

 

Redraw from your mortgage   No fees

 

Excluding the value of your minimum payments.  There is no restriction redrawing surplus payments and balances of your mortgage account. Unlimited transactions and unlimited value. There should be no transaction fee.

 

Splitting the loan Yes

 

Split the loan into two or more accounts.   (Gives great flexibility in debt consolidation, buying investment property, setting investment targets for superannuation etc.)   Be prepared to pay $100 per split, when you make the split.

 

Offset accounts.  (Take off your list)

 

Unless given specific professional advice from an accountant of a financial planner. Avoid.   They have lots of traps and generally dont offer any additional features to the basic home loan.

 

Product switching  Yes

 

Switch from a variable rate to a fixed rate or visa versa.  Normally all lenders will charge $200 if you use this feature.

 

Top up and extensions to the loans.

 

Without full applications required

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