Look beyond rates for best mortgage deal

Borrowers should look beyond the interest rate to loan features, fees and your financial objectives when choosing a mortgage said Mortgage Choice.

Company spokesperson Belinda Williamson said, “With much attention placed on lenders’ home loan interest rates, it is easy to lose sight of the bigger picture and to neglect to factor in other loan aspects that may offer longer-term benefits to borrowers than a loan with simply the lowest interest rate.”

“A loan's features, such as an offset account or redraw facility, associated fees, and whether you choose a fixed, variable or split interest rate will have an effect on how much you will pay in overall interest and how long it could take to repay the loan.”

Source: Mortgage Choice