The Melbourne Cup is not only known as the race that stops a nation, but also the most difficult race to pick a winner given the field comprises the best of the best. You can, however, improve your odds when picking a home loan!

The odds

Just because a horse has the shortest odds on the day does not guarantee it will ‘WIN’. Similarly, a home loan with the lowest interest rate does not mean it is going to be the cheapest or best home loan for you.

No two horses are the same

It’s difficult to pick the winning horse as there are many factors contributing to the likelihood of a horse winning: track conditions, weather, horse size, handicap weight, jockey experience, barrier draw and probably even a little bit of luck.

Home loans are similar to horses in that there are many varying attributes:

• interest rates
• introduction rates
• application fees
• valuation fees
• transaction fees
• monthly account fees
• no monthly fees, and
  

the list goes on, making it confusing to select the winner.

Choosing a home loan does not have to be a gamble – like betting on a horse.

• Improving the odds
  While the best way to improve your odds of picking the winning horse may be to obtain a trainer’s tip or rumor, comparing mortgages is a little easier – especially with our help! While a low-interest rate might give the appearance of being a winner, it does not necessarily factor in all the additional costs associated with the loan.One way of determining the TRUE cost of a loan is checking the comparison rate. We have access to comparison tools to quickly and easily review rates and products across different lenders. Speak to us and we will do the legwork for you!
  
  One way of determining the TRUE cost of a loan is checking the comparison rate. We have access to comparison tools to quickly and easily review rates and products across different lenders. Speak to us and we will do the legwork for you!
  
  
• Comparing the odds?
  While the comparison rate can be used as a guide it is also very important to consider the features of each loan. We are familiar with the different products and can make sure that we are comparing similar products with the features you actually need and want.
  
  
• It is not all about the odds
  The cheapest home loan is not necessarily the best home loan for you – one of the key factors in home loan selection is matching the home loan to your goals and objectives – both short and long-term.
  
  There are many other considerations other than the financial cost that needs to be explored. What are your future financial goals? What features might you need to best support them such as access to a redraw facility or offset account or bundling with other financial products?
  
  
• Picking a winner
  While picking a winning home loan is not as difficult as picking the winning horse, consulting with a lending specialist will definitely improve your odds.
  
  We present you with a range of options, explain the different products and then YOU make the final decision. Even as experts in this industry we can spend up to 10 hours or more comparing finance for you and working out the correct structure for both now and your future requirements – and we know what we’re doing.

Call the office today to find out more about the field of home loans currently competing to win your business.

We hope you have enjoyed this month’s read, had some luck on the Cup and we look forward to hearing from you soon.