--- title: Which Home Loan!? description: Choosing a home loan that best suits you --- ![Top bar image](https://www.beyonddebt.com.au/hubfs/Assets%202019/Top%20bar%20image.jpg "Top bar image") ###### ![](https://www.beyonddebt.com.au/hubfs/Assets%202019/Tv.svg)Did you see us on TV? - [Click Here](https://www.beyonddebt.com.au/debt-help) ![Close](https://www.beyonddebt.com.au/hubfs/Assets%202019/Close.svg "Close") [![Logo](https://www.beyonddebt.com.au/hs-fs/hubfs/Assets%202019/Images/Beyond%20Debt%20black.png?width=560&height=128&name=Beyond%20Debt%20black.png "Logo")](https://www.beyonddebt.com.au) [![Logo](https://www.beyonddebt.com.au/hs-fs/hubfs/Assets%202019/Images/Beyond%20Debt%20white.png?width=560&height=128&name=Beyond%20Debt%20white.png "Logo")](https://www.beyonddebt.com.au) #### [![Phone](https://www.beyonddebt.com.au/hubfs/Assets%202019/Images/Button%20Copy.svg)**1300 284 091**](tel:1300%20284%20091) #### [![Phone](https://www.beyonddebt.com.au/hubfs/Assets%202019/Images/Button%20Copy.svg)![](https://www.beyonddebt.com.au/hubfs/Beyond%20Debt%20October2017/small-icon.svg)**1300 284 091**](tel:1300%20284%20091) [![Free Consultation](https://no-cache.hubspot.com/cta/default/2583772/02eddd09-66a0-4e61-9e59-63ae64bfd94a.png)](https://cta-redirect.hubspot.com/cta/redirect/2583772/02eddd09-66a0-4e61-9e59-63ae64bfd94a) #### [1300 284 091](tel:1300%20284%20091) - ##### [Eliminate Debt](https://www.beyonddebt.com.au/blog/topic/eliminate-debt) [## How to Get Out of Debt in 2026: The Australian's Step-by-Step Guide (And Free Budget Planner) ](https://www.beyonddebt.com.au/blog/take-control-of-your-debt) [Read Article](https://www.beyonddebt.com.au/blog/take-control-of-your-debt) - ###### [Affordable Living](https://www.beyonddebt.com.au/blog/topic/affordable-living) - ###### [Personal Finance Basics](https://www.beyonddebt.com.au/blog/topic/personal-finance-basics) - ###### [Eliminate Debt](https://www.beyonddebt.com.au/blog/topic/eliminate-debt) # [Which Home Loan!?](https://www.beyonddebt.com.au/blog/which-home-loan) - ###### Kristin Perissinotto - ###### 07 Feb 2018 ###### LATEST ARTICLES - Affordable Living - Personal Finance Basics - Eliminate Debt [Back to blog](https://www.beyonddebt.com.au/blog) - Share - [**](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.beyonddebt.com.au%2Fblog%2Fwhich-home-loan) - [**](https://www.twitter.com/share?url=https%3A%2F%2Fwww.beyonddebt.com.au%2Fblog%2Fwhich-home-loan) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://www.beyonddebt.com.au/blog/which-home-loan) You’ve done some research, you’ve chosen a suburb, you found a house you love, you worked hard to put away enough savings for a downpayment, but the process of choosing a home loan broker can have you stumped! Choosing a home loan can be a confusing and frustrating task. Making the wrong decision can impact you negatively in the long run, and may result in you paying a lot more than you should be! We have put together a checklist of factors for you to consider when choosing a home loan. ![buy home mortgage](https://www.beyonddebt.com.au/hs-fs/hubfs/pexels-photo-259098.jpeg?width=320&name=pexels-photo-259098.jpeg "buy home mortgage") ## Honesty is Policy Lenders are contractually obliged to answer any questions you have about your home loan and explain any aspects of the loan you do not understand. Don’t be afraid to come to your meetings with a list of questions to avoid any confusion. Here are a few questions you might like to ask: ### What are the potential extra costs involved? There could be fees associated with moving out of your loan in a few years, or making similar changes. ### What are your ongoing fees? Often lenders will offer a competitive rate upfront, but will have hidden conditions that will mean you end up paying a higher rate further down the track. ![bank interest rates mortgage lender](https://www.beyonddebt.com.au/hs-fs/hubfs/pexels-photo-534216.jpeg?width=320&name=pexels-photo-534216.jpeg "bank interest rates mortgage lender") ## Do the calculations Use a mortgage calculator to figure out the best solution for you. Will you pay weekly, fortnightly, or monthly? How long will your mortgage be? There are benefits to making payments more regularly, such as less interest accruing. Or you might prefer to set your payments up to withdraw every time you get paid. You can also use a calculator to compare different lenders to figure out which will suit you best in the long run. ## Deposits Another aspect to consider is your deposit. How much can you afford to put down? Often lenders will need a 20% deposit, but this is no longer a strict rule. Some lenders will lend you the entire amount, but this will come at a cost. If you are looking into borrowing 100% of the market price, you may be required to make extra purchases such as mortgage insurance. Paying mortgage insurance every month will mean less money to put onto your loan, which can become a downfall in the future. ![bank compare mortgage interest rates](https://www.beyonddebt.com.au/hs-fs/hubfs/pexels-photo-351264.jpeg?width=320&name=pexels-photo-351264.jpeg "bank compare mortgage interest rates") ## Look at the whole picture It is important when shopping around to take into account all aspects of the loan. This includes fees, interest rates, loan length, and extra features. Often the loans with lower interest rates will have more fees attached. Looking at all aspects of the loan will ensure you have the information you need to make a well informed decision. 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