Q: Other than comparing interest rates, what are things to look for in a home loan?
A: Hi Maria. That is a very good question as most people get caught up only on interest rate. Depending on which lender you go to you will also need to look at for any application fee for the loan as well as any ongoing fees. One of the most important things is does the lender suit what you are wanting from a bank. Do you require bank access, would you like an offset account or transaction account, do you want a credit card.
There are many choices out there from the no frills lender which would have no ongoing fees all they way to the all in one loan account which would have an offset, credit card and transition account.
I would recommend you talk to a mortgage broker to discuss your situation to determine what products may be right for you.
Q: Hi, I am purchasing an investment property with my wife and my brother and his wife. Will the bank insist we have one loan with one bank? Is there other things i should be aware of? Cheers, Forbes.
A: Hi Forbes,
Congratulations on getting into the investment market. It is a great time to do so. There are some lenders that would be able to offer you 2 separate loan (ie.!one for yourself and one for your brother), this may be a good option for you as the largest and are separate from each other and if you or your brother decide to sell then you have the option of bringing in another investor for the percentage that your brother owned or you also have the option of taken over that portion.
The other option is to look at setting up a family trust, in this case it would definitely pay to talk to an accountant about the pros and cons of this.i hope this helps and if I can assist further please let me know.