Tips and Hints
We have created some handy checklists for your assistance. Simply click on the following links to view or download them. Tip – disclose all information
When applying for finance it is extremely important to fully disclose all relevant information at the initial interview with your consultant.

If you have had problems obtaining credit in the past or are experiencing difficulties with your current lender it is best that you tell the consultant.

These days lenders have access to information from many sources and it is inevitable that they will find out anyway. And if they subsequently decline the credit application (automatic in the case of non disclosure) chances are that your application/ enquiry will have been recorded on your credit file thus raising the suspicions of other potential lenders.

Alternatively full disclosure of any matters will enable your consultant to make a more informed analysis of your needs, recommend viable options and save valuable time in the process.

Tip - Get Pre-Approved
Before you start the hunt for a house, the best thing you can do is to get pre-approved for your loan amount. Once you have determined the loan amount you are approved for, you can start house hunting with confidence. In a tight housing market it will also give you a heads up with the seller, as other potential buyers may not have taken this important step.

Knowing in advance what you are able to afford offers a great deal of security. With pre-approval, you avoid wasting time with homes out of your price range or sellers who are unsure whether you are a serious buyer.

Fixed or Variable?
Tip – don’t try and outsmart the market. A decision to fix an interest rate should be based on achieving peace of mind rather than gaining a financial advantage. If variable rates fall while you are in a fixed rate period you may be disadvantaged and it can be a very expensive exercise to break out of the fixed rate. Alternatively if variable rates rise you are a winner. Unfortunately there is no way of accurately predicting trends. Fixed rates can also be restrictive as often the lender may disallow or limit the amount of additional repayments you are able to make.

A good compromise is to consider splitting your loan into part variable/ part fixed thereby getting the best of both worlds.

Paying off my home loan quickly
Tip - In spite of the efforts of some unscrupulous marketing companies who promise the world and charge big fees there are no magic tricks in achieving this goal.

Obviously having a low interest rate is the first consideration. After that the only way to pay your loan off quickly is by making extra repayments. This can either be achieved by making ad hoc extra repayments when you are able to, or by regularly paying more than the minimum required. A good way of doing this is by paying fortnightly or weekly repayments instead of monthly. In paying fortnightly you will be paying half of your minimum monthly repayment every fortnight. As there are 26 fortnights in a year, 26 half payments equates to 13 full monthly repayments in a 12 month period. Similarly by paying weekly you will pay 52 one quarter repayments which also equates to 13 full monthly repayments per annum. This simple strategy will save you years off your loan term and many thousands of dollars in interest.
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