Questions to ask your home loan lender
Thursday June 26, 2008
As you're sitting in the office of your home loan lender, nervously waiting to see if they're going to lend you the money to buy your dream home, it's easy to forget to ask questions. But if you don't ask questions of your home loan lender, you might end up paying more than you need to.
A home loan is a big responsibility - you need to be well prepared for the commitment.
Before going to see your home loan lender, write down the questions you want to ask. Some of these questions could include:
- What fees are attached? There are a variety of fees that come with a home loan. Make sure you have full list of the fees from your home loan lender.
- Are additional repayments allowed? If you're lucky enough to afford to pay off your home loan fortnightly, check with your home loan lender to see if this is allowed.
- Are redraws allowed and what are the conditions? A redraw allows you to put extra money into your home loan and withdraw it later.
For more tips on how to deal with home loan lenders, take a look at our home loan tips page and take a look at our home loan lender company profiles to find out more about the home loan lenders in Australia.