When it comes to home loans<\/a>, one size most definitely doesn\u2019t fit all.<\/strong><\/p>\n Like everything in modern life, the way to get the best deal is to \u2018go bespoke\u2019 and get a custom product. That\u2019s according to Ross Miller, general manager of leading lender, St.George Bank.<\/p>\n \u201cEveryone\u2019s needs and goals are completely different when it comes to buying a home, so it\u2019s never a \u2018one-size-fits-all\u2019,\u201d Ross says.<\/p>\n \u201cIt\u2019s really important buyers take the time to do their research, and talk to an expert so they can personalise their home loan so it\u2019s right for them,\u201d he explains.<\/p>\n Buyers should carefully consider what the home loan needs to do over its life, he says, and make sure the product chosen fits.<\/p>\n \u201cIt\u2019s really important to understand your needs and goals to help guide your decisions. This can include planning for the future; like whether you\u2019ll need to renovate to make room for your growing family, or downsize once the kids have flown the coop,\u201d he says.<\/p>\n Buyers should consider what their home loan needs to do over the term of its life, not just at the time of purchase.<\/p>\n<\/div>\n The type of loan matters, Ross says.<\/p>\n \u201cThere are two main loan types to consider; the first is paying both the principal and interest, or a second option is an interest-only loan,\u201d Ross says.<\/p>\n \u201cIt\u2019s also important to think about how the interest rate will be structured; a fixed-interest rate for example will help you plan with consistent monthly repayments, while a variable rate will change in depending on what\u2019s happening in the market.\u201d<\/p>\n To help navigate your options, St.George\u2019s new online application platform will now give St.George applicants a personalised home loan snapshot \u2013 which includes the best interest rate that\u2019s personalised to each buyer\u2019s circumstances.<\/p>\n There are \u2018no-frills\u2019 products, or \u2018feature-packaged home loans\u2019 that can include features like an offset account or the ability to redraw extra money paid into the loan, he adds.<\/p>\n \u201cFree online tools like St.George\u2019s new online home loan application platform, can help you to better understand your options by providing detailed information about your borrowing power based on different buying scenarios.<\/p>\n \u201cDigitising the experience also means we\u2019re able to simplify the process and put power back in the buyers\u2019 hands \u2013 and they could even receive indicative approval in as little as 15 minutes.<\/p>\n \u201cThe best thing for buyers to do is get educated, because the more you know about what\u2019s involved, the better equipped you\u2019ll be to make decisions that are right for you,\u201d Ross says.<\/p>\n The best thing for buyers to do is get educated. Picture: Getty<\/p>\n<\/div>\n It\u2019s also possible to alter a loan over time, he explains.<\/p>\n \u201cDepending on what you\u2019ve agreed with your lender, you could make changes to your home loan to make sure it still suit your needs \u2013 particularly if your financial situation has changed,\u201d Ross says.<\/p>\n \u201cThis could even mean saving a little extra each year. The property market<\/strong><\/a> is always changing, so it\u2019s a good idea to check in regularly on your home loan and see if it\u2019s still the best fit for you.\u201d<\/p>\n For more information, or to apply online, head to the St.George website.<\/p>\n <\/p>\n<\/div>\n Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"![\"home](\"https:\/\/i0.wp.com\/www.realestate.com.au\/blog\/images\/1500x2000-fit%2Cprogressive\/2018\/12\/03150553\/home-extension_1500x2000.jpg?resize=1500%2C2000&ssl=1\")
<\/p>\nHow will you structure the loan?<\/h2>\n
Custom features<\/h2>\n
![\"researching](\"https:\/\/i0.wp.com\/www.realestate.com.au\/blog\/images\/2000x1500-fit%2Cprogressive\/2017\/10\/13001130\/researching-home-loans_2000x1500.jpg?resize=2000%2C1500&ssl=1\")
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