Some of the top-rated home loans in April 2024

Sometimes the best home loan option for you isn’t from one of the established banks. There may be a new mortgage lender or fintech that arrives on the market offering a deal that’s just right for you and your financial situation.

For example, while Unloan first launched in 2022, it has recently opened itself up to applications from all borrowers, not just refinancers as had previously been the case. This means that more Australians may be able to seriously consider whether this digital home loan option backed by Australia’s biggest bank is the right choice for them.

Banks and mortgage lenders often offer some of their most generous incentives to refinancers, as they often consider these customers to be some of the ‘safest’ due to the larger amounts of equity they often hold in their homes. This can include cashback deals, which often have significant equity requirements as conditions.

However, before you go and get dazzled by dollar signs, it’s important to consider whether a cashback deal will be really worth it for you, whether you’re refinancing or not. Sometimes the value of the cashback offer isn’t worth the potentially higher cost of interest, fees and more. Consider every feature and benefit of a home loan before you refinance, to make sure you aren’t accidentally putting yourself into a more difficult position than before.

While traditional wisdom says that time in the market is more important than timing the market, time is still an important factor when it comes to investing in real estate. Often the faster you can get your finance organised, the sooner you can make a purchase and start to reap the benefits.

Next time you’re looking for an investment loan, you may want to consider the average approval time from the lender, as well as the interest rates, fees, and other factors.