Secrets to snagging a better home loan deal: experts

THESE are the five tips new home buyers need to know before they sign up for a mortgage.

What do you need to know before you decide on a mortgage? These are the top five tips to new homeowners. Picture: istock

FIVE STEPS TO SNAG A BETTER HOME LOAN DEAL

1. Know your loan. Find out the interest rate, loan size and length of your loan so you can see if there are better deals on offer.

2. Do your research. Use financial comparison sites to compare apples with apples and work out if you can get a better rate elsewhere.

3. Contact your lender — if you already have one — and ask for the retention team. Hit them with some of the rival offers available and tell them your going to switch if they don’t give you a more competitive deal.

4. If they lender won’t budge vote with your feet, tell them you’re taking your business elsewhere.

5. Contact your new lender or mortgage broker and get them to help you shift across to a new financial institution. Be patient, refinancing can take a few weeks.

Originally published as Secrets to snagging a better home loan deal: experts