Home loans 'not just a product': Sirianni

While the interest rate is the selling point for most borrowers, loan structuring should also be a major consideration, Smartline executive director Joe Sirianni said.

“People need to view their home loan not just as a product, but as a vehicle which can help them achieve their goals,” Mr Sirianni said.

“Advice from a quality mortgage adviser from the very beginning, which is then reviewed on an annual basis to ensure that the measures put in place are still the most appropriate, is essential for people wanting to achieve their property goals,” he said.

While loan structuring takes into account the actual home loan product itself, consideration is also given to how the loan is secured, whether it is fixed or variable (or a combination of both), the types of repayments (interest only or principal and interest) and whether there is benefit in facilities such as redraw and offset accounts, Mr Siriani said.

“Your mortgage adviser will look well beyond the headline interest rate and ensure that all the many other considerations associated with a home loan are working in your favour,” he said.