The questions below will help you decide the features you need, which
should in turn guide you to the home loan that suits your needs. When
answering the questions, think ahead, not just until next year but also to
5 or even 10 years down the track. It’s important to be realistic in your
answers. Ask yourself the following questions:
Do I want to pay the loan off as quickly as possible or am I happy to see
out the term of the loan?
Am I good at sticking to a budget or am I a spendthrift?
Do I require certainty in the amount of my loan repayments or am I
happy for them to fluctuate with official interest rate movements?
Am I likely to want to draw back some of my repayments in the future for
spending on holidays, cars, furniture, etc?
If I am planning on having children, how will this affect mine or my
partner’s work situation?
For existing children, have I adequately budgeted for school fees and
other expenses that are likely to come up in the future?
Am I likely to receive some form of cash windfall or bonus at any stage?
How secure is my employment or work situation?
These answers will assist you in clarifying your goals, which will in turn
help us work through the different loan options and arrive at the one that