Home loans poorly chosen by majority of home owners

Most home owners are choosing their home loan for reasons other than price due to a lack of experience in the market and often stumble into expensive ill considered options.

Thanks to their lack of experience, many first homebuyers make serious decisions based on one or two factors that should be taken into consideration only alongside a wide range of others.

When home loans are discussed, interest rates are often given more weight than is sensible. Friends and family have strong opinions on the best lender and loan, with their prior experience often seen as expertise. Too often, a potential borrower doesn’t shop around, believing there is little difference between lenders, loan product suites and/or that one lender is much more secure than another.

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