Something that we’ve been working away on in the last couple of months is Ask Aussie, a service to help you ask the questions you have when researching about home loans.
Ask a question, get an answer… well that’s the aim, anyway!
The great thing about Ask Aussie is that it helps us get a better understanding of what you want to know more about. There are people here who can write at length on the impacts of economic conditions on interest rates and other industry issues, but what you usually want to know about here and now is the nitty gritty about your personal borrowing situation.
Some of the initial results from Ask Aussie have shown us a few interesting trends from existing and prospective borrowers.
Top 5 Ask Aussie questions – March 2012
- What happens when my fixed term ends?
- Can I get a home loan if I have a bad credit history?
- Do I need a deposit?
- How much deposit is required?
- Does Aussie provide low doc loans for those who are self-employed?
So what does this mean?
While there is a diverse range of topics you want to know about overall, there are some key areas that more people want to know more about:
Fixed loans: what’s next? – It’s all well and good to get a good fixed rate on your home loan, but it’s worth understanding that it’s not fixed forever and it’s important to understand what your formerly-fixed loan reverts to, rate-wise.
The value of a good credit history – Our credit histories not only affect our access to credit now, but for years into the future. You need to care about your credit history and learn how best to manage it. It might be helpful in the future.
Deposits are still a challenge for home buyers – With high house prices comes the need for a decent-sized deposit. Do your homework and get ready early so when you see the place of your dreams, you’re set.
Not all home loans are the same – All the glossy TV and magazine ads with rates are only one side of the story. Speak to a Mortgage Broker, your lender, or do some independent research to find out what type of loan suits you.
Why have we done this?
Aussie as a whole has nudged home loan borrowers to ask questions. Whether it’s asking why you’re not getting a better deal from your current lender, or just asking questions to learn more about the ins-and-outs of borrowing, it’s definitely worth knowing your stuff, especially when this much money is on the line!
Tell us what you think about Ask Aussie
If you haven’t yet used Ask Aussie, get onto aussie.com.au and give it a go. If you have used it, let us know your thoughts in the comments section below. What do you like about it, what don’t you like, and what would you like to see more of? Ask Aussie exists to work for you, so let us know how we can make it better.