Playing for Gold? How to improve your mortgage game plan

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As we cheer our nation’s top athletes to the finish line during the Gold Coast 2018 Commonwealth Games, we thought it’s a good time to look at your mortgage game plan.

Here are some tips for playing for gold, and getting the most out of your mortgage experience.

Put in the hours

Just as our athletes put in the hours to train up for the games, we need to put in the hours to make sure we make the right financial decisions when securing a mortgage.

Spend time researching the property market. Check out market trends. Research infrastructure in your desired area, like transport and schools. Talk to your Smartline Adviser about different mortgage rates available, and make time to discuss the options.

It’s also worth putting in the legwork and getting your finances sorted out before applying for your mortgage. Pay off your debts as much as possible, for good credit ratings. Do a budget, and get to know your real expenses and income. Do a risk analysis, and work out what might crop up in the future. And implement a saving plan, so you have a deposit ready when the time is right.

Don’t go out too hard

Don’t be bedazzled by your dream house, and overstretch when committing to your mortgage. While it’s tempting to see the glass half full, focus on low interest rates, and your future earning potential, it’s wise to be conservative in your estimates.

Assume that interest rates can go up, and factor in future risks like reduced income, or increased living expenses. Also factor in the costs of buying and owning a house, like conveyancing fees, loan establishment fees, stamp duty and council taxes.

If you go out hard in the beginning of the mortgage race, you might get yourself in a world of future stress. Pace yourself, and have a plan.

Get a coach

Even with a wealth of digital information at our fingertips, and every question answered by the internet, nothing beats good old-fashioned person-to-person advice.

Negotiating the mortgage market can be complicated on your own. But your Smartline Adviser has their finger on the pulse. They know lender rates and fees. And they can get to know your personal financial situation. They’ll also do what they can to make the mortgage application process run smoothly, so you can get into your new home faster.

Take time to sit down with your Smartline Adviser, chat about your game plan, and put yourself in the best position to secure a mortgage that suits you.

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