Creating Your Home Loan Requirements List

Lists are powerful things. Let's merge the power of the list with your loan hunting program.

Before meeting with lenders or mortgage brokers, creating a clear loan requirements list helps you focus on what matters most. Not every feature or point will meet your needs exactly but it's a good idea to be informed on all your options.

This preparation can save you time and money in the long run.

Bare necessities

Start with your basic financial parameters:

• Maximum loan amount you need

• Monthly repayment you can afford

• Deposit amount available

• Preferred loan term (15, 20, or 30 years)

• Buffer for interest rate rises

Must-Have Features

Non-negotiable features that match your financial strategy:

• Extra repayment options

• Redraw facility availability

• Offset account access

• Online banking capabilities

• Customer service accessibility

• Branch location requirements

• Portability (ability to take loan to another property)

Nice-to-Have Features

Consider which additional features might be useful but aren't essential:

• Mobile app functionality

• Split loan capability

• Fixed rate options

• Package deals (credit cards, savings accounts)

• Repayment frequency choices

• Branch access

• Interest-only periods

Cost Considerations

Be clear about your preferences/needs regarding:

• Maximum interest rate you'll accept

• Upfront fees you can afford

• Ongoing fee limitations

• Package fee worthiness

• Early repayment penalties

• Refinancing flexibility

Future Planning

Think about future circumstances that might affect your loan:

• Family planning considerations

• Career changes

• Investment possibilities

• Property upgrading plans

• Renovation intentions

• Potential for rental conversion

Your Final List

When documenting your requirements:

1. Separate must-haves from nice-to-haves clearly

2. Rank features in order of importance

3. Include your maximum cost limits

4. Note any timing requirements

5. Add any special circumstances

Remember:

A clear requirements list helps lenders and brokers find the most suitable loan for your situation.

Be honest about your needs and circumstances, but also remain flexible where possible.