Compare the total cost, not only the rate
Review the interest or profit rate, whether it is fixed or variable, the introductory period, reversion rate, arrangement fee, valuation fee, life insurance, property insurance and early settlement charges.
Check eligibility and affordability
Lenders assess income, existing liabilities, credit history, employment or business documentation, age and the property. Requirements can differ for salaried applicants, self-employed applicants, non-residents and different property types.
Understand fixed and variable periods
A low initial rate may change after a promotional period. Ask what benchmark or margin applies later, how often payments can change and what happens if rates rise.
Ask about the property and developer
Some lenders have approved-project or approved-developer requirements, and not every property is eligible for every mortgage product. Confirm the property is acceptable before paying a non-refundable deposit.
Get comparable written offers
Ask more than one lender or a regulated mortgage adviser for a personalised illustration. Compare the same loan amount, term, deposit and repayment basis so the offers are genuinely comparable.
Make a decision that remains affordable
Stress-test repayments against higher rates, reduced income and other household costs. Review the latest Central Bank rules and obtain independent advice where needed.