Wizard Home Loans - Compare Your Bank Overview

Finding the right home loan to suit your needs can be a confusing and stressful affair. Thankfully, lenders' websites and product comparison websites make it significantly easier to compare products than it was a few years ago. One lender that provides easily accessible information and good advice on its website is Wizard Home Loans.

It provides you with a full guide to help you identify which is the right home loan for you. Whether you are a first time buyer, moving up the property ladder, renovating, or you wish to consolidate your debts, Wizard Home Loans should have a mortgage loan to suit you.

As well as home mortgages, Wizard Home Loans has options for the investor and even a package if you want to build your own home. It is also worth noting that Wizard Home Loans can also help you out with a mortgage loan if you are self employed. This cuts out a lot of the documentation associated with a traditional mortgage loan and means you can own your own home even if you work for yourself.

Mortgage rates & fees

With so many products on offer, it is impossible to go through all of the mortgage rates and fees in detail in this article. However, at the time of writing here are some of the rates and fees for its more popular products.

Clear Value - This is Wizard Home Loans standard product intended for owner occupiers, refinancing and investment in residential property. You can borrow between $50,000 and $750,000 depending on your circumstances at a comparison rate of 8.39%. This can be converted to a fixed rate at any time.

Fees are affordable at $100 for application and $660 for loan settlement. There is no monthly fee and you do not get penalised for paying off the loan early after the first four years. However, do watch out for upgrade fees and discharge fees. Also, if you are an owner occupier you can borrow 100 per cent of your home's value up to $500,000.

Fastdoc - Wizard Home Loans offer two mortgage options for self-employed business owners. Fastdoc Plus is available to self-employed applicants with two or more years trading experience at a 9.08 per cent comparison rate. Fastdoc 70 is available to self-employed applicants with less than two years trading experience. Total fees for both options amount to $895. A perfect option for the self-employed.

Rate Breaker Loan - This mortgage loan offers one of the lowest mortgage rates around at 8.87 per cent. Total fees are $760. This is a cheap loan but lacks the flexible features of the 'Clear Value' option.

Smart Choice Loan - This is another good offering that allows you to avail of a variable or fixed rate from the outset. Rates are competitive and it offers many of the flexible features of the 'Clear Value' loan.

Wizard Home Loans also offers the Renovation Rescue Home Loan Package  for home renovations, the Wealth Power (Line of Credit) mortgage loan, and other products.

This article serves to act as a brief overview of Wizard Home Loans' mortgage loan products. Choosing a mortgage may well be one of the biggest financial decisions you make in your life so shop around and read the small print very carefully before making a final decision. Article provided for information only and is not intended as financial advice.