yep definately keep your options open and make your bank work for you. if you do find a better deal somewhere, try to see if your bank will do you a good deal to match etc

the features may depend on your personal situation. we worked out what was best for us, then we compared the major banks to find the best deal. we wanted flexibility in redraw, credit cards that accumulate points etc

Make sure you look at the comparison interest rates as well and not just the interest rate shown. This gives a more accurate indication of what the actual amount you will be paying is.

You need to search around for whos offering the best interest rate at the moment and also remember to check the other fees as well.
Also another thing to research is who puts their rates up if the reserve bank stay on hold as i know a few banks have been guilty of this, and also when the rate gets dropped who passes on the best deal to their customers.
I think most banks offer a reward as such for going with them like $1000 cash back just remember to check all fees dont have blinkers on at the cash back offers.
Good luck

Hi, I’m Matt Harris, Senior Product Manager at BOQ. Getting a good deal will depend on your individual situation and needs, and finding the right loan to suit. To help get you started here are a few things to keep in mind:

• What level of flexibility do I need on my loan – e.g. extra repayments, pay off early, offset accounts, redraw of additional payment etc.
• Is the cost (fees/higher interest rate) of any additional flexibility worth it? Can I save by having less features if I will not use them?
• Do I want the security of locking in a fixed rate for a period of time?
• What is the interest rate and are there any catches such as a lower rate for an introductory period only
• Can I get any other discounts based on my loan size?
• Can I get discounts on any other banking products like my credit card?
• What are the fees and charges not only when I take the loan out but also ongoing?
• Who will I be dealing with when my loan is settled?

If you start by asking your bank these questions they can help you to identify the best features for you and get you on your way to finding the best loan for you. Remember price is just one part of getting a good deal. It is important to find someone you can trust and that can help you meet your goals by finding the right loan for you.

Min monthly fee
Redraw option
Fixed term rage or split variable rate loan
Mortgage protection insurance