When you first start out on your quest for property, finding a home loan that suits your financial situation can feel like looking for the proverbial needle in a haystack. There are literally hundreds of home loan products available from a multitude of different lenders, all with various combinations of features.

The key to finding the right home loan is to ask lots of questions. Speak with your financial broker to determine the details of your finances and get a general idea of what you are looking for. When it comes to finding a specific home loan product, dont be afraid to ask your lender a lot of questions, particularly if your loan is a product of one of the big banks, such as National (NAB).

Find out whether your NAB home loan will attract any maintenance fees. You may be charged an upfront administration fee, an ongoing account service fee or a combination of both.

You should also find out how much you can expect to pay towards loan application fees. For example, the NAB Fixed Rate Loan has an application fee of $600, which is higher than the fees for similar loans offered by many other lenders.

Being able to make additional loan repayments is an important feature in any home loan, as it means you can work at clearing your home loan debt faster. Several nab home loans allow borrowers to make extra repayments, but there is a set threshold of the amount of extra that can be repaid. If payments are made beyond this extra repayment limit, NAB borrowers are likely to be charged a fee.

Your financial situation is likely to fluctuate over the term of your home loan, so flexibility is important. Find out whether your NAB home loan can be switched from a variable to a fixed rate loan, or split into a variable and fixed combination. Flexibility also includes the ability to be able to make principal and interest or interest-only repayments during the course of your NAB home loan term, so find out whether you are able to choose between these repayment types.

You should also ask whether you are able to transfer your NAB loan should you decide to change properties, as the home you choose when you may be single is likely be quite different from one you may need ten years later when you may be married with a family.

Committing to a home loan is a major decision that will have a huge impact on your finances, so it is important to take your time and research your options before signing up. Dont be intimidated by the terms and tactics used by banks and lenders and always feel free to ask questions along the way.

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