Mortgage decisions are not usually taken lightly.  It’s not as if you just rock up to a bank, ask for to borrow half a million dollars, walk out again and deal closed.  
You know it’s a little more complicated than that, which is why you are being smart and researching as much as you can.  This is the best thing that you can do when looking for a mortgage, or trying to manage an existing mortgage.
So, here are five top tips for finding a great mortgage and managing the loan long term:
1. Plan your budget.  Whether you are looking for your first home loan, or refinancing an existing loan, this is vital to ensure you can afford the new mortgage repayments, as well as all the extra costs such as legal fees, settlement costs, ongoing fees and any new furniture or appliances for the home.
2. Talk to the experts. Find a Perth mortgage broker who is accredited and can advise you about your home loan options.  This will also help you to compare a variety of loans from different lenders.
3. Research your purchase. Have you researched the suburbs that you would like to buy in?  Look for
transport links, shops and facilities as well as property values.  What type of property are you looking for?  What can you afford?  
4. Carefully consider the loan structure. If you have a fixed rate you probably won’t be able to make extra repayments or use redraw facilities, but if you have a variable rate then extra repayments are usually allowed, although there may be restrictions on how much.  With a redraw account you can make extra repayments and use the extra funds you accrue in the future should you wish to.
5. Managing Repayments. Make regular repayments and if possible, try to make extra repayments to reduce the interest and the principle. Depending on the bank, most loans allow you to stop paying for a certain period of time due to other obligations. However the home loan has to allow for this feature and it also must be cleared by the bank; usually only granting it for a maximum period of about 12 months. This feature often has fees attached to it and yet has it will allow you to make extra repayments if desired during this ’holiday’ period.
 
If you do all of this, you are well on your way to a functional Perth mortgage and a great investment.