If so, while it may seem easy and advantageous to apply for a home loan through the lending institution you currently deal with, this isn't necessarily the best route to take.

With interest rates hovering around record lows, and Australia's lenders offering innovative and sharply priced home loans, there are many good reasons to shop around and consider a range of loan and lender options.

Despite the fact that there are hundreds of loan products on the market and many of Australia's lenders are offering some fantastic borrower incentives, a considerable number of borrowers will apply for a loan through their current lending institution.

By choosing a home loan lender on banking history alone, borrowers could be selling themselves short.

There are many lenders out there offering mortgage products whose features may be ideally suited to a borrower's needs.

A professional mortgage broker, like myself, can help borrowers compare loans from a wide range of lenders based on the loans' interest rate, fees, features, flexibility and the lenders' customer-service performance.

Here are my top five tips for comparing lenders and their loan offers:

1. Compare lender interest rates

Understand what interest rates are being offered by Australia's lenders at the moment and then compare and contrast them against what else is on the market.

While interest rates aren't everything, your perfect lender should be very competitive on rates.

2. Investigate the associated fees

Many lenders will charge various fees, so make sure the lender you are contemplating offers competitive fees.

Get your mortgage broker to compare how the lender stacks up in terms of fees and charges on the loan (for loan features, transactions, late penalties, early repayments, top-ups).

3. Consider your features

Before you can find the perfect home loan, you need to understand what loan features you want to have both today and into the future (offset account, redraw facility).

4. Consider lender support capabilities

If weekend branch access and phone support are high on your priority list, it is important to partner with a lender that offers them.

5. Contemplate future commitments

Before you decide to partner with one lender, investigate whether or not they offer a wide range of loan options to suit you, should your personal or financial situation change .

■ For more information phone Richard Windeyer on 1800 01 LOAN.