29 Jun Why You Should Review Your Home Loan
Just like how you check on your health, it also helps if you develop a habit of checking up on your home loan every now and then.
If you do not service your home loan regularly, you might be missing out on some potential savings. Don’t you want a peace of mind and security that your existing home loan is working well for you? This is most especially true if your financial priorities have changed such as an additional member in the family, a home renovation, or a sudden change in career of your partner. It pays to do a review to see if there’s a better product that could possibly help you save on your repayments or reduce your loan term.
A home loan health check simply means reviewing the features of your home loan which would only take around 15 minutes of your time. No sweat! You could ask yourself the following questions:
✔ Am I paying an unreasonably high interest rate?
✔ Am I paying outrageous fees?
✔ Am I frustrated by inadequate service?
✔ Does my loan give me the features I need?
✔ Am I paying for features I don’t use?
✔ Have my financial circumstances changed?
If you’re not sure of your answers or you don’t have any idea at all, don’t fret! As a finance broker, I can help you check your home loan for free! I can advise you on things like how much you can borrow, how much sooner you could have your home loan paid off by reducing your interest rate, or how much your repayments could be depending on your current financial situation. It could be overwhelming at first but once you get the hang of it, you’ll find yourself developing this habit!
Check out this sample computation of our friends from NFBD:
Half a percent difference on a $400k loan can save you $1,440 a year! Of course that’s just one scenario, but it only proves that reviewing your home loan is beneficial. A home loan review could help you get a better loan product and allow you to save on interest charges, get better service, or increase your home loan amount. If you’re not sure where or how to start, give me a ring now or message me on Facebook anytime, even during weekends!
Check your home loan now and see how much you can save!
Credit Representative (486927) is authorised under Australian Credit Licence 389328.
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.