Your car gets serviced with a mechanic, your teeth are checked at the dentist, but when was the last time you booked your home loan in for a health check with your mortgage broker?
A regular home loan health check ensures that you are still getting the best possible deal and the maximum benefit out of your biggest investment. As your personal circumstances change over time, it’s important to make sure your home loan meets your needs and evolves with your lifestyle. Here is what a home loan health check may reveal:
- How to save on interest and pay off your loan sooner by changing the frequency of your repayments
- Achieve a lower interest rate
- Negotiate better terms with your current lender
- Reduce your loan balance and build equity by using an offset account
- Unlock the equity in your home to use for investment or renovation
- Reduce debt by consolidating it into your home loan
- Access product innovations that were not available when you originally took out your loan
- Transfer your loan to another lender
A home loan health check is free of charge and involves minimal time on your behalf. Simply contact us and we will undertake an analysis of your current loan. A health check doesn’t mean that you have to refinance your loan, it can be as simple as restructuring with the same lender. Banks and lenders are constantly enhancing and fine-tuning their product offering which means that there is quite often a more efficient product provided by the same lender.
In situations where refinancing is the better option, we can help minimise the effort, time, and expense that is often involved in moving from one lender to another. As part of this process we will help you weigh up any fees and other costs associated with switching your loan, with the expected savings and benefits of the new loan product.
If you would like more information, please call us.