When was the last time you did a home loan health check?
Saving money every month could be on the cards...
Any clue what the interest rate you are being charged on your mortgage? Do you know how that stacks up against current lender products and hot offers? If you answered no to either of those questions, you’re not alone!
Most of our clients didn’t realise that refinancing your loan could give you access to a more competitive interest rate, especially if you have had a home loan for a few years.
If you are unsure if you should refinance, we have listed a few reasons why people refinance below.
Your circumstances have changed
Life is always changing, that’s why its exciting!
If you’ve had a home loan for some time, chances are its been with you during at least one major change of circumstances. Having or growing your family, getting a new job, a promotion, getting married. Equally, you might be near the end of a fixed rate term or interest only period so now is a great time to find out what your options are. All of these things can add up to major changes that your home loan may no longer be the ideal fit for.
You'd like to reduce your interest paid over the loan term
How does paying off your home loan early sound? We’d call it a dream come true!
If your circumstances have changed over the years since you signed up for your loan, you may also be able to structure your loan and get more out of it by accessing features such as a redraw facility or an offset account. By paying your salary into an offset account, you reduce the interest you pay on your mortgage each month. A redraw facility allows you to access any additional repayments you’ve made on your loan.
Alternatively, you could also switch to a simpler home loan with less features if you no longer require your current features.
However you do it, paying off your loan early will save you money!
Equity and Investment Purchase
If you purchased in an area that has experienced an upward trend in property values while you’ve been paying down your mortgage, or put a lot of work into your property, you could be sitting on equity.
Equity is calculated by subtracting the remainder of your mortgage from the market value of your home, usually done through a home evaluation.
You could also draw down on your equity to help fund a renovation or upgrade your home. And, if you want to, you could use your equity to help purchase an investment property.
Contact Us
Our team will help you search, choose and settle your loan. Chat to one of our specialists at a time that suits you.
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