When was the last time you checked your home loan rate?
Here we are again! Another year has flown past, and we are all asking where has it gone?
As we approach the closing months of the year our thoughts are slowly drifting towards end of year plans. Christmas presents, holidays and celebrations.
These final few months often prove to be the most expensive, traditionally, my family and I head back to the UK at Christmas time, which is by no means a cheap trip.
For many of us we have been saving throughout the year for a little extra spending money in these few months.
What if there was an easy way to boost these savings? Taking a little bit more stress off the hip pocket, while putting a little bit more away each month.
How often do you review your home loan rate? I know it’s a topic that’s often heavily debated due to constant changes in rates and isn’t necessarily the most exciting conversation to have in your spare time.
But often one of these conversations can give us exactly the savings we are looking for.
According to a recent survey conducted by Galaxy Research nearly a fifth of Australian Home Owners would like a better home loan rate but were unsure what the process was to get one.
I recently met with a new client who had owned their home for three years, and gone directly to the bank to take out their home loan. Since taking out the loan initially, the product's interest rate had risen a number of times and the rate was no longer competitive.
In a short meeting, we found a product that was more suitable for the client, with a substantially lower interest rate, significant reducing the interest payable on their home loan - meaning more money in their pocket.
Who knows where a fifteen minute review of your home loan could take you?