When it comes to your home loan, it is important to frequently review your repayments to ensure you are receiving the best rate.
With interest rates continuing to hover at historical lows, this means regardless of whether you are a first home buyer or a seasoned property investor you may be paying too much on your current mortgage.
With a mortgage being one of the most important and perhaps biggest investments of your life, it is important that you continue to ensure you are in the best product available for your needs.
By frequently reviewing your mortgage you may be able to save thousands of dollars in interest. In addition, you should be able to find a home loan that is tailored to reflect your needs and changing lifestyle.
Taking the time to review your current interest rates may also allow you the chance to determine whether now is the perfect time to consider your financial options and goals. This includes the considering the option to refinance, invest, downsize or upgrade your home. However it is important to sit down with a financial expert to assess your options and determine which option is best suited to meet your financial needs.
Following the Reserve Bank of Australia's recent cut to the official cash rate to 1.5%, most lenders are now offering loans with an interest rate of 4%.
If you have not yet checked what your current bank is offering, now may be the perfect time to ask to ensure you are receiving the lowest rate available.
Therefore if you have not yet reviewed your home loan, there is a strong possibility you are paying too much. Reviewing your current mortgage regularly may also allow you to allocate finances towards additional household expenses you may have previously not been able to afford.
To ensure you are not missing out, your local mortgage broker can assist you in securing you the lowest rate suited to your current financial situation.
For more information on reviewing your mortgage, contact your local Mortgage Choice broker today.