Is winter the time to defrost your home loan?

June 18, 2017
Kathryn Coleman

To decide if your home loan is in need of a health check this winter, Mortgage Choice in Wynnum, George Cremona suggests you start by asking yourself the following simple questions.  If you answer yes to any of these then it is possible we could show you how to save some money and ensure your home loan works for you.

Does your home loan interest rate seem high?

You could be paying too much! Make it your business to find out your home loan’s interest rate. A homeloan health check could reveal another option that is a better fit for your current needs. Of course, as your broker we will help you weigh up the cost versus benefit of switching lenders and/or loan products.

Have you just received a pay rise or bonus?

Adding a lump sum contribution to your loan can help to reduce the interest owed and the term of your loan. A home loan health check can confirm whether your current home loan has the ability to make extra repayments.  Keep in mind that if you have an offset account or redraw facility attached to your loan, you can still access the extra funds if needed.

Have you recently moved from a single income to a double income?

You may choose to use your second income to repay your home loan sooner and/or build up equity to upsize or buy an investment property. Using an offset account could be a good option, particularly if you now have more income to add to the account, which would reduce the overall interest charged on the loan.  If your current home loan doesn’t have an offset account facility you may want to look at  those lenders or products that do.

Are you looking to extend your family?

You may want to adjust your cash flow if you are planning to be on extended leave.  Are you in a position to request repayment holiday on your home loan or apply for interest only period to reduce the required monthly repayments

Do you have plans to upsize or downsize?

If you are looking to move house to suit your changing needs, there are a number of options available. Whether you are looking to upsize or downsize, a home loan health check will allow you to determine whether your current loan is still the most suitable or whether there is a better option for you in the market. In either case, a mortgage broker can help you assess your options.

If you want to learn more about your home loan options call 07 33936200, visit Mortgage Choice in Wynnum 2/70 Edith Street or log onto

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Posted in: Home loans

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