Five top tips when re-assessing your home loan

August 21, 2013
Julie Saker

Is your home loan in need of a health check? Local Mortgage Choice franchise owner, Irene Cujko offers the following questions to help you determine whether it might be time to re-assess your current loan:  

Do you know your home loan’s interest rate?

You could be paying too much! A home loan health check could reveal another option that is a better fit for your current needs. Of course, you will need to weigh up the cost versus benefit of switching lenders and/or loan products.  

Just received a pay rise or bonus?

Check whether your home loan has an offset account or redraw facility, as adding a lump sum contribution to your loan could help to significantly reduce the interest owed and loan term.  

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 allow you to add any extra income to the account, reducing the overall interest charged on the loan.  

Looking to extend your family?

Switching to an interest-only loan could lower your loan repayments for a set period of time allowing you to use your funds elsewhere. While these loans offer many of the same features as principal and interest loans with the benefit of lower monthly repayments, it is important to carefully consider the cost versus benefit of switching.  

Do you have plans to upsize or downsize?

There are a number of options available for those looking to move to a different dwelling. A home loan health check will allow you to determine whether there is a better loan option available to meet your changing needs.  

Contact Irene Cujko from Mortgage Choice in Kings Langley for a home loan health check on 02 9674 8014, or visit



Australia’s largest independently-operated mortgage broker, Mortgage Choice has a national network of hundreds of franchises supported by Group and State Offices.  

Its loan consultants write almost one in every 20 home loans in Australia by providing professional guidance on, and choice of, products offered by an extensive panel of leading lenders. Many provide a broader service, helping customers source commercial and personal loans, asset finance, deposit bonds and risk and general insurances.  

Mortgage Choice head office pays franchisees the same commission rate for the home loans they write, regardless of the rate paid by the lender selected by a new customer, so they work in each customer’s interests to source a product tailored to their unique needs.    

So, why not let our local team find the most solution for your individual needs. Contact Irene Cujko at Mortgage Choice in Kings Langley on 02 9674 8014. Or visit for more information

Posted in: Home loans

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