The value of reviewing your Home Loan
Have you taken the plunge already and sorted out your home loan? Are you aware that you aren’t locked into the terms and conditions of your agreement forever?
In fact, it is recommended to review your home loan regularly (every couple of years), so you can be sure that the original loan is still suitable for your current situation. As we all know, market conditions can fluctuate rapidly and life can bring unexpected changes.
A few reasons reviewing your home loan is important
- Take advantage of changes in the market; There are many factors that can influence the banking world. We all remember the GFC and the impact it had on interest rates and lending conditions. Depending on when you took out your loan, banks may be more or less willing to renegotiate with you on the terms of your mortgage – you could be walking away with a more competitive product than you previously had.
- Adjust for changes in your life; Whether it’s a new addition to the family, a chance to renovate or upgrade, or an unexpected windfall, when changes in your circumstances occur it is the perfect opportunity to review your loan.
Reviewing your home loan can give you access to more competitive rates and the potential to save you thousands to help pay off your mortgage quicker, but it’s not a decision that should be taken lightly, as there may be extra charges or hidden fees which could be incurred.
It’s a good idea to seek advice from an experienced Mortgage Broker who will put your interests first, both when assessing the suitability of your current home loan and searching for a new one.
Call Kate Kustreba on 0416 197 124 to arrange your Free Home Loan Health Check.