“When you first took out your home loan, it may well have been perfectly suited to your needs – and it still could be today. But it is well worth considering reviewing your options to make sure you are getting a red hot deal that is matched to your current lifestyle and financial situation,” said Michael Wren from Mortgage Choice Camberwell.
“Keep in mind that if your circumstances have changed since taking out your loan, you may now be eligible for a different loan type, one that potentially has a lower interest rate, additional features and better facilities. With low interest rates and increased competition between banks and other lenders, now is a good time to be actively seeking a better, well suited deal.” Michael pointed out that while online calculators and comparison websites are a helpful starting point when assessing the suitability of a home loan, professional mortgage brokers go above and beyond this by factoring into the assessment borrowers’ individual circumstances to tailor the loan comparison.
"With 3 qualified mortgage brokers here at Mortgage Choice Camberwell, we have up-to-the minute information from a wide range of banks and other lenders at my/our fingertips and can help you compare loans and identify a well suited option for your needs. We can also step you through the loan selection, application, settlement process and more, which can save you time, stress and often money,” Michael said.
To determine whether your home loan is in need of a health check this winter, we recommend asking yourself the following simple questions to get you started. If you answer ‘yes’ to any of them, it might be worthwhile re-assessing your current loan:
- Do you know your home loan’s interest rate? You could be paying too much! Make it your business to find out your home loan’s interest rate. 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.
- 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.