The importance of reviewing your mortgage regularly

October 17, 2016
Ali Batten

When it comes to your home loan, it is important to frequently review your repayments to ensure you are receiving the best rate possible. 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.

A mortgage is probably going to be one of the most important and perhaps biggest investments of your life, so it is important that you continue to ensure you are in the best product available for your needs.
By regularly 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 considering the option to refinance, invest, downsize or upgrade your home. This can also include sitting down with our Financial Adviser and discussing insurances and how to plan for your future.
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.
Reviewing your current mortgage not only allows you to save money on the repayments, but you have the ability to allocate finances towards additional household expenses you may have previously not been able to afford.

To ensure you are not missing out, please call Suzanne, Owun or Costa on 02 9517 1818, or email newtown1@mortgagechoice.com.au to discuss your options. Or, if you feel like dropping in at our office, we are located at Suite 106, Flourmill Studios, 3 Gladstone Street, Newtown 2042. Be sure to share our blog on Facebook and Twitter and let others join the conversation!

Posted in: Home loans

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