What's a Home Loan Health Check?

December 02, 2015
Tyson Lewis

The term “Home Loan Health Check” is often used and seldom explained.

When you first take out a mortgage you, and hopefully your broker, spend a lot of time researching and investigating the best option that suits you. We spend this time because the home is probably the biggest purchase you will ever make and the repayments will be, at some stage, your biggest expense.

You look at products and their features, offset accounts, credit cards, fees and charges and of course Interest Rate. Then after weeks of discussions and research you choose the loan that best suits your circumstance. Great, job done…. or is it?

Well then and there it is, but like a car or a house or yourself your home loan needs ongoing care and maintenance. That’s why we need a Health Check.

Reviewing your home loan at least every two years is an absolute must for two reasons:

  1. The markets change. The banks change what business they are after, they change the products they offer and they also change the type of clients they want.
  2. You change – the family grows or your job changes or just the direction in life you have chosen is not the same as it was two years ago.

 

 

The Health Check makes sure that the loan you have now is most suitable for you now, not two years ago.

At Mortgage Choice in South Perth we offer free no obligation Health Checks for everyone, both existing clients and new clients we haven’t met yet. Our brokers come to you at a time and place that suits you and they can help you choose from hundreds of products.

So my question to you is “when did your loan last have a Health Check?”

So if you would like to learn more about your home loan or financial options, please call us on (08) 9472 0211

Posted in: Home loans

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