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Is it Time for a Home Loan Health Check?

Despite the low-interest rate trend in the real estate market, there is rising competition amongst lenders. This is why it is important for you to start managing your finances and debt in order to secure the best deals, especially if you already have a mortgage.

According to a new finding, loyal home loan customers who stick with the same financial institution just because they are used to it, are wasting their hard-earned cash. The reason is simple; their loan product may not be fit for competition in the current market as it was years ago. It also means that they would not be able to avail the perks that a lender is offering today.


Switch to a Better Deal

It is not easy to shop for a mortgage. In fact, it is hard to find a debt that is in line with your financial goals. Whether you want to refinance with a discounted rate or are looking for a no-fee loan account with additional features, finding a home loan is not easy. Most Australians get so used to paying for their home loan that they do not realise how much money they can save if they apply for a better deal. This involves research and may take some time to find a deal that fits your financial goals, but it is worth it. By finding a better package, it is quite likely that they will be paying a low-interest rate. Moreover, it will become possible for them to repay the debt faster.


Financial Health Matters

Many experts believe that conducting a health check on your home loan regularly is very important. You should do it as often as you do it for your health. After all, good financial health leads to a stable lifestyle. Following are some of the things you should consider to be able to secure the best deal:

  • Repay credit card bills and small debts
  • You are paying for home loan features that are not in use
  • Your income has increased since you got a mortgage
  • You are building equity while making regular loan repayments.

You can find a very good package if you are doing any of these. Therefore, get a financial health check as it is a perfect time for one. Don’t go to another lender if you are satisfied with current services, because you can request your bank for a mortgage review. Doing that might save you thousands of dollars that you otherwise would have to pay.


How to Carry Out Mortgage Health Check?

When it comes to a home loan, you have to maintain a lot of paperwork. This might give you an impression that a home loan health check also requires work and time. But that is not the case; in fact, it is quite simple. Talk to your advisor our team to learn about your mortgage and get information about various options.

Given below are some of the things you should keep in mind if an expert tells you that your home loan needs improvement

  • Any changes in your finances since the last health check
  • Your satisfaction level with the current lender
  • If the loan package offers everything you signed up for
  • If you are paying the charges that you would not have paid if you had signed up for a different package
  • Are you paying lower interest as compared to other packages in the market?

If you are satisfied with these factors, you don’t have to make any improvements. If, however, you are having issues, you should consider switching to another more competitive loan package. Doing so will help you in the long run.


Benefits of Mortgage Health Check

Mortgage health check allows you to have the following:

  • Better management of repayment schedule
  • A lower interest rate
  • A better package with attractive features

Maintaining a regular check also enables you to get access to more finance in order to consolidate your loans or purchase property for investment purpose. Moreover, with a lower interest rate, you can save money and build your equity faster. Therefore, don’t delay it. Instead, start working on it and maintain your financial health efficiently.

Chat to our team today about how we can help get your current home loan reviewed.

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