It is recommended that you review your home loan every 12 months, or if your personal circumstances change. A home loan health check can determine if your current loan product remains suitable and if you are able to achieve a better deal elsewhere, ultimately saving you money!
What is Involved?
Your finance broker is able to carry out a full home loan health check for you, either in person or remotely. They will be able to check if your current loan product is still competitive and still suits your individual needs.
Having an expert do this for you will save you time, money and stress. Finance brokers are experienced and knowledgeable with the latest loan products on the market and are able to assist you with simplifying the lenders jargon to a language that is simple to understand.
Questions to Ask?
Some of the things that you should consider when reviewing your existing home loan include:
- What interest rate am I paying and how does this compare to the current interest rates being offered in the market?
- What fees are we paying – are these unreasonably high?
- Am I happy with the service that I am currently receiving from my lender?
- Does my existing loan provide me with the features that I need?
- Am I paying fees for features that I am not using?
- Have my financial circumstances changed?
What are the Benefits of a Home Loan Check?
Having your home loan checked by your financial broker will generally cost you nothing, and it could potentially save you a lot of money. There is nothing to lose and everything to gain whether that be a better loan product with different features, a lower interest rate, reduced fees, or simply the peace of mind that your current loan product is the best out there for you.
Checking your current home loan could also uncover the possibility of taking our additional finance which may be able to assist with consolidating other debts you may have, or potentially to help you purchase an investment property.