News

Spring into action with a clean to your home loan

By Ashley Sandor

There’s no time like Spring to do a home loan “clean out”. If it’s been a while since the last review of your financial situation, you may be spending more than you need to. Find out the benefits of reviewing your home loan.

A common thought is that taking out a home loan with a particular lender means being bound to that lender for the term of the mortgage. This is not always the case. Most buyers want a better home loan deal but how many actually ask for it? A study by finder.com.au found that 82% of Australians who looked for a better interest rate got one.

A seasonal home loan review can help to gain perspective and save money on your loan. Here are some evaluation questions that can be asked;

  • How has my situation changed since taking out the loan?
    Perhaps there’s been a car upgrade, new credit card or other small loans.
  • Can I get a better interest rate on my home loan?
    Comparing what interest rates different lenders can offer.
  • Can I get a home loan that better suits my needs?
    Exploring different lender options and products.
  • Will there be an exit-fee to change home loans?
    Weighing up the costs of switching products.
  • Will there be any foreseen changes to my circumstances in the next 6-12 months?
    You might be looking to start/expand the family, upgrade the car, change jobs or move house.

Whether you’re currently paying interest only but want to start paying off principal, or even just shopping for a better interest rate, consult a mortgage broker to find out if there is a more competitive loan out there. They can access a wide panel of lenders and review a selection of home loans to compare different products that are right for your situation.

Reference – RAQUEL DE OLIVEIRA Loan Market.

Up to Date

Latest News

  • 5 TIPS FOR GETTING YOUR GARDEN IN SHAPE FOR CHRISTMAS

    Buying yourself a home for Christmas could be a brilliant idea. If this December turns out anything like last year, when CoreLogic RP Data reported record low auction clearance rates, there will be less competition and you may just snap up a bargain. One of the most important considerations in … Read more

    Read Full Post

  • Preparing Your Home for Summer

    With Winter well and truly over, and Spring on its way out, the Sunshine Coast is beginning to heat up! Here are some handy hints to prepare your home for Summer… Up the Airflow Make sure you enjoy a breezy summer by turning your ceiling fan to counter-clockwise to push … Read more

    Read Full Post