16 Jan

Give your home loan a new year health check

Have you had the same home loan for years that you keep just paying without a second thought? The New Year is a great time to give your Home Loan a health check and make sure you are getting the best deal for your current situation. It could potentially save you a lot of money and take years off your home loan.

The best place to start is to have a look at your existing home loan. Does it meet your current circumstances? What is your interest rate? What are the fees? Are you using the features of your loan? These are important questions to ask when reviewing your home loan.

Below we take a look at how you can give your home loan a new year health check;

Home loan features
Does your home loan offer features that you don’t use? If you are paying for features you don’t use it might be worthwhile asking your Rise High Mortgage Broker if you can swap for a basic loan with a lower interest rate. Better still, can you utilise features of your existing home loan? For example, does your home loan have an offset account that you can use to reduce the amount of interest you pay?

Refinancing
Is your current interest rate higher than the standard rate being offered in the market today? You can start by asking the bank for a better deal on your existing loan. The other option is to refinance your existing loan. Interest rates are at an all-time low and the competition between banks is fierce. This is good for you, the consumer as it means you could potentially save a lot of money by refinancing and getting a better deal with another bank. Be aware though, refinancing is not free and you need to weigh up the cost versus the savings before refinancing your loan.

Extra Repayments
If you can afford it paying extra money towards your mortgage can save you substantial amount of money in interest over the long term. Even something as simple as changing to fortnightly repayments instead of monthly can save you money and wipe years off the term of your loan.

Reviewing your home loan every 12 months is a great way to ensure you are always getting the best deal that suits your circumstances. If you would like help with your home loan health check contact the team at Rise High Financial Solutions today and we assist in evaluating your current situation and work out what’s best for you.

Last modified on Thursday, 02 February 2017 09:56

Marissa
Schulze

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JAMES
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