A home loan health check can reveal some great savings that you might be missing out on!

What’s involved?

Your Rise High finance broker can do a full home loan health check for you either in person or over the phone. They will check if your loan is still competitive and still suited to your individual needs.

Having an expert do this for you can also take the stress out of the process for you. It is advisable to get this check done at least once a year, or if your circumstances change.

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 ask 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.

Questions to ask

It is very important for you to be aware of what you want to be checked. On top of the previously mentioned aspects, you will also want to think about the following when you speak to your broker:

• Am I paying an unreasonably high-interest rate?
• Are my fees high?
• Am I happy with the service I receive?
• Does my loan give me the features I need?
• Am I paying for features I don’t use?
• Have my financial circumstances changed?

Benefits

A home loan health check will generally cost you nothing and could save you thousands. Your home loan features could be improved, or you could find yourself with a lower interest rate. A better payment structure could also be introduced, making your repayments more manageable.

Checking the state of your current loan could uncover the possibility of taking out additional finance, which can consolidate any other debt you may have or help you purchase an investment property.

Don’t put it off any longer, contact your Rise High Finance Broker today to organise your home loan health check.