Have you reviewed your home loan lately?
Life is constantly changing, so it’s important your home loan fits in with your life, not the other way around. Many people find that the home loan they started with no longer suits their needs.
Circumstances can change so rapidly – children come along, debts creep up, the house needs work and the list goes on.
For these reasons (and many more) it is worth investigating your position with your home loan. I can help you assess your position and your options, and in some cases, save you thousands of dollars over the life of your home loan.
If you’ve had your current home loan for 2 or more years, why not review it today?
Reasons to look at home loan refinancing:
More competitive rates
Finding a more competitive interest rate is a great reason to refinance. This may enable you to ‘pay off’ your loan faster and lower your monthly loan repayments; free up cash for other reasons.
Home Loan Health Check
There’s nothing wrong with giving your home loan a “health check”. It may still be working very well for you. If it doesn’t meet all your current needs or you’re paying for features you don’t need or use, maybe it’s time to look at refinancing.
Want to renovate but don’t have the cash on hand? You may be able to get additional funds by accessing the equity you have in your home loan through refinancing.
Why not consolidate your credit cards, car loans or personal loans into your home loan. The interest rate is much less so you could save thousands of dollars. It’s more convenient, instead of multiple repayments there’s only one, regular loan repayment – much easier.
EXIT FEES – Exit fees have now been abolished. As of July 1 2011, the Gillard government banned home loan exit fees making it easier for consumers to switch to a cheaper mortgage.
Your bank won't tell you if there is a cheaper loan down the road but I certainly will.