Should I Re-assess My Home Loan?
In the current economic climate, conditions that characterise the financial landscape for lenders and institutions can change from time to time.
For property owners who are paying off home loans, this means that you may be able to negotiate more favourable terms for your mortgage.
A chat with your mortgage broker could shed light on options available in the current market - brokers have knowledge of hundreds of loan products offered to consumers by a variety of different lenders.
General advice would be to re-assess the terms of your mortgage every 12 months to ensure you have access to offers that could improve your financial situation.
It is also recommended that if you undergo any major changes to your circumstances, that you should conduct a home loan review.
Such examples include securing a new job or pay raise, starting a family, children moving out of the house, experiencing an increase or decrease in property value and seeing a rise or fall in interest rates.
A mortgage broker would be able to help you navigate the abundance of lenders and home loan products, as well as assist in your decision about which specific personal conditions would warrant such a change.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.