Should You Reassess Your Home Loan With Your Mortgage Broker?

Is there a good time to consider changing your home loan?

When you first get a home loan, you take the time to find the right mortgage for your needs and requirements - and when your situation changes, you should think about re-evaluating whether the home loan you have is still right for you.

Both the markets and your individual situation can change over time, and it is important for you to realise that the home loan you chose last year may no longer be the best offer on the table.

This is why it is a good idea to get in touch with your mortgage broker on a regular basis - such as once a year at tax time - to see whether there are any new home loan products which may suit your new circumstances better.

Situations change all the time, as do the number and variation of home loans on the market – so there may now be a better mortgage option out there waiting for you to find it.

Your mortgage broker can help you to figure out whether switching your home loan will be worthwhile for you and talk to you about the pros and cons of switching lenders and loans.

Some home loans offer unique features such as options to have a redraw facility, make extra repayments or the ability to fund renovations, which you may not have access to with your current mortgage.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.