Why Review Your Home Loan Regularly

In the past, you're pretty much stuck with the home loan you originally took out until you pay it off completely. This prevented you from taking advantage of great deals that come along after that. Which is unfair, since you deserve to get the best deal based on your personal circumstances. The great thing is that lenders have provided far more flexible loans through various options that they offer clients. For example, you can now seek refinancing to switch lenders or move to a more attractive home loan.

You could take advantage of the great deals that lenders offer by regularly reviewing your home loan. On average, Australians change their home loan packages every 4-5 years. Here are some more reasons why reviewing your mortgage regularly makes sense...

  1. Things change. The market changes. For example, what used to be a stable global economy 10 years ago fell into disarray during the past few years. And in order to kickstart it again, some governments have decided to lower interest rates. By reviewing your mortgage, you will find that there are currently better rates than the one you signed up for in the past. You could then seek refinancing to take advantage of the changes in the market.

    It could be that your circumstances have changed too. Let's say for example that you've had two kids since you last took out a loan, spreading your finances thinner. By reviewing your home loan and seeking refinancing, you could switch a more manageable one.

  2. Lenders offer new features. Compare your home loan from several years ago to current ones being offered by lenders. Chances are that there are features that might better suit you than the ones you have now. Sure, having extra features may cost more in terms of interest, but it helps to have a home loan that's truly customised to your needs. And that's another reason why you need to regularly review your mortgage.

In sum, you deserve to get the best deal in the market, which is why it pays to review your mortgage every so often. And while you're looking for a home loan, let our qualified advisors at Rate Detective be your guide. They will assess your needs and provide you with rate comparisons of Australia's most trusted lenders. After all, you deserve to get the best deal in the market and we'll help you do just that.

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Published on November 11-th, 2012 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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