Mortgage Health Check
Why should I do a health check on my home loan?
Mortgage repayments usually represent most people’s single largest monthly expense, so it makes good sense to be concerned about the interest rate and fees you are paying. Or have you just sit with your loan for years without checking that it is still competitive?
Banks are constantly enhancing their product ranges. Many times there is a cheaper or more efficient product provided by the same lender. That means there is no need to refinance, just restructure within the same lender and save!
Sometimes it makes sense to refinance a loan to a new lender. But you have to take into account all the costs associated with a refinance and make sure that it makes financial sense to refinance the loan. It's quite complicated if you are not an expert.
Whether you are looking to:
- make sure that your current home loan is the one that best suits you,
- reduce your payments,
- unlock the equity in your home or
- consolidate some debts,
a Mortgage Health Check is a good place to start.