Do I need to do a home loan health check?
Do I need to do a home loan health check?
Are you wondering whether your home loan is still the right fit for you or are you wondering if you are getting the best rate with your current mortgage? Good questions! let’s talk about it.
If you have had your mortgage for a while and it is a set and forget thing, you may be paying too much interest.
We are here to tell you that completing a health check on your mortgage regularly can actually improve your overall financial position.
5 Quick reasons to complete a home loan health check are:
1. Save interest – By looking at what lenders are available, you could save yourself thousands of dollars in interest each year and potentially years off your home loan.
2. Consolidate debt – Should you have some personal debt that you are paying off, by consolidating this into your mortgage, you could enhance your cash flow and pay the debt off at a lower interest rate than you currently are.
3. Loan structure – Are you coming to the end of your fixed term period? Moving from a fixed rate loan to a variable is a big change for some and a great opportunity to review your loan to ensure that you still receive a competitive interest rate.
4. Achieve personal goals – refinancing to a bank who offers a lower interest rate means you could save interest and put this towards meeting some of your personal goals. Maybe you have a holiday you would like to take. The extra cash flow means that this goal is more achievable to you.
5. Access some of your equity – you could access some of the equity that you have in your property to complete some renovations that you may want to do. If there has been growth in the property market in your area, your home value may be higher and therefore accessing some of the equity may be achieved. Or, you may wish to access some equity in your home for investment purposes (but firstly make sure you speak to a professional Bob Reus & Co. financial adviser)
Completing a health check is quite easy. Get in contact with the Lending Team at Bob Reus & Co where you can discuss what your goals and objectives are in regards to your lending needs. Bob Reus & Co has been assisting clients with their lending needs for over 15 years and have a panel of lenders to suit all client situations.
Written by Kylie Bloomfield