When was your last home loan health check

Post settlement - 2 years v2
How healthy is your home loan?

A lot has changed in the past year, especially with the economy. Interest rates are up and the cost of living has soared.

If you haven’t reviewed your loan in the last two years, now is the time for a home loan health check.

What’s involved?

Your finance broker can do a full home loan health check for you either in person or over the phone. They will check if your loan is still competitive and still suited to your individual needs.

Having an expert do this for you can also take the stress out of the process for you. It is advisable to get this check done at least once a year, or if your circumstances change.

getting a pre-approval
Questions to ask

Be aware of what you want to be checked. Think about the following when you speak to your broker:

  1. Am I paying an unreasonably high-interest rate?
  2. Am I paying high fees?
  3. Am I happy with the service I receive?
  4. Does my loan give me the features I need?
  5. Am I paying for features I don’t use?
  6. Have my financial circumstances changed?

Benefits

A home-loan health check will generally cost you nothing and could save you thousands. Your home loan features could be improved or you could find yourself with a lower interest rate. A better payment structure could also be introduced, making your repayments more manageable.

Checking the state of your current loan could uncover the possibility of taking out additional finance, which can consolidate any other debt you may have or help you purchase an investment property.

If you want to refinance just to lower lending costs, ask your finance broker to negotiate with the bank for a lower rate.

If you do decide to go down the refinancing path, working with a finance broker rather than going straight to a bank has advantages because the broker has access to thousands of loan products from scores of different lenders.

Finance brokers can compare lots of different lenders and, if there is a better opportunity, they’re able to access it.  Finance brokers are always working to give you great advice that’s in your best interests.

Contact your Maverick Finance Broker for a one-on-one home loan health check.

Maria Papa is a senior property and finance expert specialising in home loans, investment loans, self-employed loans, alt doc loans, car loans, personal loans and loan protection.  She has offices in Sydney, Melbourne and Manila.  If you have questions, you can call Maria at 0430 144 008 or email her at mpapa@maverickfinance.com.au.

Your full financial situation will need to be reviewed prior to acceptance of any offer or product.

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Learn the right strategy and find the resources to empower you to buy your first home, to refinance or to purchase your first investment property. Our team of brokers can guide you through the home buying process and answer your questions,
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