What is a Home Loan Health Check and why do it?
Usually lasting around 15 minutes a Home Loan Health Check is a review to determine if your loan is best suited to your current situation. As your priorities and circumstances change the original deal may not be ideally matched to what you currently need. Many people need a different solution due to home renovations, change of career or they are having a baby and by having a review your loan can be changed to accommodate these.
There are constantly new loan products being introduced into the market as well as ever changing interest rates for all types of home loans. By having regular reviews you may be able to take advantage of these allowing you to save money and receive additional benefits. These benefits include less expenditure on interest, changing the frequency of repayments, achieve a lower interest rate, negotiate better terms or transfer your loan to another lender.
Here are some useful questions to ask yourself before considering a Home Loan Health Check:
- Would you like to pay off your home loan faster?
- Are you planning any major purchases in the near future?
- Are you looking to save money on your home loan?
- Is your financial situation likely to change within a 12 month period?
- Are you struggling to meet your current commitments?
- Is your fixed rate or interest only home loan expiring soon?
- Are you happy with your bank or lender?
If you answered yes to any of the above then you may benefit from a Home Loan Health Check.
A Home Loan Health Check only takes about 15 minutes and is free through most lenders. We recently helped save one of our clients over $6000 per year in interest after they came and saw us for a review.
Contact Finance Detective on (08) 9289 7777 to book your obligation free Home Loan Health Check.