Life circumstances can change over time, and the home loan that once suited your needs may no longer be the best option for your financial situation.
A home loan health check can help identify whether you are paying too much, missing out on better loan features or whether there are opportunities to improve your financial position.
What’s Involved?
Your finance broker can complete a full home loan health check either in person or over the phone.During the review, they will assess whether your current loan remains competitive and suitable for your individual needs and goals.
Having an expert handle the process can also remove much of the stress and confusion involved in comparing loan options yourself.It’s generally recommended to review your home loan at least once a year or whenever your financial circumstances change.
Questions to Ask Yourself
Before speaking with your broker, it’s helpful to think about what you would like reviewed as part of the health check.
- Am I paying an unreasonably high interest rate?
- Am I paying high fees?
- Am I happy with the level of service I receive?
- Does my loan still provide the features I need?
- Am I paying for features I no longer use?
- Have my financial circumstances changed?
The Potential Benefits
In many cases, a home loan health check costs nothing and could potentially save you thousands of dollars over the life of your loan.
You may discover opportunities to secure a lower interest rate, improve your loan features or restructure your repayments to better suit your budget and lifestyle.
Reviewing your current loan may also uncover options to access additional finance, consolidate other debts or even support the purchase of an investment property.
