Home Loan Health Check - When and Why?

Home Loan Health Check - When and Why?

When it comes to finance, like anything else in life, things are constantly changing. Whether it be changes to your personal circumstances, current interest rates or products on offer, it is important to make sure that your home loan always keeps up with these changes.

Here are three main things to consider about a home loan health check!

1.   Potentially securing a lower interest rate

The Reserve Bank of Australia lowered the cash rate twice last year, meaning that lenders are now offering some of the lowest interest rates Australia has ever seen. 

Could you now access a lower interest rate and potentially save money on repayments?

  • If you are at the end of a fixed rate period on your home loan but would like to continue on a fixed rate your broker may be able to access a lower rate for you
  • If you are currently utilising a variable rate home loan and would like to fix your rate, your broker can help you find the most suitable solution through a panel of over 30 lenders
  • Your broker will work with you to determine if you can save money or access more benefits by restructuring your financial solution

2.   AccessING funds / CONSOLIDATING DEBTS

Changes to your personal circumstances and to your goals could be reason to consider reviewing your home loan.

Is your current financial solution complimenting your financial goals and personal circumstances?

  • Your broker will work with you to determine what your current financial needs are
  • If you have high interest debts you may be able to look at consolidating these into one easy repayment
  • If you are looking at renovating your home, or need to access funds for something else important, your broker can help explore ways of unlocking the equity in your home so you can access the funds you need

3.    BenefitING from unique loan products and features

The property and finance market is becoming more and more competitive, and lenders are competing to offer better interest rates, products and features.

Is there a more suitable product available for you to take advantage of?

  • Your broker can help you find the best available product to meet your needs
  • You may wish to utilize loan features such as an offset account or redraw facility
  • Your broker will work with you to understand what features are important to you, and will then present options for you to consider

At iconic we offer a complimentary mortgage review service. To book an appointment with one of our friendly finance brokers please contact us on 1300 663 943, or alternatively you can email us at info@ihloans.com.au.

We have helped many of our clients restructure their financial solution to a product and interest rate better suited to their current needs and the current market, and we are excited and ready to help you too!

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