In fact, many studies have shown that many people don’t know what interest rate they are paying.
Over time, circumstances and the market changes, so it makes sense to review this regularly.
Aussie Kingsway franchisee Peter Kiss said it pays to speak to a broker in order to ensure you’re on the most appropriate product for your circumstances.
“It is easy to “set and forget” your home loan once a few years have past since you bought the property,” he said.
“But it pays to be vigilant, especially at the moment when the banks are fighting hard for every customer.
“There are some great deals to be had, and a broker can help navigate through what’s on offer.”
He said brokers are speaking to the lenders every day and they’re the ones who know what is available, and can do the research for you.
“It takes me 15 minutes or less to discover what could take a normal person weeks or months,” he said.
“As part of our free service, we help you lodge the submission and ensure everything goes smoothly.”
Tips For Finding Savings in Your Home Loan
- Speak to a broker if you’re considering making any changes as they can advise what is the most appropriate solution for your circumstance.
- Make weekly or fortnightly payments. Paying over 26 fortnights, this is equivalent to make an extra month’s payment per year. That can potentially save tens of thousands in interest and years off the home loan.
- Make larger or lump sum repayments.
- Consider splitting the home loan into part-fixed, part variable. This gives peace of mind, especially when official interest rates rise.
- Investigate whether an offset loan is a good option. They reduce the interest payable on your home loan, as the balance is offset against the amount owing.