It pays to reassess your mortgage. Here’s why.
Think your mortgage is all sewn up? Think again. Here are four compelling reasons to take a closer look at your loan.
1. Never be complacent about a major financial commitment.
Your home is probably your best asset so chances are you keep in it good shape. The same care should apply to your mortgage.
You need to be sure you are still getting the loan that’s right for your needs at the most competitive rate. If you are paying just 0.25% more than some of the cheaper loans available that tiny difference can add up to tens of thousands in wasted interest payments over the life of your loan.
2. Life doesn’t stand still – is your loan keeping up?
Maybe you weren’t in a position to make extra repayments when you took out the loan. Maybe you didn’t have any spare cash. But you could now. That would make fee free repayments, no-fuss redraw or an offset account ideal loan features to help you make the most of your loan – and your home.
If your circumstances have changed since you took out your home loan, now’s the time to reassess whether it is still the most suitable product for you.
3. You could have valuable home equity
Home equity – the difference between what you owe on your loan and your home’s market value, is a valuable asset, one you could use to fund an investment property, a new car or home improvements.
But you may never know just how much equity you have – or how you could use it, unless you review your loan at least annually.
4. It costs nothing to check
Talk to your Aussie broker about a home loan check up. It’s a free service, it only takes a few minutes and you’ll walk away knowing you’ve still got the right loan for you – or you’ll have an idea of how your loan could be letting you down with options for a more suitable deal.