There are many reasons you may choose to refinance your home loan, it can be an opportunity to make savings and to find something that is better suited to your current circumstance – which may have changed from when you first got your home loan.
When you refinance it might be a good time to review your current need for insurance which may also have changed. Some important things to consider:
- If you had a loan protection product with your old lender, when you change to a new lender it’s likely the cover will not continue. Aussie’s mortgage protection plan is not linked to the loan, which means if you refinance again down the track you would remain covered
- If you’ve made savings refinancing, then this may free up budget to include mortgage protection cover that you couldn’t afford before
- Has your family set up changed? Having children for example can be an important time to review what cover you have – if something were to happen to you, would they be looked after?
When you first got your home loan, you may not have had a head space to think about mortgage protection. But having a backup plan could help you, and your family meet the mortgage repayments in the event you lost your job suffered a serious injury or illness.
If you’d like to find out more about Aussie’s Mortgage Protection Plan, visit here for more details – your Aussie Broker can easily put in place for you.