Home Loan Review
When was the last time that you did a home loan review? If it’s more than three years ago, it’s worth a look. If it’s more than five years ago, definitely. If it’s more than eight years ago, absolutely.
Why take the trouble? Quite simply, things change and home and investment property loans are no different. Features, benefits, costs and interest rates vary constantly. A new “deal” pops up almost everyday. Might be a special low rate, a juicy cash incentive to switch lenders or,better features than your current loan. Considering your home or investment loan is likely the biggest single expense in your life, it makes sense to keep a close eye on it.
As rates have been dropping over the past years, each of our many banks and lenders have been reducing their interest rates differently. What could have been a market leading rate two or three years ago maybe way out of the market now. How would you know whether your loan still has a competitive interest rate unless you do a home loan review?
Do you know your current interest rate? Have a guess then go and check your loan statement or internet banking and see how close you are. Did you guess your rate to be lower or higher than the actual rate? Were you within 0.5% of the actual rate?
I’m guilty of this as much as anyone. But, I ‘ve taken my own advice and very recently changed lenders because I did my own home loan review. I now have a loan with better features, lower costs and reduced my home loan rate by 0.87%.
Are there significant savings you can make with a simple home loan review? To find out contact Paul on 0410 520 398 or email paul@halogenhomeloans.com.au. You maybe happy you did.
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