Home Loan Health Check -Do It Now
Most property owners once they have secured their dream home and have settled into a routine of ongoing monthly repayments, generally never giving their home loan a second thought – often because the process of securing the home loan in the first instance may have seemed stressful and not something they want to go through again in a hurry.
The reality however, is that you should have a home loan health check at least once every three years to make sure you are still on the best possible interest rate arrangement for your mortgage.
Lenders have this amazing ability to increase home loan interest rates outside of the RBA cycle, simply because they can. They provide us all with a wonderful selection of reasons why they are increasing rates, ‘cost of funding’, ‘cost of maintaining’, ‘costs of risk management’ and so on. Yet the reality is, if wholesale funding is at its lowest we have ever seen in Australia (and it is), then the lenders are buying money at the cheapest they ever have (and they are) and lenders are reporting record profits year over year (which they do) yet the borrowers are being asked to pay more!
This is where Mortgage Brokers make a real difference.
A home loan health check will assess your current financial situation, and determine if there are sufficient savings to be had by either renegotiating with your current loan provider (always the first step) and if not, then provide you with the options and costs involved in moving to a more cost effective home loan product and let you know what the real savings are going to be taking any costs of switching into account.
So, if your home loan is at the three-year mark or more, please feel free to give me a call on 0438 041 111 to organise a confidential discussion and home loan health check to see how much we may be able to save you and your family.
As always, enjoy life, work hard, play safe and remember that we are always here to help you
‘Take the Confusion Out of Lending’
All The Best
Peter Vinci - 0438 041 111