The term Home Loan Health Check is a “buzzword” when speaking to any mortgage broker. However, recent changes in the home loan market with regards to owner occupied and investment home loans, interest rate movements and a number of other factors have made it more relevant.
With investment home loans up to 0.50% higher than owner occupied home loans a home loan with a high rate can cost you up to $60,000 (assumes a 0.50% higher rate, on $400,000 loan over a 30 year term) over the life of the loan.
A Home Loan Health Check is nothing more than a short consultation with your mortgage broker to assess whether your home loan is still relevant and the most effective option for you. More often than not your home loan should be assessed every 18 to 24 months if any one of the following have occurred:
If any one of the above applies to you then you should consider a Home Loan Health Check. Contact your mortgage broker today to start saving.
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