Home Loan Health Check

Home Loan Competition is increasing
September 1, 2015
Buying an Investment Property
September 30, 2015

Home Loan Health Check

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.

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So what is a Home Loan Health Check?

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:

  • An interest rate change
  • Fixed term on your home loan is about to expire
  • You are planning to move or renovate
  • Changes in your family circumstances
  • You are thinking of purchasing an investment property
  • You need to access equity in your home
  • You need to consolidate other debts on a cheaper rate. For example credit cards, personal loans or car loans

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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