Nothing stays the same forever and that’s particularly so when it comes to the suitability of the home loan product that you originally arranged. What may have been perfect for you three, five, or ten years ago, may now be holding you back from achieving your goals. A quick home loan health check can help you to keep on top of your loan performance and help you achieve your goals faster.
What a home loan health check involves
The home loan health check involves a conversation between yourself and your finance broker and is designed to check if your loan is still suitable for your requirements and also is giving you value in terms of price.
Consulting with an expert like a finance broker helps to take the worry out of the situation, Ideally, home loan health checks should be done yearly.
Questions that need answers
When you do go through the home loan health check process, you will want to get maximum value from it. By the end of the health check, you should have answers to the following questions.
- Is the rate of interest I am paying competitive or is it too high?
- Is the fee structure attached to the loan too high?
- Is the service level provided by the lender satisfactory?
- Does the loan facility offer me all the benefits that I require now?
- Are there loan features that I no longer use and are they costing me money?
- How have my financial circumstances changed compared to when the loan was taken out?
The home loan health check is a free service that could save you hundreds, possibly thousands of dollars. Alternatively, the health check may identify the need for a repayment restructure that could free up cash flow for you.
Undertaking the home loan health check may identify opportunities to consolidate existing borrowings or even identify the potential to take out an investment loan.
If you would like to arrange a home loan health check, please give the team at Australian Finance Hub a call today.