Life never stands still, and neither should your mortgage. It might be time to search for a more suitable loan product, to ensure you’re still getting the most from your loan structure.
If it no longer suits your lifestyle or personal situation, you could be wasting thousands of dollars a year on extra interest and fees. There might be a loan that’s more appropriate for your needs, with more suitable features and a competitive interest rate to match.
Some key reasons to prompt a review of your mortgage include:
Pay off your mortgage faster!
If you’re striving to be mortgage free, there may be a more suitable product to meet your needs. Some mortgage products are designed to motivate borrowers to repay their loans quickly. Now is the perfect time to talk to us about whether a new loan could help you on the path to financial freedom – fast!
Better interest rates and lower repayments
Rates and mortgage deals are constantly on the move. To make the most of a competitive mortgage market, you might want to evaluate the loan product you currently have.
For example, you may want to go for a lower variable-rate, or lock into a fixed-rate. Break costs can be expensive though, so you’ll need to check that you’ll come out ahead when all costs are considered.
Consolidate your debt
Consolidating debts like credit cards or personal loans into your home loan can save you thousands of dollars in interest charges. Rolling your debts into one monthly or fortnightly repayment can also help make juggling your finances a little easier, while also improving your cash flow.
Avoid monthly fees and charges
Some lenders charge a monthly service fee, which can add further to your debt. Competition between lenders has increased and some now waive administration fees, so refinancing your home loan with another provider may be a smart move to help cut your mortgage costs.
Unlocking equity
As you pay off your mortgage you’ll accumulate equity in your home. As long as you are capable of meeting your loan repayments, refinancing your mortgage can help you tap into the value that you’ve built up, using it for other purposes such as purchasing an investment property.
