Is it time for a home loan health check?

Is it time for a home loan health check?

Last updated: 15 October 2020

Life happens and our circumstances are always changing. If you have a home loan, it’s important to regularly review it to make sure it still suits your needs. Here are a few questions you can ask yourself to help you check if you’ve still got the right home loan.

 

What is your interest rate?

Do you know what rate you’re being charged on your mortgage? With the RBA cash rate held at a historical low of 0.25%, if you find that your interest rate is no longer competitive,  now might be a good time to compare your mortgage with the current offers in the market. You can try our home loan comparison calculator to see how much you could save.

 

Have your circumstances changed?

If you’ve recently had a child, changed jobs or been through a divorce, it might be a good time to review your financial situation and credit products. If you’re finding your paycheck is being spread a little too thin each month, consider getting in contact with your lender, as they can discuss what support options they have available to help you out.

 

Is your fixed rate term coming to an end?

In most cases, if you have a fixed rate home loan, once the fixed rate term ends, you’ll automatically be rolled over to the applicable variable rate home loan. The variable rate could be much higher than the fixed rate you locked in when you first got your loan, so it’s a good idea to get in touch with your lender to discuss your options.

 

Are you planning to renovate or upgrade?

Looking to renovate your kitchen? Thinking about upgrading to a bigger house? Now is probably a good time to evaluate your financial situation. If you’ve paid down a large portion of your home loan, you may be able to secure finance for your renovation or upgrade with your current lender. Check out our article on ways you can fund your home renovation.

 

Ready to compare home loans?

Head over to Credit Savvy’s home loan comparison service to see the latest offers in the market.

Start comparing now