A home loan is a long term commitment, typically paid back over several decades. You don’t expect your lifestyle to stay the same over those decades, so it wouldn’t make sense to think that your mortgage should still suit you all those years in the future.
Our life circumstances change, and so do our financial needs. The home loan you take out when you first buy a home is probably not going to meet your needs throughout the whole life of your mortgage, so reviewing your home loan from time to time can ensure that you’ve got the right deal for your circumstances as well as saving you a whole lot of money.
Why you should review your home loan
A mortgage review helps you to compare your home loan against other options on the market. This industry is competitive and always changing, with new, improved offers becoming available to consumers all the time.
Reviewing your home loan with one of our Mortgage Specialists will inform you whether you could get a better deal with lower rates, lower monthly repayments or additional features. Refinancing your home loan can save you thousands of dollars, so it’s well worth shopping around on a regular basis.
When to review your home loan
At a minimum we recommend reviewing your home loan every 2-3 years. This gives you enough time to get a sense of the benefits and disadvantages of your current loan, as well as how your loan fits in with your overall lifestyle and finances, without allowing it to get out-of-date.
You may also want to review your home loan whenever the market undergoes significant changes, such as when there is a rise in interest rates after a long period of low rates, or vice versa. It’s also a good idea to review your home loan when any changes occur in your mortgage, such as the expiration of a fixed-rate term.
A change in your personal circumstances may signal a good time to review your mortgage. Changes in employment or family life can affect your finances, and you may find that you need alter your mortgage accordingly.
Refinancing can be as easy as getting in touch with us by either emailing, calling or visiting in person. It’s always a good idea to get professional help when reviewing your home loan, so contact us for advice on refinancing and improving your deal.