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How Healthy is your Home Loan?

A few simple checks could save you thousands

It always amazes us how the quality of loan structure and interest rates on a Home Loan can deteriorate over time. Your Home loan is like anything, it needs a little bit of love and attention occasionally for it to thrive.

Earlier this week we were doing a review for a client who had 4 separate loans. One for a rental property they were just purchasing and the other four had been for the purchase of their home and subsequent renovations and consolidation of other debt. Their bank had not given them a good review of their overall lending when they provided the extra lending previously so this client had no idea what their overall loan term was and they were paying different interest rates on every loan which were expiring at all different times. A confusing mess!

As a part of our service we are happy to review anyone's existing home loans to ensure they have the correct structure for them, they are achieving their financial goals and most importantly that they are getting the best deal. 

Send us an email and we'll be happy to do this review for you free of charge. In the meantime we have listed the 5 key tips below, all of which we can help you with.

Home Loan Health Check - 5 things to check

  1. Is your interest rate as low as it can be? - If you didn't have your home loan fully reviewed when you last re-fixed your loan then you may not be on the best interest rate. For example a discount of .25% off the bank's standard 3 year fixed rate would save you over $2000 on a loan of $300K. Talk to us about how we can secure you an excellent discount and ensure you've got the right rate for you.
  2. When will your Mortgage be completely paid off? - If you don't immediately know the answer to this question then you need to review your long term plan. We can help to set a budget and let you know which loan structure and payments will get you debt free as quickly as you can.
  3. Can you increase your fortnightly/monthly repayments? - Most banks will allow you to increase your payments and this is a great way to pay off extra principal. If you've had a pay rise or paid off other debt since you initially got your Mortgage then adjusting your payments could be the way forward. Touch base with us and we'll let you know what your bank allows and arrange this for you.
  4. Is your loan structure working for you? - Were you forced in to a Revolving Credit loan that isn't working for you? Do you have extra money but can't pay it off your home loan? Are you going to be debt free as soon as you'd like? We can help to get your loan restructured so that you're not paying more interest than you have to and so that you're achieving your financial goals.
  5. Are you paying high interest on other loans? - If you've got credit card debt or personal loans then you may be able to pay these off faster by consolidating these in to your home loan. With the short term debt repaid earlier that means you'll have more money to repay your home loan faster in the long term. A win win. Many lenders can consolidate this debt easily and we can take care of this for you.

We encourage everyone with a Home Loan to have it reviewed at least every couple of years and every time you have a fixed interest rate expire. We provide a free service and are happy to do this for you no matter where you are in the country.

We look forward to saving you money on your Home Loan.

Adam and the My Mortgage team


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