Do you know that a simple phone call or email could save you thousands of dollars on your home loan? It’s that easy, however many Australians aren’t aware of this. We often meet with clients who have been sitting on potential savings simply because they have not reviewed their home loan regularly. An increasingly competitive lending market generates opportunities for homeowners to benefit and save.
Is a home loan review worth it?
Yes, a home loan review is definitely worth it. All you need to do is pick up the phone or send your broker an email to get the process started. Your broker will then take care of the details for you, firstly approaching your current lender to see if they have any better offers on the table. If that’s not where the opportunity lies, your broker will review several other lenders to find the most suitable loan in the market.
Did you know?…
Saving 0.5% on a loan of $500,000
saves you around $25,000 over 10 years!
Your actual savings would depend on a number of factors, including your loan amount, your current interest rate and the rates offered by lenders. Today’s rates are highly dynamic due to a highly competitive market as lenders compete to attract new customers and retain current ones.
How often should I do a home loan review?
Ideally, you should review your home loan every two years. This allows enough time to pass to account for any changes in your lifestyle and other personal circumstances, as well as changes in the market. You are then able to make an informed decision as to whether or not you would benefit from switching to a new product or negotiating a better deal with your current lender.
Ready to review?
It’s so easy to get started. Call your broker today and let them do the leg work for you. All you have to do is provide your broker with your home loan details then sit back while your broker gets to work.
We are happy to help, you are welcome to call us on (08) 9367 4222 or book a consultation to ‘Talk to an Expert’ for a home loan review via our website today. It’s never been easier!