When was the last time you did a home loan health check?
Saving money every month could be on the cards...
Are you aware of the interest rate on your mortgage? And do you know how it compares to the latest offerings and attractive deals from lenders today? If you’re uncertain about either, you’re in good company!
Like many of our clients, you might not be aware that refinancing your mortgage can unlock a lower interest rate, particularly if it’s been a few years since you secured your home loan.
For those contemplating whether refinancing is the right move, we’ve compiled some common reasons why homeowners choose to refinance.
Talk to Glen Stokes from Keystone Mortgage Brokers in Prestone Victoria today about a free home loan health check.
Your circumstances have changed
The ever-evolving nature of life keeps it thrilling!
If you’ve been managing a home loan for a while, it’s likely it has seen you through several significant life milestones. Whether it’s expanding your family, landing a new job or celebrating a promotion, tying the knot, or approaching the end of a fixed-rate or interest-only term, these events can signal a shift in your needs. Right now could be the perfect opportunity to explore your options, as all these changes might mean that your current home loan no longer suits your situation perfectly.
You'd like to reduce your interest paid over the loan term
What do you think about the idea of settling your home loan ahead of schedule? We’d say it’s like making a dream a reality!
As life’s journey unfolds and your situation evolves since you first took out your loan, you might find opportunities to reconfigure your loan to better serve you. You could take advantage of benefits like a redraw facility or an offset account. By channeling your salary into an offset account, for instance, you can significantly cut down the interest charged on your home loan every month. Meanwhile, a redraw facility grants you access to any extra payments you’ve made towards your loan.
On the flip side, if the bells and whistles of your current loan are no longer necessary, you could opt for a more straightforward home loan with fewer features.
No matter which path you choose, accelerating your loan repayment is a surefire way to pocket savings!
Equity and Investment Purchase
Suppose the neighborhood where you bought your property has seen a rise in real estate prices, or you’ve invested considerable effort into home improvements while steadily reducing your mortgage balance. In that case, you may have accumulated a substantial amount of equity.
Equity represents the difference between the current market value of your home—determined by a property appraisal—and the outstanding balance of your mortgage.
This equity can be leveraged to finance a home renovation or to enhance your living space. Additionally, should you choose, this equity can serve as a steppingstone towards acquiring an investment property.
Contact Us
Glen Stokes from Keystone Mortgage brokers in Reservoir will help you search, choose and settle your loan. Chat to him at a time that suits you.
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0430 511 500
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