Stay informed and save more with an annual mortgage health check
Keeping tabs on your home loan once a year can be one of the most valuable financial habits you adopt. In today’s fast-moving market your circumstances and the lending landscape can shift significantly over twelve months. A yearly review ensures your loan still meets your needs and uncovers opportunities to save money, free up cash flow or accelerate how fast you pay down your balance. Here’s why setting aside time each year for a home loan health check is so worthwhile.
Lock in the best possible interest rate
Interest rates fluctuate based on economic conditions and lender policies. Even a small shift of 0.1 per cent on a $500,000 loan can add up to thousands of dollars over the life of your loan. A yearly review helps you:
– Identify any rate discounts you may have missed when you first took out your loan
– Compare your current rate to what competitors are offering
– Negotiate with your lender for a better rate or switch to a different home loan product altogether
By staying aware of market movement you avoid paying more than you need to and keep more cash in your pocket.
Match loan features to your evolving needs
Your life rarely stands still. You might get married, have children, change jobs or launch a side project. Each of these milestones can affect how you use and repay your loan. During a yearly review you can:
– Add or remove features such as redraw facilities, offset accounts or repayment flexibility
– Consolidate debts onto your mortgage to take advantage of lower home loan rates
– Ensure repayment frequency and amount still suit your cash flow
Customising your loan features ensures it works for you now rather than locking you into structures that made sense in the past.
Seize opportunities to leverage equity
If your property has increased in value or you’ve paid down significant principal you may have extra equity. During an annual review you can explore:
– Refinancing to access equity for renovations, investment property deposits or debt consolidation
– Letting an offset account work harder by channeling savings into it rather than a standard savings account
– Switching to a product that gives you redraw access so you can tap equity when you need it
Equity is one of your most powerful financial tools. A yearly health check brings it to the surface so you can make it work harder.
Ready to make the most of your home loan?
Mortgage Helpdesk can provide a free yearly review to ensure your loan remains competitive and tailored to your life. Our friendly experts will:
– Check your interest rate and fees against the market
– Recommend features to boost flexibility and savings
– Outline any refinancing options that could save you thousands
