Save $70,000 off your average home loan!
Did you know that. the average home loan in Australia today is around $350,000!! Did you also know that by getting a finance health check done – you could probably around 0.4% off your current loan or more!
Sounds like a small percentage but over the term of your loan – that means you are saving 36 monthly repayments, a saving of around $92 per month and that is in the region of $70,000 over the term of the loan.
Now that is a good chunk of money you do not want to give to the banks!
Some things to consider when reviewing your home loan!
- Are you paying off your loan as fast as you would like? Retaining your current repayments but on a lower interest rate can literally take years off your mortgage.
- Have circumstances changed since you took your loan out?
- With interest rates at an all-time record low is it worth considering locking in a low rate for the next few years?
- If you have otherdebts apart from a home loan are you prioritising your repayments appropriately? Is debt consolidation appropriate for your circumstances?
- Are you considering purchasing an investment property? How will you structure your loans to ensure you can achieve your current and ongoing objectives?
- Many banks have reduced variable and fixed rates over the last few months, has yours?
- Are you planning a renovation, swimming pool or other major expense? Would refinancing be a better option than a loan top-up?
- Do you have savings earning interest on which you are then paying tax? You can maintain access to your savings but use them to reduce interest on your home loan with the right mortgage.
- Has your special low introductory rate come to an end? Have you moved on to the standard variable rate often as much as 1% higher than the introductory/special rates?
- And finally, are you happy with your current lender or do you feel that you could find a better deal?
If you want to find out the answers to these questions above you need to get a finance or loan health check. You really should do this every few years and ensure you are not paying too much – what sounds like a small percent ends up being a very large sum on money over the life of your loan.