Home Loan Health Check – What’s My Mortgage in 2019?
Article written by Ifraaz Ali - Home Loan Connexion
It’s common for many home owners and investors to have a set and forget model for
their Home Loans, unaware of how much they could be potentially saving if they
reviewed their loans, so if you are a property owner, I have 3 questions for you.
“Your broker does all the research for you and finds you a great deal for your individual scenario and does all of the leg work for you.”
1. When was the last time you reviewed your Home Loan?
2. Do you know what your current Interest Rate is? (Does it start with a 3?)
3. Do you know how much you could potentially save by Refinancing?
For most, the answer to these three questions are, ‘I haven’t checked out my
mortgage in years and would have no idea what my interest rate is, BUT I am very
happy with my current bank and home loan deal’.
Working as a mortgage broker we are told by our clients all the time that they are
happy where they are and do not want to change. Even if there actually is a better
’deal’ out there for them that could potentially save them a lot of money! Now when I
say ‘deal’ I don’t just mean an interest rate. Yes, there is more to a mortgage than
just an interest rate. You want your bank to look after you long term, perhaps offer
you a packaged loan with low ongoing fees, no establishment fees and have
excellent back office support. You want your bank to offer you many different product
options to compliment your Home Loan, including portfolio facilities, low rate credit
cards, savings accounts, insurance and everything in between. The idea behind your
mortgage is to make it your number one financial priority and make sure that you are
being looked after by your bank, and of course by your broker as well.
Many people are reluctant to change or even see if they can get a better deal from
their current bank and so I ask you this hypothetically:
If you were currently driving a car that is 10 years old, is pretty good with fuel
consumption, doesn’t break down very often and is cheap to service. Then someone
comes and offers you a brand new car that has better fuel consumption, has an
extended warranty, free servicing and is one of the most fuel efficient cars on the
market and they are offering this car to you FOR FREE! (Or close to it, there are
some fees involved in refinancing). Now what would you do?
Essentially refinancing your mortgage is the same deal. Your broker does all the
research for you and finds you a great deal for your individual scenario and does all
of the leg work for you. Often you are also able to consolidate debts, which can
include all sorts of debt, (credit cards, personal loans, car loans and other debts) into
the new mortgage and reduce your liabilities overall, putting yourself in a much better
financial position. With some lenders you can also take extra ‘cash out’ on your
home loan when you refinance to fund other things like minor home renovations or
even a new car! (Not the hypothetical car we were just discussing, but an actual
Well now is the time to contact your Mortgage Broker (or me!) to do a Health Check
on your mortgage. We will see if we can renegotiate a better deal on your current
mortgage, which we often do. We then compare that to what else is available on the
market and then make recommendations to you as to what makes the most financial
Contact me today and hopefully I can start saving you some money!
Mobile: 0423 693 110
General Advice Warning
Please note that the refinance process can have upfront fees and costs. This blog is
not designed to replace professional advice. It has been prepared without taking into
account your objectives, financial situation or needs. You should consider the
appropriateness of the advice, in light of your own objectives, financial situation or
needs before making any decision as to what is appropriate for you. HLC
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