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  • Writer's pictureJay Anderson

Home Loan Health Check – What’s My Mortgage in 2019?

Updated: Jun 6, 2023

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

Management Pty Ltd | Australian Credit License 387 419


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