When was your last loan health check (home or business)?
Circumstances can change, leaving your loan less suitable than it was originally. A health check can reveal if you’re paying too much.
What’s involved?
Your finance broker can do a full lending health check for you either in person or over the phone. They will check if your loan is still competitive and still suited to your individual needs.
Having an expert do this for you can take the stress out of the process for you. It is advisable to get this check done at least once a year, or if your circumstances change.
Questions to ask
Be aware of what you want checked. Think about the following when you speak to your broker:
• Am I paying an unreasonably high interest rate?
• Am I paying high fees?
• Am I happy with the service I receive?
• Does my loan give me the features I need?
• Am I paying for features I don't use?
• Have my financial circumstances changed?
• Are my circumstances going to change?
Benefits
A loan health check will cost you nothing and could save you thousands. Your loan features could be improved or you could find yourself with a lower interest rate. A better payment structure could also be introduced, making your repayments more manageable.
Some banks are currently increasing rates, others are offering discount rates. This is a great time to assess your loans and potentially refinance. At Integrity Finance we recently refinanced a couple saving them over $700 per month which will translate to over $100,000 in interest saved.
Checking the state of your current loan could also uncover the possibility of taking out additional finance, which can consolidate any other debt you may have or help you purchase an investment property.
Integrity Finance Australia– Changing Lives
Daryl Borden, your Dingley Village Mortgage Broker, Ph. 03 9511 8883 ACL 392184