11 Oct, 2018
Why does it pay to Review Your Home Loan?
First Home Buyers Loan,Home Loans,Investment Loans Comments Off on Why it Pays to Review Your Home Loan?

A home loan should never be a set-and-forget kind of thing. Borrowers should be reviewing their home loans every year or every two years. But who has time for that? Well, that’s where Brisbane Home Loans Free Loan Health Check becomes an extremely beneficial tool.

How it works is that the Finance Specialists at Brisbane Home Loans review how your current loan facility is performing, compared to what is available in the market. The Loan Health Check compares Current Monthly Repayments, Interest Rates, Fixed or Variable Loans, and Loan Features such as; Redraw Facilities or Offset Accounts.

The Loan Health Check is then provided to the clients by the Finance Specialists with their analysis of how the loan is currently performing, their recommendation about any potential refinance opportunities available, and how these opportunities can translate to Interest Savings and Loan Term Reductions.

Why Refinance?

Clients refinance for many reasons, such as;

  • Changing Loan Product – Changing from variable to fixed rate loans or vice versa. As well as changing loan features from having a redraw facility to having a linked offset account.
  • Wanting to unlock your Home Equity – If your property has experienced capital growth, you may want to use that growth to; consolidate high-interest unsecured debt, complete renovations on your existing property, or purchase an investment property.
  • Reducing your Monthly Commitments – By securing a lower interest rate, reduce your repayment amount each month. And,
  • Your Credit Score has improved – If your Credit Score was not the best when you first got finance but has improved, you may be able to unlock new options at more competitive rates.

What’s Involved in Refinancing;

Refinancing is essentially doing a new home loan application, just with a new lender. However, with less stress and complexity as you have a Brisbane Home Loans Finance Specialist by your side, assisting you through the process.

After the Loan Health Check is presented and the clients identify the recommendation they would like to proceed with, the Finance Specialists with request supporting documents to attach to your new home loan application.

These documents will be used by the new lender as verification of; Income, Expenses, Current debts etc. Once these documents have been gathered, and the application is submitted, Brisbane Home Loans manages the entire application until settlement. Whilst keeping you in the loop along the way.

So, if you have not reviewed your loan facility recently and would like to receive a Loan Health Check from Brisbane Home Loans Finance Specialists, please call 07 3889 9250 to speak with a specialist today.