Newspaper article The Daily Mercury (Mackay, Australia)

Is Your Home Loan Healthy?

Newspaper article The Daily Mercury (Mackay, Australia)

Is Your Home Loan Healthy?

Article excerpt

DON'T let your mortgage manage you

It's time to take control of your home loan situation by becoming proactive and managing your mortgage rather than letting it rule you. Don't sit back and hope for the best while interest rates rise around you.

Did you know that a borrower with a 30-year $300,000 home loan who switches from a product with an interest rate of 7.8 per cent to another that is the same apart from a seven per cent rate will save almost $164 per month and just under $59,000 over the loan term?

Are you looking into your options or thinking it's too much effort? It really isn't.

Australia's largest independently owned mortgage broker, Mortgage Choice is seeing a big increase in queries from mortgage holders who know that now is an ideal time to get a free home loan health check.

Local Mortgage Choice franchise manager Ben Phillips said, "It's likely that borrowers are in for an interest rate ride over the next year or more. Everyone who has a basic or standard variable home loan, or who is nearing the end of a fixed-rate term, should have an action plan for taking on the challenge of rising repayments."

"If your strategy includes considering switching to a different loan, you'll need to set aside time to research today's options and remember that when it comes to home loan choice it's not all about the big banks. This country has a wide range of large, medium and small lenders offering hundreds of different products."

Ben suggests six simple steps to finding out whether a home loan refinance is right for you:

1. Ask your lender about your loan's exit fees. Keep this in mind when weighing up the upfront costs of moving to, and setting up, another loan versus the overall savings. It may be cheaper than you realise or enough to keep you from moving. Either way, it's better to know than wonder a[approximately]what if'.

2. Negotiate with your lender for a better deal. This is definitely worth trying. …

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