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A guide to checking your home loan

It’s been a tough year for a lot of people, especially when it comes to the economy. Interest rates and the cost of living have gone up, and more rate hikes are being forecast for 2023 as inflation remains stubbornly high.

When was the last time you checked the terms of your mortgage? If your circumstances have changed or if you haven’t had a loan review in the last two years, a home loan health check may be just what you need.

The team at Broad Finance, are here to help you determine whether your current home loan is still the right fit for you. We’ll do a complete review of your loan and find out if it’s still competitive and meets your needs. We understand that the process can be stressful, so we’re here to take the stress out of it for you. We’ll do the research to figure out if refinancing is the right option for you and provide guidance every step of the way. Take a look at these five things to consider when you review your home loan.

Five things to consider then reviewing your home loan

When you’re considering a home loan check-up, it’s important to have a goal in mind. What is your current financial situation? What do you want from a home loan? And what are your financial goals?

Considering the following questions will help you make the most of your check-up:

  • Have my financial circumstances changed since I took out the loan?
  • Am I paying an unreasonably high interest rate or high fees?
  • Am I happy with the service my lender provides?
  • Does my loan have the features I need?
  • Does my loan have features I don’t use that are costing me?

The benefits of checking your home loan with a mortgage broker

A home loan health check from our team could help you to secure a more manageable payment structure and free up some cash flow. We’ll take a look at your current loan and see if there are any opportunities to access equity or take out additional finance. This could be used to consolidate other debt, fund renovations, or help you purchase an investment property. Even if we find that your current loan is still suitable and competitive, this outcome can give you peace of mind that you’re not overpaying in interest or fees. Get in touch today to find out more.

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