Why you should regularly review your lending
Updated: May 27, 2022
In one of our earlier blogs, we shared the importance of refinancing your home loan. Recently, we've seen banks significantly cut their interest rates. Reviewing your current lending is one of the best things that you can do for your personal finances as it can lead to saving you thousands of dollars per year.
We like to help our clients with reviewing their lending every two years. It's important to consider refinancing your loans, including your current mortgage loan, for various different reasons. We'll be sharing some of them throughout this article. Additionally, we'll also share the types of loans and finance options we can support our clients with accessing.
Types of finance we can help with
There are various different lending options that we can assist clients with to ensure that they're not paying more than they need to from their lenders. We have listed below the types of refinancing that we assist with:
Home Loans - If you're currently repaying a home loan, we suggest reviewing your mortgage rate every two years. Recently, we helped a client refinance their home loan. We helped them to find the most suitable interest rate on the market. This helped them save $8,500 a year.
Car Loans - From the example above, on one of our recent refinancing success stories, we were also able to save that client an additional $3,000 per year on their car loan repayments. This bought their total annual savings up to $11,500.
To find out more about the type of loans that we help clients with when refinancing, check out the video below.
Reasons to review your lending
Consolidating all of your personal debts into your home loan can save you thousands in interest charges. This can save you from paying multiple interest payment fees and can make it easier to manage all of your finances.
As you pay off your mortgage, you are accumulating equity in your home. Depending on how much equity that you have in your home, you may be able to use it to fund an investment property or make improvements to your current home. To find out more about how you can access equity to purchase an investment property please click on the following link.
Getting a lower interest rate
When you review your lending, we help you to look for a lower interest rate. The lower the interest rate means that there's more money being saved from your lending each year and you aren't paying unnecessary charges. If the fixed rate period on your loan is due to expire (fixed terms are commonly between one to five years), you may be eligible to switch lenders and find a comparable or lower rate.
How we help
We can help to review your mortgage lending and find a more suitable one for you. Our specialists work with over 40 lenders and research the market to assist clients with refinancing their home loans. We even sort out most of the paper work for you to eliminate stress.
To review your current lending, we can help! Whether it be to put more money back into your pocket, consolidate debts or access your equity.
Reach out on the details below:
1300 130 932