Is it time for a loan Health Check?
Firstly, what is a loan Health Check?
This is a review of your current loan, whether it is a home loan, investment, commercial or SMSF loan – to determine if it is still best suited to your current situation and meets your current/future needs. As your priorities and circumstances change, your original loan may not be ideally matched to your ongoing needs.
What are the benefits of a loan Health Check?
There are constantly new loan products being introduced into the market, together with changing interest rates and Lender policies. By having regular reviews, you may be able to take advantage of a loan that more appropriately meets your needs, saves you money and provides additional benefits.
Some questions that you may ask when considering a loan Health Check:
- Are you wishing to reduce the interest and fees on your current loan?
- Are you planning any major renovations or purchases in the near future?
- Is your financial position likely to change within the next 12 months?
- Is your fixed rate or interest only loan expiring soon?
- Are you happy with your current Bank or Lender?
If you answered yes to any of the above you should contact one of our Consultants who can review your current loan and provide you with guidance to either remain with your current Lender or consider a different loan which may best suits your current and future needs.