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When was your last home loan health check?

If your circumstances have changed since your last home loan application or refinance, it could be leaving your home loan less suitable than it was initially. A home loan health check can reveal if you are paying too much.

What will involve during the home loan health check? Your finance broker can do a full home loan health check for you either in person or over the phone. They will check if your current home loan is still competitive and still suitable for your individual needs.

Having an expert to do this for you can also take the stress out of the process for you. It is advisable to get this check done at least once a year, or whenever your circumstances have changed.

What questions should you ask your broker? Be aware of what you want to check. Think about the following when you speak to your broker:

• Am I paying an unreasonably high-interest rate? • Am I paying high fees? • Am I happy with the service I receive from the lender? • Does my loan give me the features I need? • Am I paying for the features I don’t use? • Have my financial circumstances changed?

The benefits of having a home loan health check. A home loan health check will generally cost you nothing, and it might save you thousands. Your home loan features could be improved, or you could find yourself a lower interest rate. A better payment structure could also be introduced making your repayments more manageable.

Checking the state of your current loan could uncover the possibility of taking out additional finance, which can consolidate any high-interest debt you might have or help you purchase an investment property.

Come and talk to Kevin Poh on 0415820016 to schedule an appointment for your home loan health check.

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