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How Healthy is your Home Loan?

When was the last time you had a home loan health check? Is your loan in good condition, or is it old and dragging it’s feet?

Australia is the home to dozens of lenders who have access to hundreds of home loans. If you have had your home loan for 5-10 years, then chances are you can do better.

From the first of July, 2011 the Federal Government has introduced legislation making it illegal for home loan lenders to charge exit fees on any new home loans.

Why not take the time to research you available finance options and life insurance quotes to see just how much you should be able to save on your home loan.

Consolidating Debts

Do you have a mortgage as well as other unsecured debts. Many people are carrying credit card debt, personal loans, car loans and various other debts in addition to their mortgage. Consolidating these debts into your mortgage can significantly reduce your monthly obligations. While you may choose to pay interest and principal or interest only for your home loan, you do not have such a choice with your other debts.

We have helped many home owners significantly reduce their monthly repayments both by switching their current mortgage to a cheaper product as well as by consolidating the borrower unsecured debts into their mortgage.

Investment

Have you considered investing for the future? No matter what type of investment you prefer, your cheapest source of funds for this investment is likely to be the equity in your home. You are able to access the equity in your property for the purpose of investing in a business, the share-market or real estate just to name a few alternatives.

You can also refinance to a mortgage with many loan splits. This will allow you to maintain track of the funds borrowed for investment purposes as distinct to the funds borrowed for personal use. This is very important as it will assist in keeping tack of your tax deductible investment costs.

Access to Funds

You can revalue your current home with the view of accessing the available equity for any purpose other than debt consolidation and investment. Home Loans with a re0draw facility are great for this purpose. Providing you remember that your newly found equity is ‘borrowed funds’ and spend responsibly, you can use the money for:

  • home renovation;

  • overseas holiday;

  • a new car;

  • or simply spare funds for a rainy day….


Loan and Life Insurance

Consider the unexpected. If you are about to refinance your mortgage to a new lender, we suggest that you look into Loan insurance as well as life insurance or income protection insurance. Should something happen to the borrower(s) that would prevent them from working, the home loan can be repaid from the insurance proceeds, giving you an extra peace of mind.

 

 

 
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