Why should I have a regular home loan health check?
Because things change: interest rates, products and you.
Just because you've spent ages making sure you have the right mortgage, it doesn't mean it will always be right for you. You need to contact your MFAA member regularly for a home loan health check to see if refinancing your mortgage would suit you.
Mortgage refinancing reasons: you change
Over time, your personal and financial situation may change. You may get a pay rise, or decide on a sea-change. You might go from a safe corporate salary to the more uncertain income of the self-employed. You might want to start a family, or need to finance their education. As your needs and priorities change, you'll probably find the right home loan product for you will change, and you'll need to refinance your mortgage.
Mortgage refinancing reasons: rate rise
In stable economic conditions, a variable interest rate might look more attractive, while in more volatile periods you could prefer the predictability of a fixed interest rate. Refinance your home loan to suit the economic times.
Mortgage refinancing reasons: new products
In the past, there was limited innovation in the mortgage market. But now competition between lenders is fierce and new products are constantly emerging that might suit your situation better. Your MFAA member can keep you up-to-date with new home loan products that might make it worthwhile to refinance your mortgage. Talk to an MFAA member today.
Want another mortgage & home loan tip?
Mortgage refinancing: home loan refinance options. Check out Essential #24