When was the last time you reviewed your home loan? You may find that it is not as competitive anymore.  Is it time for a change?

You might find that there are a range of home loans on the market that could save you significantly. Look at our top tips to finding a better mortgage.

Understand your mortgage

Before you go out and look at other home loans are on the market, you need to have a good understanding of your current home loan.

• Do you know what your current interest rate is?
• Is it a fixed or variable interest rate?
• Do you know what features your home loan has and ongoing fees?
• Are there restrictions around redraw?
• What do you like or dislike about your internet banking?

Knowing what you currently have will put you in a better position to shop around and ask questions to ensure that you are getting what you really want.

Create financial and lifestyle goals

You may find that a lot has changed since you first obtained your home loan and your money is not working as hard as it could be.

When researching home loans, think about where you plan to be 5, 10 or 20 years down the track.

• Does your current home loan still suit your financial and personal needs?
• Are you planning on having children? Have you had more children?
• Do you have other debts at higher interest rates?
• Do you plan to turn your property into a rental property?
• Do you just want to put everything towards your home loan to pay it off as quickly as possible?

The answers to these questions will determine the type of home loan that will suit you. If you can convey your goals to a lender, they will be able to give you an idea about the best home loan for your needs.

Rethink your home loan features and benefits

When you know what type of features your current home loan has, you will be able to figure out what features are essential and which ones you can give a miss. For example, your current home loan could have several features you don’t need and you could switch to a loan with less options and a lower interest rate.

On the other side, there are a few money-saving features, such as an offset account, that your current loan may not have, but it may be worthwhile in the long run to have a home loan with this option.

Take a close look at fees and benefits

It is important not to just glance over fees associated with home loans. Not every lender charges the same fees and you may end up paying more than expected if you don’t do your research.

Annual fee: If you are paying an annual fee that comes with added benefits, look at these closely to work out what these are costing you. A credit card without an annual fee, discounted insurance or free increases to your loan may be costing you more in the long run than the benefits you are getting from paying an annual fee.

Lenders may charge or have restrictions on:

• Redraw facility
• Accessing your funds
• Over the counter payments
• Late or missed repayments
• Extra repayments
• Increases to your loan, transactions and loan features

You also need to be aware that different lenders may use different names for these fees. Therefore, when speaking to lenders, make sure they clearly lay out what fees and charges are involved and how it will affect your monthly repayments.

Looking for a new lender

If you are not happy with your current lender, it is worth looking at what other lenders have to offer.

Our job as a mortgage broker is to help you find a lender that suits your needs, because we can ask the right questions on your behalf.

Find out how you can get a sharp rate, great features and excellent customer service along with a stress-free experience.

Contact us on (07) 55268 272 or visit our website to find out how you could benefit from refinancing with us.

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