We go to the dentist, we consult our doctor and we take our pets to the vet. But unfortunately, many of us neglect to conduct regular home loan health checks.
Yet, your home is likely one of the largest purchases and investments you will make in your lifetime. So, it’s surprising that many homeowners will make regular repayments for decades without making sure that their home loan is still right for them.
This is where a home loan health check can bring you confidence and comfort.
But what is a home loan health check? And how can you check your own home loan?
A home loan health check is essentially a regular inspection of your home loan where you consider whether it continues to suit your personal and financial circumstances. Your home loan was likely an excellent choice when you first bought your home. But over time, as your job, family and lifestyle has changed, your home loan should as well.
A home loan check should take into account a number of factors. This includes your loan’s specific features and interest rate, as well as your household income and equity in the home. You should consider whether it has an offset account or a redraw facility, or whether you may need that in your current situation. And you should consider if the market has moved, and if you could get a better rate or features from another lender.
The ultimate aim is to determine whether you should keep the same loan or change to one that better serves your needs.
There are many benefits to conducting regular home loan health checks.
There are many points to consider when checking if your home loan is still right for you. Be sure to evaluate the suitability of these features of your existing loan:
Yes, you can. But a financial expert can be a boon – particularly during volatile economic circumstances. Our team at Stapleton Finance are deeply involved in the financial market every day. We can help you understand both your financial position, and how to better it. And we have the partners and contacts to ensure that you’re making the most of your money – even on your home loan.
We know the importance of understanding where you are with your home loan. We’ve set aside some dedicated time for you to have a Home Loan Health Check with our dedicated Stapleton Finance Team. Just follow the link below to book in a time!
This article is intended to provide commentary and general information only. It should not be relied upon as financial advice. It is always best to speak with your own financial adviser or accountant. You should seek formal financial advice if you have a particular matter of interest arising from this article.
Welcome back to part 2 of our guide for first home buyers! In part 1 of our First Home Buyer’s Guide for 2024 we covered a lot of important considerations for your 2024 property journey. This included the property outlook (and regardless of what you might think, it’s still a great time to buy) and […]Read More
Welcome to the exciting world of home buying! Buying your first home is a very exciting time. It can also feel a little bit overwhelming. So we’ve pulled together this ‘First Home Buyers Guide’ specifically tailored for 2024. This will give you all the tips, tricks and insights to get you on the property ladder […]Read More
With the imminent clicking over of the calendar year many of us will already be pondering our new year’s resolutions and new year’s goals. But if buying a property is on the top of your to-do list for next year then there are some goals you can set right now to help you get their […]Read More