You may be looking for a better interest rate or new features and add-ons such as flexible repayments, redraw facilities and account splitting.
Think your rate might be a bit over the top? Wondering if there are better options? Maybe your loan no longer meets your needs? Let us compare your loan with our broad range of lenders and see if you can get a better deal.
review your loans
Over time, our financial circumstances and requirements change. At the same time, the financial market also changes, as well as innovation across various loan products. Therefore, if you’ve had your current home loan for a number of years, it’s quite possible that there may be significant benefits to changing.
It’s a good idea to review your home loan from time to time to make sure it is still helping you achieve your financial goals and has all the features you need (we suggest every couple of years, though an annual enquiry into the suitability of your current arrangements isn’t necessarily overkill),.
If you compare home loans and find another loan that better suits your needs, you can refinance your home loan. Refinancing involves paying out your current loan with a new one. It may shorten your loan term and reduce repayments on your loan, so you can afford to make extra mortgage repayments and own your home sooner.
When comparing home loans, you should take into account any upfront and ongoing costs associated with exiting your current loan and switching to the new home loan. These may include, settlement fee, loan establishment fee, mortgage registration fee, loan service, and exit fees and charges.
At essential money, we do, of course, perform the relevant cost comparison for you, as well as comparing your current needs and the available products on the market with your current arrangements.