Like the majority of us, life is hectic, and your mortgage is just not a priority. But did you know that you could be wasting thousands of dollars on fees or paying excessive interest rates? It might be time for a mortgage check-up.

You may be able to refinance and find a loan that’s more appropriate for your needs.  A loan that offers more suitable features and a competitive interest rate to match.  There are now more alternatives to mainstream bank products available that may better suit your needs and personal situation.  And it doesn’t necessarily mean you have to switch lenders.

If you feel that your loan is overdue for a review, or you’ve spoken with someone who’s only paying [insert ridiculously cheap rate] and you want a part of it, it’s time to speak with your Caveo Partners Mortgage Adviser.

Some of the key reasons to prompt a review:

BETTER INTEREST RATES & LOWER REPAYMENTS
Rates and mortgage deals are constantly on the move.  To make the most of the competitive mortgage market, you might want to evaluate the loan product you currently have.  For example, you may want to go for a lower variable rate, or lock into a fixed rate.  Before you do this though, you’ll need to check if you will be liable for any break costs which will impact whether a move is worthwhile.

CONSOLIDATE DEBT
Consolidating your debts, such as credit cards or personal loans, into your home loan can save you thousands of dollars in interest charges.  Rolling your debts into one monthly or fortnightly repayment can also help make juggling your finances a little easier, while improving your cash flow.

AVOID MONTHLY FEES & CHARGES
Competition between lenders has increased and some now waive administration fees, some offer packages with transaction accounts and credit cards which often have an annual fee.  You should only pay for what you are going to use, and your mortgage adviser can guide you through, so you are not paying more than you need.

UNLOCKING EQUITY
As you pay off your mortgage, you accumulate equity in your home.  If you can meet your loan repayments, refinancing your mortgage can help you tap into the value that you’ve built up, using it for other purposes such as purchasing an investment property.

PAY OFF YOUR MORTGAGE FASTER
If you’re striving to be mortgage free, there’s a good chance that there may be a more appropriate product to meet your needs.  Limits on additional payments can vary from lender to lender also impacting what you can pay.  Some mortgage products are designed to motivate borrowers to repay their mortgages quickly, so now is the perfect time to talk to your mortgage adviser.  A new loan could set you on the road to financial freedom – fast!

Think what you could save?  Contact your Caveo Partners Mortgage Adviser today and we’ll get to work for you.

e: enquiries@caveopartners.com.au
p: (08) 8201 8333