That’s why it’s imperative to ask Fornaro regularly to review your home loan/s and ensure they are right for you. Interest Rates are rising, so now is the time to act.
Here are some signs it may be time to review your home loan:
The days of staying with the same lender for 30 years are long gone.
In fact, if you’ve had your home loan for more than two years, chances are you could be paying more than you need to.
The home loan market is highly competitive and new products are being released all the time.
You may also benefit from loan features such as offset accounts (whereby any money you deposit is offset against your loan balance, saving you money on interest) or a redraw facility.
A redraw facility allows you to make extra repayments on your mortgage and save on interest, but you can still access and withdraw those extra funds at any time.
2. The honeymoon period is long gone
When you first take out a home loan, lenders may offer you a sweetheart deal to reel you in.
It’s not uncommon for the lender to waive fees or discount interest rates to new customers. This kind of loan arrangement is frequently referred to as a ‘honeymoon period’ or ‘honeymoon loan’.
But once the honeymoon is over, the loan may revert to a more expensive or less convenient loan than you would like. If that’s the case, it’s time to look at new options.
3. You’re not happy with the service
If you’re always chasing your lender about rates or ways to save, it may also be time to move on.
Similarly, if you’re sick of talking to a voice recording and crave real human interaction, there may be other lenders who place greater importance on customer service.
There’s no shortage of lenders out there and you may find that some are better able to give you the support you need.
4. Your situation or goals have changed
Life changes and when it does, it’s important to ensure your home loan still meets your needs and goals.
Maybe you’ve had a job change or promotion. Perhaps you’ve had a baby or your living arrangements have changed. You might be looking to purchase a new home or an investment property.
When these things happen, it’s a good idea to make sure your home loan/s align to your situation and reflect your goals.
Ready to review?
The easiest way to ensure your home loan is right for you is to talk to Fornaro. We structure and negotiate home loans all day, everyday.
We operate under a statutory obligation (best interests duty) to act in your best interest when providing any credit assistance. Banks, however, are not required to operate under the same obligation.
We’ll assess which home loan may be right for you, based on the cost of a product (the interest rate, fees, charges and repayment size, for example), and other considerations (such as loan features) which may be of value as well as in consideration to your current situation and goals.
All it takes is a simple call or email to Fornaro.