Have a home loan you haven’t done anything with for a while? While it may seem like you can simply set and forget your home loan, it’s important to regularly review your mortgage and ensure it’s still meeting your needs. This is known as a home loan health check, and it can help you save money, pay off your loan faster, or even unlock equity to invest in property or other assets.
Let’s explore why you should have a home loan health check and how you can do it yourself.
Why Have a Home Loan Health Check?
There are several reasons why you should consider a home loan health check. Firstly, interest rates are constantly changing. You may be able to secure a lower rate just by refinancing your loan, saving you thousands over the long run.
Secondly, your financial circumstances may have changed since you first took out your loan. You may now have a higher income or more assets, allowing you to pay off your loan faster or expand your investment portfolio.
Finally, a home loan health check can help ensure your loan still meets your needs and goals.
How to Do a Home Loan Health Check
Review Your Loan
To do a home loan health check, start by reviewing your current loan and comparing it to other home loans available in the market. Look for loans with lower interest rates or features that better suit your needs, such as a redraw facility or an offset account. Use our Loan Repayments Calculator to see how different loan options will affect your repayments and total interest paid.
Apply For Refinancing
If you find a new loan that meets your needs, the next step is to apply for refinancing. This involves submitting an application and supporting documentation to the lender, who will assess your eligibility for the new loan. Once approved, you’ll need to sign a new loan contract. You also may need to pay a few fees, such as discharge fees for your old loan and establishment fees for your new loan.
A home loan health check can help you save money, pay off your loan faster, and potentially unlock equity. To do a home loan health check, review your current loan, compare it to other home loans available in the market, and apply for refinancing if you find a better option.
Ready to start your home loan health check? Use our Loan Repayments Calculator to see your options. If you need assistance with your home loans in Australia, reach out to our team of mortgage brokers who can guide you through the process.
We’ve worked with clients across Australia to access the different first home owner grants (FHOG) as well as the various stamp duty and other concessions that may be available depending on which state you are in. We can talk you through your various options as well as helping you compare things like buying vacant land vs. an established home.
With 40+ lenders to choose from, the options are never ending!
A word from our satisfied customers
19 October 2023
Amanda has been such an incredible support throughout our very first time going through the home loan process.
Her thoughtfulness to regularly check in to make sure all our questions were answered and that all our documents were in place helped to make the whole daunting process feel seamless and easy. I could not recommend her enough - she made sure to keep us informed every step of the way and made sure all necessary documents/processes were completed well ahead of time so we never had to worry about missing any steps.
She went well above and beyond her role, and I know we will definitely be coming back to her in the future, as well as recommending her to all of our networks! Thank you again, Amanda!
11 October 2023
Greg and the team provide an outstanding service. Highly recommended
23 September 2023
Yuval handled my first ever home loan, he did such an amazing job I asked to him to refinance for me 2 years later. Yuval made everything very easy for me, and will give his best recommendation as if it was his own. Would always recommend Yuval :)
25 August 2023
Yuval Bloomfield was an absolute delight to work with. He made it extremely easy for my clients to discuss about their financial situation. With Yuval's strong connections he was able to get the loan my clients wanted in very quick time.
Will definitely refer Yuval again.
24 August 2023
Greg and the team at 1st Street were fantastic all the way through the process of getting our financing sorted and buying a new home. They not only secured us the most competitive mortgage in the market but they also gave advice on a number of mortgage-adjacent questions that came up along the way. Their responsive and thoughtful guidance helped make the nail-biting process clear and calm. We would definitely recommend their services.
18 August 2023
Greg and his team gave me exceptional advice and support. They were timely and detailed in their responses and dealt patiently with me as a first home buyer and all of my questions. The lender at the bank commented on how well I was being looked after compared with other brokers in the market. I’d highly recommend 1st Street to anyone, including friends and family.
15 August 2023
Great communication and fast service
11 August 2023
Jeremy and his team are superb. Negotiated the best deal for us and were an absolure pleasure to work with. Highly recommended, you can't do any better in my opinion.
1 August 2023
The team at 1st Street truly are professionals. I can't recommend Jeremy highly enough, he is extremely competent and just a great guy. You're in safe hands with 1st Street!
23 July 2023
Another amazing job by David and Bree.
Always available for our questions, helpful and just 10/10
Seriously good work !!
See you on the next one :)
Yossi and liz
Google rating score: 5.0 of 5, based on 48 reviews