If you have been making mortgage repayments, it’s likely that you’re used to it. However, taking a mortgage health check could still be beneficial. You can evaluate your home loan interest rate or consider your repayment frequency.
Know what your rate is. It’s important to review your home loan interest rate to know if you are getting the best deal whether on a variable rate or fixed rate. A variable rate could change if the RBA official cash rate increases or decreases. If you don’t want this risk, you can switch to a fixed rate loan or a split loan for certainty.
Increasing repayments will help you pay off your loan quicker. To complete a mortgage health check, you would have to review your recent financial statements. Check your daily spending and credit card statements and see if you have unnecessary spending habits that you can reduce or eliminate. If you find yourself paying for magazine subscriptions, expensive coffee or takeaway food that you don’t need, try to reduce or eliminate this spending so you can increase your repayments.
A mortgage health check allows you to analyse your finances carefully. You may want clarification about mortgage extras available from your lender like a redraw facility or develop a better savings strategy. You might need to consult your accountant or mortgage broker. They are experts that can provide the best advice when it comes to lending. You might even spot an unhealthy mortgage.
Lastly, make sure you keep your property in good condition with regular maintenance to avoid costly repairs and to increase the property value.
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