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Ballarat Mortgage Brokers: Mortgage Health Check

Ballarat Mortgage Brokers: Our goal is to empower you to become a better, more finance-focused and well-rounded individual or entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

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.

Ballarat Mortgage Brokers: Our goal is to empower you to become a better, more finance-focused and well-rounded individual or entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

Make sure you talk to your mortgage broker before adjusting any payments as you can sometimes face penalties for paying off your loan too early. you might be surprised at how significantly you can pay off your loan by increasing your repayments. Check if you can do a mortgage refinance for a more competitive rate.  

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.

Ballarat Mortgage Brokers

Need property investment advice? Click here to speak to a finance, business, accounting and bookkeeping firm. We will give you a call to know more about your needs and explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

Email Address: info@skyacc.com.au

Ballarat Accountants | Business Accountants Ballarat | Bookkeepers Ballarat | Mortgage Broker Ballarat | Financial Planning Ballarat

Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

Melbourne Accountants | Business Accountants Melbourne  | Bookkeepers Melbourne | Mortgage Broker Melbourne | Financial Planning Melbourne 

Sunbury Accountants | Business Accountants Sunbury | Bookkeepers Sunbury | Mortgage Broker Sunbury | Financial Planning Sunbury

Gisborne Accountants | Business Accountants Gisborne | Bookkeepers Gisborne | Mortgage Broker Gisborne | Financial Planning Gisborne

Phone: 03 97444522
Sunbury Office Address: Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429, Australia
Gisborne Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437

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