Over the past 12 months, we’ve heard a lot about low interest rates for home loans. While some lenders have passed these cuts on, others haven’t. New home loan products are being offered all the time, so it’s wise to seek advice on how you can benefit. Your home loan should not be set in stone. That’s why it’s important to have a trusted mortgage broker who can advise what’s in your best interest.
At JRMBF, our Home Loan Specialists undertake regular yearly reviews with our clients to ensure their home loan products are the right options for their needs.
A home loan is one of life’s greatest expenses and needs to be monitored regularly. New products and low interest rates provide great opportunities for home owners to take advantage of these conditions and save.
In the current market, lenders have different loan appetites and are changing interest rates and fees out of cycle, which means they are not always following the RBA.
Our extensive knowledge of our clients and their financial situation gives us valuable insights into what products may suit them now. We’re committed to our clients for the long haul, not just the one transaction. And, when we conduct a Financial Review, we do so with the intention of placing our clients in a better financial position than where they are now. Here’s what we assess:
- Current variable rate offered by your lender
- Current discount available to you by your lender
- Is this interest rate still competitive?
- Changes to your situation, needs or requirements
- Your future plans such as starting a family, upgrading your home, or buying an investment property
- Are you using the loan effectively? g. Do you have an offset account, but have very minimal funds in there?
- Would you be better off with a Basic Home loan, no offset, but have a redraw facility that you can put additional funds into?
- Have you changed employment and now experiencing financial hardship?
- Has your income or expenses changed dramatically?
- Will your income or expenses change in the next 12 months?
Depending on the circumstances, our team may advise you of better home loan products available, so you can make an informed choice.
Our client, Lauren is a fantastic example of our team hard at work to serve her best interests.
After going through a comprehensive review with Lauren, we were able to save her significant monthly repayments and keep the same remaining loan term.
Don’t be complacent about your mortgage. Take an active interest to reduce your mortgage and ask about our financial health check. You too could save thousands of dollars like Lauren.
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