You may have changed jobs or been promoted? Perhaps you’ve saved up some extra funds during lockdown, or you may be struggling to make ends meet?
Maybe your goals have shifted – you’re no longer saving to travel to Bhutan, but instead want to renovate your home to be that perfect retreat during lockdown.
Here are a few reasons why now is a good time to review your home loan.
Example: you owe the bank $400,000 and you have $50,000 in the offset account. Interest will only be calculated on $350,000.
With this loan feature, you can make extra repayments on your mortgage and potentially save on interest. On top of that, you can still access the funds in future should you need them.
The benefits are:
While debt consolidation is not right for everyone (in some instances, you may end up paying more in interest over the course of the loan), it’s at least worth investigating.
Like to know more?
We’d be happy to review your home loan and check whether you’re getting the most competitive loan for your current financial situation and goals. Get in touch today!