Home Loan Health Check


For most, when the term ‘health check’ arises, a visit to the doctor may come to mind. Many won’t think of the health of their finances, even though a home loan is probably the largest financial transaction of an individual’s lifetime. When someone initially purchases their home, it is likely that the home loan was structured to benefit his or her personal and financial situation at that time. However, circumstance can change, now leaving your home loan less suitable than it was. A home loan health check could save you thousands over the length of your loan or give you peace of mind that your current home loan suits your personal and financial situation.

A finance broker can organise a full home loan health check for you, which will identify whether your loan still fits your individual needs and is still competitive. There are plenty of deals, including ‘under-the-counter’ offers, that lenders offer from time to time, which could give you a better loan structure as well as save you money. However, this could be time-consuming for yourself, researching all the lenders and what could be the right fit for you. This is where an expert can step in and take the stress out of the process for you. It is suggested to get this check done at least once a year, or if your circumstances change.

When reaching out to a broker for a home loan health check, there should be certain aspects of your loan that you want to have looked over. Think about the following when you speak to your broker:

  • Am I paying an unreasonably high interest rate?
  • Am I paying high fees?
  • Am I happy with the service I receive?
  • Does my loan give me the features I need?
  • Am I paying for features I do not use?
  • Have my financial circumstances changed?

A home loan health check will not put you out of pocket and may identify that you can do better. You could see yourself saving thousands; your interest rate may be lowered or find that there is another product with features that better suit your current situation. This is also an excellent time to structure your home repayments.

Having an annual check of your current home loan could discover the possibility of taking out additional finance, which can consolidate any other debt you may have or help you purchase an investment property.

If you would like to have a home loan health check or want to know more, get in touch with us. We are here to help.