Refinance

How often should you review your loan? 

It's important to do it as often as possible, but at least once every two years. The lending industry is constantly changing and you may not have the most competitive mortgage based on fluctuations in lender policy, rates, fees, and/or changes in your financial status. 

Some points to consider are: 

• Have you had an increase in income? 
• Have your savings or assets changed?
• Do you have new debts?
• Has your property value increased? 
• Is your fixed or interest-only term about to end or has it already expired? 

All of these factors can affect your options for loans and can impact the loan product and features available to you.

Since your last loan review, your property value may have increased, potentially resulting in available equity in your home. Utilizing this equity can aid you in various matters such as:

• Obtaining a deposit for a new purchase
• Conducting renovations
• Purchasing a car
• Consolidating liabilities like credit cards and car loans.
• Investing in other areas such as shares, managed funds, and/or contributions to superannuation.
• Gaining funds to assist in large commitments such as private school fees
• Repaying a gift of funds received from a family member to purchase your home

By refinancing your loan, you may be able to merge other debts, including personal loans, credit card balances, and car loans. This would bundle your liabilities into one repayment on a lower interest rate, thereby reducing your monthly outgoings whilst paying down your debt quicker.