Regularly reviewing your home loan with a mortgage broker can help you minimise costs, reduce stress and ensure that you have the best option for your situation.
Good times to see your broker about reviewing your mortgage include when your fixed rate term ends, your variable rate loan rate changes, you inherit a lump sum of money or your financial situation changes through the loss or attainment of a new job.
Debt consolidation is another option that bundles together several different loans into one package, usually combining unsecured debts such as a personal loan or credit card balance with your home loan, which is secured by your property.
A mortgage broker can explain everything you need to know about debt consolidation and whether it’s the right option for you.
Refinancing your mortgage or changing lenders is another way of managing a home loan. This could help you save more money, but it’s important to consider the costs of switching beforehand, which may include repayment fees on a fixed rate loan.
Some lenders offer repayment holidays that extend for up to three months, which may be a short term solution if you’re struggling to keep up with your mortgage repayments. During this time, you won’t need to make payments but interest is still charged to your loan.