The recent interest rate rises have made it even more important to make sure you have a competitive home loan
. Melbourne Mortgage Broker, What If We Finance, advises borrowers to monitor their home loan to ensure they continue to have the deal on their home loan.
When considering if you should look at Melbourne Refinancing, Melbourne Debt Consolidation, the first thing one should is conduct a Home Loan Health Check. This will allow you to determine if you have the best home loan deal available. What If We Finance recommends that a home loan health check is conducted every 12 to 18 months.
Many people try to predict interest rate movements but not even professionals can do this successfully so Independent Melbourne Mortgage Broker, What If We Finance recommends if a deal saves you a significant amount of money it should be considered. As part of this process you should consider the break fees associated with your home loan, interest savings and changes in your personal circumstances. More often than not changes in your personal circumstances means you may need extra funds.
Before you refinance you should ask yourself the following questions:
* Does your current home loan suit your current lifestyle?
* Do you want to make better use of features that are available on your home loan?
* Are you thinking about renovating?
* Would you like to use the equity in your home for investment opportunities?
* Would you like to split your current loan to part-variable and part-fixed?
* Do you have a fixed rate loan that is about to expire?
* Are you planning to start a family? If you are, what financial impact will this have?
If you answer yes to any of these questions then refinancing is a serious option.
You may also want to compare loans to make sure you have the loan that best suits you.
Use the What If We Finance calculators to evaluate your current loan. Find out how different scenarios can affect your home loan and potentially save you money such as:
* Changing your loan product
* Changing your loan amount, loan term or interest rate
* Using an offset account
* Redrawing additional loan payments
* Making a lump sum payment
The above process can be completed quite quickly by Melbourne Mortgage, What If We Finance and is probably the most efficient and effective way to determine if Melbourne Refinancing or Melbourne Debt Consolidation is for you.