Rate reviews are a great way to make sure your current home loan still works for you. Regular reviews can save you thousands of dollars in interest and shorten your loan term. In addition, if your existing mortgage is no longer your best option, you can negotiate lower rates or better terms with your current lender or refinance with a different lender.
How to Review Your Rates
There are a few ways you can get a rate review: calling your bank and asking for a review or do it yourself.
In both cases, the process starts by comparing interest rates and loan features. Not only do you want to make sure your interest rate is competitive, but also that your loan features are beneficial. If your interest rates are too high and your features aren’t helping, you can try negotiating with your bank or lender. If your bank is unwilling to negotiate, you can refinance with a different lender.
Why Should You Review Your Rates?
Over time, your life situation and needs change. For example, your loan features may have worked for you at one point, but now you need different ones, such as a redraw, offset account, or line of credit. In addition, your interest rate may have been competitive at one time but is now high because of a drop in the average rate.
If you want your loan reviewed, the brokers at Mortgage House can perform one. Then, if necessary, we can help you refinance your home loan to a lower rate and better features, saving you thousands of dollars in interest.
