How healthy is your home loan?

You should also regularly check your finances – how healthy is your mortgage?

As health-conscious Australians, we regularly check our health to ensure that everything is running smoothly. We must be more careful to take care of our family members and those around us in light of the COVID-19 epidemic. When it comes to a financial health checkup, most people are reluctant to review their finances. If their financial situation has not changed, some people may feel it is unnecessary to undergo regular checks. Some people are uncomfortable discussing their financial situation.

How healthy is your mortgage?

People might start to ask how healthy my mortgage is. Is there a standard criterion to measure, just as we do when calculating a healthy body? You should check if your mortgage is still in good condition by evaluating these indicators.

What is your current rate?

In the past, we have said that people should be refinanced at the historically low RBA cash rates of 0.25%. Why? Your lender won’t automatically update your speed to the market rate. It means that even though some lenders offer super-competitive rates starting at 2.09%, you won’t be entitled to them if you do nothing.

If you want to know what’s best for you, you can do a Financial Health Checkup at Credit Hub or contact us directly for an updated interest rate. You want the interest rates to be as low and affordable as possible. You will get a lower rate by refinancing and save more money.

What is your current financial situation?

Recent changes in circumstances can cause financial problems. This is why a once-perfect home may now seem too small. You might have changed jobs or lost your job. This could have led to a change in your income. You might have recently become a parent and realized that your living expenses are increasing. You should consider updating your financial plan if you’ve experienced a major change in lifestyle.

What are the loan features you offer?

Do not accept a loan that does not offer the features you require to reduce your debts and build equity. You must understand the parts of your loan and why they are important. Mortgage offset accounts, for example, can be a great way to pay less interest and give homeowners more financial flexibility. You should definitely speak to a mortgage expert about your loan options.

What is your fee structure?

You should avoid paying excessive fees. Even though the prices may seem small compared to the repayment of the loan, they can add up over time.

We know that many people do not have time to manage their mortgages. That’s why our team is here to assist. Let’s do what we are good at.

Credit Hub offers continuous loan service, even after settlement. We aim to help our clients find the best loans. Why not begin with a Loan Health Checkup and let us take care of the rest?

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