We all know that home loan EMIs and repayments are not one of the biggest but indeed they’re the biggest expense of the house so home loan interest rate should be low.
It’s surprising to know that many of the borrowed even don’t remember the rate of interest they borrowed the loan for. Even they don’t bother to update themselves on the current rate of loan interest as well. According to a latest report, this figure turns out to be 42%. This slight oversight can cause major repercussions in the longer run.
It’s basic human nature. We generally forget where we kept our car keys, who won the world cup last year or even what we ate last night. It’s okay and socially acceptable to forget these small and normal things. But repaying the home loan or EMI should not be on this list for sure.
How does your loan rate shape up?
We are not saying that majority of you are unable to pinpoint your home loans current rate. It’s just a data as shared by Mozo who conducted a survey and found that one out of every five people did not bother to check their current home loan rates long since they have borrowed.
You may have got a good and competitive home loan rate dated back. But, when compared to today’s rapidly changing mortgage market, things can be challenging and complicated.
To know what your current home loan rate is, just download your previous or latest loan payment statement and there you’ll find it. It shows the current rate of interest that you are repaying on. Still not able to understand, just give us a call. Our experts will help you understand the things in a better and effortless way.
The home loan rates keep on changing. According to latest data received by Reserve Bank of Australia, the loan rate is 6.3% for new home loans and its currently 6.4% for owner-occupiers.
Why it is important to regularly review your home loan?
Staying informed about your current rate of interest in not just about this thing only. You may have the best rate when you applied for the loan few years back. But as the market and our loves are evolving the old loans may not offer you that features or flexibility that support your lifestyle and budget.
This is the main reason that you need to keep a check on your loan rates and features they are offering at least once a year. Or, whenever you attain or plan something big in your life such as getting married or starting a family.
It’s extremely easy to understand how you loan is performing for both features and loan rate. You can connect with us to get an in depth home loan review.
In our review process we’ll help you understand:
- The rate you are paying
- Features of your loan and
- Whether you can save more by refinancing.
Is Refinancing a right option for you?
If your current home loan is bother you and you are looking for a better option that suits your budget and lifestyle, just give us a call right now.
Our experts will help you understand whether refinancing works out for you or not. And if yes, how much you can save by switching to a new loan option or a new lender.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
