PROPERTY ownership is one of the biggest commitments many people will make in their lifetime.
Once buyers have signed on the dotted line, they are responsible for monthly mortgage repayments for years to come, as well as maintaining and increasing the value of their property.
According to RAMS Toowoomba principal Leon Owen it was for this reason it was important for borrowers to regularly monitor the state of their home loan.
Mr Owen said a regular home loan health check was vital to ensuring your home loan was working for you in the same way as when it was first established.
Some questions worth considering as part of your home loan health check include:
- What are your financial goals for the next five years?
- What do you think your property is currently worth?
- Have your employment and/or personal circumstances changed recently?
- Do you have equity in your home?
"In an environment of low interest rates, it makes good financial sense to regularly check the health of your home loan," Leon said.
"Homeowners looking for the best deal should check out the RAMS Home Loan Comparison Calculator to make sure their loan is working for them.
"The few minutes it takes to do the comparison is time well spent."
RAMS has a simple Home Loan Health checklist to help homeowners and investors easily assess whether they are getting the best possible home loan deal and if they should consider refinancing an existing home loan.
The Home Loan Health Check is available by visiting http://www.rams.com.au/uploadedFiles/RAMS-Home-Loan-Health-Checklist.pdf
Other common reasons for choosing to refinance an existing home loan are to cover the costs of renovations or additions to a property and to consolidate debts.
"At Toowoomba RAMS Home Loan Centre, we have home loan experts on-hand to offer guidance and advice on how to make your home loan work best for you, whatever the circumstances," Mr Owen said.
"Whether you are refinancing to renovate, consolidate or save, Toowoomba RAMS Home Loan Centre can help you."
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