Reviewing your mortgage: it’s simple really
Written by: Shelly Johal
I am sure you are all familiar with iSelect; they are all over the internet and television at the moment. Recently iSelect conducted some research into individuals and their mortgages. What they found was that one in three Australians have not had their mortgages reviewed in the last five years. It was also determined that over 80% of Australians did not know the interest rate associated with their mortgage.
There can often be a negative stigma attached to the concept of having your mortgage reviewed or changing lenders. People envision the task of moving lenders as being costly, time consuming and inconvenient.
However, the outcome of having your mortgage reviewed can be the complete opposite. It is extremely beneficial to at least have your mortgage looked at. A review of your mortgage does not usually attract a fee, depending on who you engage to carry out the review. You could potentially secure a lower interest rate, pay off your home loan quicker or reduce the fees and charges associated with your loan.
I strongly encourage all of you to have your home loan reviewed to ensure it is working best for you. If you would like any assistance with arranging a home loan review, please get in touch. We are always happy to help you out.