The world is still reeling from the effects of the COVID-19 pandemic, and everyone is feeling the impact it has had on the economy. However, many homeowners have found themselves wondering whether they should check in with their Sydney mortgage broker service to review their home loan options for 2020.
Wanda from Personalised Mortgages based in Sydney says the current market conditions might present homeowners with some lucrative cost savings.
1. Loan interest are at an all-time low
The economy appears set for a slow recovery, which means that interest rates should remain at an all time low for some time. Wanda does not believe there will be any major changes to the current interest rates anytime soon, but shopping around and keeping an eye on your rates is a good idea
“If you are paying more than 3% for your home loan currently – owner-occupied or investment, then you could be paying too much.”
2. Why get a home loan health check?
Wanda recommends that homeowners regularly review their situation. There’s no other way to know if you are paying too much. The current market situation means there is plenty of value to be gained by savvy homeowners who take the time to explore their options.
3. Things to be mindful about
When you go in for a home loan health check with your mortgage broker, Wanda from Personalised Mortgages says to keep these things in mind:
- What is the term left on your loan?
- What is your current balance (including redraw)?
- Do you want to retain some redraw?
- Consider your current employment situation?
When you understand your situation, says Wanda, you will be able to make more informed decisions.
“Unlike a dental check-up, a home loan health check is painless, but you will have much to gain by knowing where you currently stand.”
Wanda cautions that a home loan health check is general advice only and is based on information provided by the client. It should not be taken as specific advice. Homeowners should always do thorough research to determine if the mortgage product being offered is suitable for their current circumstances.
Do you think you might be leaving money on the table with your current loan situation? Discover more about your options by checking in with Wanda at Personalised Mortgages today.
About Wanda Rowan from Personalised Mortgages
Wanda has been in the finance industry for over 10 years, and servicing many local conveyancers, accountants and property professionals as an instrumental referral partner, it’s no surprise that Wanda stood out as a reputable operator.
With changing lending conditions and more Australians under financial stress than ever before, we love that Wanda is all about helping individuals and families access the right financial solutions.
Big on ethics, always ready to give you the “no-bull” honest answers, and offering a flexible and easy mobile service straight to your door, Wanda is a great local choice.
Click here to see Wanda’s Top 3 Local Choice profile here.