How does your mortgage stack up to others?

July 18th 2022 | Categories: Home Loans & Leveraging Equity |

Contemporary mostly glass domestic building set in a designed garden.

When was the last time you reviewed your home loan?

No two mortgages will suit the same person. It’s possible that your own mortgage could become unsuitable for your needs just as time passes. As your life situation changes, so do your finances, interest rates and priorities. High debt levels can be a serious issue for anyone vulnerable to serviceability changes.

In need of some TLC for your Mortgage health? Contact one of our lending experts today!

Maintaining the health of your mortgage means understanding what you need at each stage of your life and how your mortgage connects with that. To figure out if your mortgage is in need of some TLC, you need to ask yourself the following questions.

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With the right awareness, your mortgage can help spark growth and stability in your finances.

When did I last review my mortgage?

Regularly reviewing your mortgage can save you money in the long term by helping you avoid high interest rates or unnecessary fees. You should, at the very least, review your mortgage:

What features should be included in my home loan?

When looking to change mortgage, or even if you’re on the hunt for your first home loan, you need to know which features will be relevant to your interests.

Have you considered refinancing?

Our Knowledge Centre contains information that will help you to think about why you should refinance, what you will need to consider if now is the right time and some challenges you may face. It also contains worksheets to help you gain an understanding of your current home loan, and a checklist should you decide refinancing is the right thing for you.

There are a lot of things to consider when you’re assessing the health of your mortgage. It pays to ensure your home loan is working for your lifestyle and not the other way around. Speak to one of our lending experts today to find out how your home loan really stacks up.

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What you need to know: This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.