Why you should re-assess loan rates every 3-5 years.

Home loans or mortgages are like computers! Yes, you read that correctly. That first home loan that you got from the bank with the fixed interest rate, think of it like an old HP running Windows 1997. Products, policy and rate changes occur almost monthly, so it’s likely that your home loan will be out of date within 3-6 months of receiving it. Just like that hard-drive that’s lost all it’s storage, your loan is probably in desperate need of an upgrade. Speaking to your trusted broker about refinancing is a great place to start.

Good brokers (like us at SFE loans, just saying) offer you an annual review, giving you a comprehensive overview of your opportunities to save money on fees and interest rates. They should also chat to you about your current situation and future goals, to make sure you’re not restricted in your current structure and you’re ready for anything. Then they’ll give you your options, and you can choose whether refinancing is right for you. 

A loan that is 3 years old, 9 times out of ten has a rate that is way too high, and product options that you don’t use, or lacks the ones you need – like an offset. Conditions are always changing, and the financial institutions are always releasing new versions of products that have lost their appeal. Refinancing gives you back control, ensuring that your loans are best structured to put money back into your pocket. 

If you don’t hear from your Broker each year, don’t wait for them to follow up. Get in touch with SFE Loans to see where you could benefit. We offer a no cost initial consultation to assess your current situation, and then you can make an informed decision on whether you want to move forward.