It is time to review your mortgage - from KSM Finance
Property, Mortgage, Home Loan
If your financial circumstances change then a home loan review is an absolute must. As your mortgage is generally the highest 'outgoing', anything from a promotion and subsequent pay rise to additional living costs like a new baby or long term illness warrants a close review of your home loan committments. Be it a positive or negative impact on your annual income, everything has an effect on your highest expenditure item. Get into the habit of reviewing your mortgage on a regular basis - starting now.
Mortgages are like mobile phone plans - there are always more competitive packages available.
Find out if your current mortgage is as competitive as the best new deals on the market today. If you are not sure, ask one of the experienced finance professionals at KSM Finance to review your current package against other suppliers in the home loan market. You can save hundreds – perhaps thousands – by shopping around. Be mindful that there may be applicable fees for switching your mortgage. Again, it is important to have a professional review your full circumstances to ensure that your mortgage is structured to maximise tax advantages. So if you don't have the time, patience or skills to find the best, then organise a an obligation free review with KSM Finance.
How often should you review your mortgage?
Ideally you should keep a regular eye out for better mortgage deals – new ones are coming on to the market all the time and if you’re not locked in to a fixed or discount rate deal with an early repayment charge it could be worth your while changing lenders (remortgaging) at any time. Especially if interest rates are fluctuating.
Main points to prompt a mortgage review:
if interest rates change – because this will affect how competitive your current deal is
expiration date for your current mortgage deal – as your rate may increase, and
once a year if you’re not tied to a mortgage package with early repayment penalties – to see how your current offer compares to new optons on the home loan market.
Set a reminder for your mortgage reviews
Like anniversaries, this is a 12 monthly must do. Review your mortgage once a year – or before your current fixed deal ends and you could save hundreds.
Set a diary reminder to start shopping around at least three months before your current fixed or discount deal reverts to the lender’s standard variable rate.
In fact, if KSM Accounting assist you with your end of financial year tax, mark your mortgage review in at the same time.
Do you have a question that relates to home loans, commercial loans or investment loans? Then email the KSM Finance experts. For more, visit www.ksmfinance.com.au
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