When was the last time you reviewed the health of your home loan?
Whether you’re in the market for a first or second home, looking to refinance, invest in a new property, or lower your repayments, a home loan health check could be just what you need to get ahead and realise your goals.
Amanda Anderson, Bendigo Community Bank Cannonvale-Proserpine’s Branch Manager says there are four things to review annually when it comes to your home loan:
Interest Rate: Check if your current interest rate is competitive. If interest rates have dropped since you took out the loan or if you're on a variable rate and it's rising, you may want to consider refinancing to secure a better rate.
Loan Term: Evaluate the remaining term of your loan. A long loan term might mean you're paying more interest over time, but reducing it can help you pay off your mortgage faster and save on interest. If your financial situation has improved, it might be worth considering a loan with a shorter term.
Repayment Flexibility: Review your repayment options and whether your loan allows for extra repayments, redraws, or repayment holidays. This flexibility can be crucial if your income fluctuates or if you want to pay off your loan faster without penalty.
Fees and Charges: Examine any ongoing fees or hidden charges associated with your loan. Some loans come with annual fees, account-keeping fees, or early repayment penalties that could add up over time. Understanding these costs helps you assess whether you're getting value for money.
“By looking at these areas, giving your home loan a full check-up, you can make sure it's still right for you and your current needs and goals,” said Amanda.
“Right across Australia, our customers are sharing stories of home loan savings,” said Amanda “Such as the Cox family who saved just over $5,300 in their first year of their home loan. They made the switch to Bendigo Bank because they wanted to go with a community focused bank that offered all the big bank services.”
Did you know? Bendigo Bank home loan customers are the most satisfied in Australia, a survey of more than 45,000 Australians across the nation’s 10 largest banks has found. New findings released by Roy Morgan show Bendigo Bank had the highest home loan customer satisfaction rate in the six months to December last year, sitting at 87.7%.
If you’re ready to talk home loans, or just want to know more about what you can expect when the time is right, Amanda and the Bendigo Community Bank team are happy to help. The team are experienced lenders and understand both the excitement and challenges that come with buying a home.
Call in and see Amanda and the team today at the Branch at Whitsunday Plaza Cannonvale, call (07) 4948 3599, or email cannonvale&proserpinemailbox@bendigoadelaide.com.au
Bendigo Bank – the better big bank.
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