What Is A Home Loan Health Check?

Are you getting the best deal possible on your home loan?

It’s a tricky question to answer – but Bendigo Bank’s home loan health checks make keeping on top of things a breeze.

“A home loan health check is where we review with the customer all current loans and accounts and provide options,” explains Bendigo Bank Community Bank Sarina’s Manager, Charmaine Matsen.

It starts with a review of your current home loan situation. We’ll also ask you about your goals, aspirations and plans you have. From here, we’ll explore the options available to you.

Why do I need a home loan health check?
Keeping the same home loan for a long time may mean you miss out on better loan options and interest rates. Plus, as your life changes, you could benefit from new features, repayments or interest rates, and better align your home loan to your life plans. You may even be able to unlock equity in your home to fund renovations, holidays or other properties.

“Interest rates are typically determined by the loan amount as compared to the property valuation (LVR),” Charmaine explains. “Lower loan to value ratios (LVR) can sometimes mean a lower interest rate.”

Signs that it’s time to review your home loan:
   • Your interest rate is higher than advertised rates for new customers (or you don’t know your rate at all!),
   • You don’t have access to features like an offset account.
   • Your circumstances have changed.
   • Your fixed rate has ended (or is ending soon).
   • You were on a ‘honeymoon’ rate that has reverted to a higher rate.
   • Your home value has increased.

Not reviewing your home loan can mean missing out on big opportunities. So, if you’ve got goals you’re working towards, a free home loan health check with Community Bank Sarina could get you there faster. Contact Charmaine and our team today on 4943 2634 to book your personalised review.

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