C&G’s Guide: Reasons to Review Your Interest Rate

Tips & Advice

Have you reviewed your mortgage interest rate recently? In this competitive market, interest rates offered by banks and independent financial institutions are constantly changing and it is a smart idea to see if your loan can be bettered. In this C&G blog, we unpack why it pays to regularly reassess your interest rate!

You could reduce your home loan repayment.

You may today find yourself in a completely different financial situation, one that no longer matches the position you had when you applied for your current loan. We recommend reviewing your finances with a broker once a year, especially if you have changed jobs, expanded your family, or even taken a big holiday. Mortgages regularly extend for multiple decades – your lifestyle and the market will undoubtedly change within that timeframe.

Determine if you are paying the most competitive interest rate, whether you use all features of your loan, and whether another lender might provide a better offer. By regularly reviewing your position and shopping around for better deals, you may well pay down your mortgage(s) earlier. Any reduction on your home loan rate will lead to substantial savings on interest!

You could consolidate your debt.

Do you have other loans such as a credit card or car loan? Depending on your lender, you may be able to refinance and consolidate your debts together. You may be able to secure a better rate, or decide to switch between fixed and variable rates to complement your budget.  

You could invest in a new property.

If you’ve built equity in your current asset(s), you could begin to develop an investment portfolio and open up new avenues of wealth. This could be a second home if you’re considering a sea or tree change, or a property you choose to lease to tenants. Speak to the friendly team at Chisholm and Gamon about your investment plans, and we can help devise a strategy to acquire assets that match your goals.

Whether you’re after a simple health check on your asset or you’re considering a new real estate investment, Chisholm and Gamon are your go-to. We have a knowledgeable team of property experts, and a extensive network of professionals  - including brokers - on hand to help you determine your next steps. Reach out today!