Prospective property owners will often plan and research their property purchase meticulously. However once the loan is approved, few people place the same importance on regularly reviewing the features and benefits of their loan—including the interest rate—to ensure they have the home loan that meets their needs.
B&E’s North-West Home Finance Manager, Michael Campton said it is surprising to learn that many Australians do not know what the interest rate is on their home loan.
“We tend to make sure we are getting the best deals on our insurance premiums, mobile phone contracts and even from our utility providers, so why not our home loans?” said Michael.
Without even reviewing your loan there are simple ways to optimise your loan.
“Consider changing to fortnightly or weekly repayments or increasing the amount of your regular repayments. You could also arrange for your salary to be paid directly into an offset account (if applicable) – these are simple ways to reduce the interest you pay and build equity in your loan.
“Better still, come in and see us for a free home loan comparison to make sure you’re getting the best deal. We’ll do a Home Loan Health Check, where we compare fees and charges, interest rates and loan features, ensuring your loan suits where you are at in life.
“And we’ll tell you straight up if your current loan is the best deal or we’ll show you how we can do it better.”
Have a question? Ask Michael or your finance specialist in your local area.