Too many kiwi borrowers “set-and-forget” their mortgages. But you could be missing out on huge savings.
Mortgage lenders – like any other business – offer new products and specials to entice buyers to use them. This means there are always new products on the market, and rates are constantly being tweaked to give the lender’s clients the best possible deal.
If you have a mortgage, this competitive nature can work in your advantage, but only if you’re reviewing your mortgage on a regular basis.
Why review your mortgage?
Ultimately, it comes down to paying your loan off faster.
With the market constantly changing, there are always new rates and deals you could take advantage of to help you. But if you don’t know what’s out there, you’ll keep paying the same rates forever, even if they’re not the best for you.
Also, you may not have set up your mortgage in the most effective way in the beginning, or your circumstances may have changed since the last time you reviewed. A different structure or product may bring you closer to your mortgage goals.
A mortgage review may also highlight if:
- you’re outside LVR limits and may have issues when you come to sell.
- you have the equity required to make a business investment or start that renovation.
- you might benefit from splitting your mortgage across different rates / banks.
- you’ve been paying more than you should on a floating rate.
While changing providers may include a break fee, we can help you work out if the benefit is worth doing it anyway.
When to review your mortgage?
You should review your mortgage at least once every 1-2 years, or when:
- a fixed rate is about to expire,
- a floating rate changes,
- you have life changes on the horizon (like your first kid on the way, or a new job opportunity),
- you receive a huge lump sum, such as an inheritance.
How to review your mortgage?
The best thing to do is call in an expert. A mortgage broker knows all the current rates and deals across all lenders and can help you find the right mortgage for your circumstances.
And did I mention, they’re completely free?
Have you reviewed your mortgage recently? Do you want an expert mortgage broker to give you some free, no-obligation advice that could help you pay your loan off quicker? Contact Mike Whittaker today.
