Mount Gambier mortgage brokers can help you escape a home loan relationship rut

Posted on 26/02/2019 by Andrew Morris in Mortgage Broking, News
Andrew Morris
Andrew joined Sinclair Wilson in May 2017 as Mortgage Broker, having spent the past 10 years in the banking industry. With a small business background - in hospitality, no less...

You’ve been together for years. From when you were relatively young, until now, when you have more experience, more worldly knowledge and more money behind you. They’ve supported you through the hard times and been there, ready to celebrate the successes. It’s easy, because it’s the only thing you know.

But is your devotion to your home loan provider justified? Are you settling, just because the idea of parting ways is too hard?

Is your home loan relationship on the rocks?

This is where Sinclair Wilson’s mortgage brokers, who service Mount Gambier, Warrnambool, Colac, Hamilton and Camperdown, can play home loan match maker for you.

A mortgage broker can help you take stock of your home loan relationship, and help you identify if it’s time to make a new start with someone new – and make sure that you can find someone with attributes that best-suit what you need.

But how can you know if it’s time to start looking further afield? Here’s four ways to determine if it’s time to reassess your home loan relationship.

1. Your home loan is getting old

While we don’t suggest you go on ‘Home Loan Tinder’ and start courting a new lender every week, the days of being with one provider for 30 years have long-gone. These days, it pays to reassess your home loan every two years.

That’s because the home loan market is increasingly competitive – new products are being released all the time, as providers attempt to create a point of difference in order to make themselves more attractive and lure new partners.

One example? Offset Accounts. These are linked to your mortgage, so any money you deposit in them is offset against your outstanding loan balance. Why do this? It saves you money on interest.

What about a redraw facility? This means you can make extra payments on your mortgage and save on interest, without committing to a shorter term loan – and then you can access and redraw those extra funds at any time.

If options like these aren’t being raised with you by your current lender, it’s a good sign that it’s time to consider playing the field.

2. The honeymoon is over

Do you feel like you are still your home loan’s sweetheart, even after all these years together? Are they still doing nice things for you, like waiving fees, or providing discount interest rates, like they did when you first got together?

These kinds of arrangements are often referred to as a honeymoon period, or honeymoon loan. But, like all honeymoons, that sweet, heady period of a fresh, new partnership often fizzles out, bringing you back to reality without your even realising it – in the case of home loans, this can manifest in a more expensive or less convenient loan than you deserve.

How do you get out of this rut? Talk to a mortgage broker about what other options are out there.

3. Your lender doesn’t listen to a word you say

No one likes to nag. But if you have to ask, again and again, for your lender to provide you with rates, or advice about ways to save money, it could be time to start ‘dating’ others.

Similarly, if talking to a voice recording every time you have a question is getting on your nerves, there’s other lenders out there who will give you the attention you deserve.

The advantage of using a mortgage broker is that we know the different lending options available to you – their quirks, best features, their less-than-attractive attributes and how they communicate.

4. Your needs are not being met

Maybe you’ve scored a higher paying job and want to pay down your mortgage faster.

Perhaps you’re adding to your family and temporarily need to rely on one income for a time.

But all you seem to be getting from your lender is the same thing you were getting three years ago.

If your needs have changed, it’s okay to consider trading up.

There’s no good reason not to have a home loan provider and mortgage that marries with your current financial circumstances and goals – we can help you find the kind of deal you deserve!

Remember, there are plenty of fish in the sea!

As your mortgage broker, we can access literally hundreds of loan products from a wide variety of lenders. We’ll also know which lenders and products are right for you, considering your personal financial circumstances and goals. Let us be your match-maker!

Don’t stay in an obsolete relationship with your lender.

If you’d like to know more, or would just like a home loan health check with no obligation to switch lenders, talk to us.