When to leave your Warrnambool lender
When it comes to the home loan for your Warrnambool property, making sure you’re getting the most competitive deal is vital.
Even a small difference in your interest rate can mean thousands of dollars over the long run.
That’s why it’s imperative you regularly engage with us to review your mortgage and ensure it’s right for you.
Wondering if it’s about time you reviewed your lender? Here’s some things to consider, to help you decide.
- Your home loan is getting old
The days of staying with the same lender for 30 years are no more.
In fact, if you’ve had your home loan for more than two years, chances are you could be paying more than you need to.
The home loan market is very competitive, and new products are being released all the time.
You may also benefit from loan features such as offset accounts (whereby any money you deposit is offset against your loan balance, saving you money on interest) or a redraw facility.
A redraw facility allows you to make extra repayments on your mortgage and save on interest, but you can still access and withdraw those extra funds at any time.
Do you know if your loan includes these features? If not, it’s time to talk.
The honeymoon period is long gone
When you first take out a home loan, lenders may offer you a sweetheart deal to reel you in.
It’s not uncommon for them to waive fees or discount interest rates to new customers. This kind of loan arrangement is frequently referred to as a ‘honeymoon period’ or ‘honeymoon loan’.
But once the honeymoon is over, the loan may revert to a more expensive or less convenient loan than you would like. If that’s the case, it’s time to look at new options.
Talk to us to find out what’s out there.
You’re not happy with the service
If you’re always chasing your lender about rates or ways to save, it may also be time to move on.
Similarly, if you’re sick of talking to a voice recording and crave real human interaction, there may be other lenders who place greater importance on customer service.
There’s no shortage of lenders out there and you may find that some are better able to give you the support you need.
We deal with lenders every day, and have a good handle on who might be a good fit for you, and your expectations of service.
Come and have a chat, and we can go through what other options you have.
Your needs are not being met
Life changes and when it does, it’s important to ensure your mortgage still meets your needs and goals.
Maybe you’ve had a job change or promotion. Perhaps you’ve had a baby or your living arrangements have changed.
When these things happen, it’s a good idea to make sure your mortgage is still right for your needs. It’s easy to ask us to look into it for you – contact us to start the discussion.
Ready to shop around?
The easiest way to ensure your mortgage is right for you is to talk to us.
We operate under a statutory obligation (best interests duty) to act in your best interest when providing any credit assistance. Banks, however, are not required to operate under the same obligation.
We’ll assess which mortgage may be right for you, based on the cost of a product (the interest rate, fees, charges and repayment size, for example), and other considerations (such as loan features) which may be of value.
For a home loan health check, get in touch today.