Congratulations your new home loan has made it through to settlement. Time to relax? Not quite. Well not for too long at least. Did you know that mortgage brokers can continue to provide value long after your loan settles?
Whether you used a mortgage broker to get to the point of settlement or not, it’s a great idea to review your home loan on an annual basis. A good mortgage brokers’ work is never done.
After about a year, they’ll be able to check that you’re still getting a competitive interest rate and make sure you’re making the most of your home loan features and the equity in your property.
Here are some things a mortgage broker can assist with post-settlement:
- Organise a discharge. A discharge removes your lender from your Certificate of Title if your home loan is paid in full after you’ve sold your previous property or you’re refinancing.
- Change repayment dates. Whether you want to pay your loan weekly, fortnightly or monthly, that’s totally up to you.
- Change between variable and fixed interest rates
- Perform a home loan check
- Monitor your interest rate to ensure your rate is still competitive
- Explain various home loan features
- Assist with providing a property valuation report
- Help you apply for a construction loan if you decide to renovate or build
We recommend a yearly review because so many things can change in just 12 short months. For example, just because your loan suited you at the time, it doesn’t mean that it’s the best option for your current situation. Perhaps you’ve changed jobs, gotten married, separated, had a child. An annual assessment will match your circumstances with your life.
Some other things to consider is your financial goals a year on, other interest rates that are on offer, has your fixed-rate terms expired, or perhaps your equity in your property increased. All of these are great things to stay on top of.