When it comes to your home loan, there are a few key times when you should review your agreement. The first is when interest rates start to rise – this can impact how much you’re spending on your mortgage repayments each month. The second is if you experience any life changes, like getting married or having a baby. And finally, it’s important to review your home loan every few years to make sure you’re still getting the best deal possible. If you want to learn more about when to review your home loan, keep reading!
When Interest Rates Rise
If you have a variable rate home loan, when interest rates rise your repayments may also increase. This is why it’s important to review your mortgage when interest rates start to go up. Consider talking to a financial adviser or your lender about what options are available to you, such as switching to a fixed-rate loan or refinancing.
Life Changes
It’s also important to review your mortgage if you experience any life changes that might affect your finances, like getting married or having a baby. These changes can have an impact on how much you can afford in terms of mortgage repayments and could mean it might be time for you to switch lenders or products.
Every Few Years
Finally, even if you haven’t experienced any life changes or interest rate increases, it’s important to review your home loan every few years. This is because the products available in the market could have changed since then, and there may be a better deal out there for you! It pays to shop around and compare rates to make sure you’re still getting the best deal.
In conclusion, it’s important to review your home loan at key times such as when interest rates rise, if you experience any life changes and every few years just to make sure that you’re still getting the best deal possible. Doing so can help save you money on your mortgage over time. Good luck!
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