Is your Home Loan working hard enough?

A recent article in the Newcastle Star talked about how Spring is the perfect time to revisit your home loan and maybe give it a “spring clean” and act on the current low rates.

The article went on to explain that the Reserve Bank has now left the official cash rate on hold at the historically low setting of 2.5 per cent for 14 consecutive months. And, according to the minutes of the latest board meeting, they could be set to stay on hold for some time yet.

You could save thousands by refinancing

The article also pointed out that competition for your home loan has never been stronger -with lenders actively competing for business through sharp pricing, significant discounts and other incentives.

Refinancing may allow you to repay your home loan sooner and ultimately achieve your next financial goal sooner. Refinancing could be a great way for you to lower your mortgage repayments, consolidate your debt and even access equity in your home.

Have you thought about debt consolidation?

If you are struggling with a range of debt repayments, rolling your other debts into your mortgage can help you to pay less each repayment period and gain some peace of mind.

By the way we have a financial freedom calculator that you can download for free on our Resources page if you want to see just how much you can save by debt consolidation.

However, you must remember that those debts will be stretched over a longer period so there are a few rules you should follow. We will discuss these in a future post.