5 Signs That Your Home Loan Needs a Shake-up

By Jeremy Fisher
Interest rates in Australia are currently at a record lows. Rates soared to over 17% in the 1990’s and now we are at the other end of the cycle, giving opportunities to home owners and investors alike. Here are 5 reasons that could benefit you from a home loan review.
1) My Fixed Period is About to End
In most cases, when a fixed rate home loan ends it will revert to the standard variable rate unless the lender receives alternate instructions. If your fixed period ends soon, notify your 1st Street mortgage broker and the appropriate arrangements can be made. If you’d like to continue on a fixed rate, we may be able to access a lower rate for you. If you are content to revert to the variable rate, we can evaluate the rate in comparison with other lenders and ensure you get the best deal.
2) I Have a Variable Rate Home Loan
With interest rates at a record low and many economists predicting that they won’t get lower, those on a variable rate home loan could potentially lock in low monthly repayments for several years. A fixed rate home loan is less flexible and there can be restrictions so discuss your requirements with your 1st Street broker.
3) I Owe Too Much on My Credit Card 
Some credit card accounts can attract over 20% p.a. in interest. You may be able to reduce your credit card interest repayments by around 75% if you incorporate the debt into your home loan account. It may also be possible to add a redraw facility to your home loan so that you can access additional funds without relying on your credit card. 
4) I’m Renovating My Property
If your home feels too small or old but you don’t feel like moving, you could renovate. Whether you’d like to add a storey, renovate the kitchen or build a new garage, you can renew your home loan to incorporate funds for the renovation. By increasing your home loan, your repayments will go up but you will avoid having to make large lump sum payments from your savings.
5) I Haven’t Looked at My Loan for Years
Many people let their home loan sit idle, with regular repayments coming out of their accounts and no other proper home loan maintenance. There are often new home loan products on the market and new features becoming available so it is worthwhile to evaluate your home loan every 12 months. With interest rates at an all-time low, there are currently opportunities for big savings. 
If you would like a free home loan review, or if you have any questions about home loans, feel free to contact a 1st Street Mortgage broker today on 1300 17 87 87.

Director and Founder of 1st Street Home Loans, Jeremy Fisher, is one of the most awarded mortgage brokers in the industry and winner of the Australian Broker Association's prestigious 'Australian Broker of the Year'. Since 2001, Jeremy has settled in excess of $500 million worth of property loans and delighted clients with exceptional results and highly personalised service. 1st Street Home Loans specialises in Home Loans, Commercial Loans, Leasing and Financial Planning. 

1st Street Home Loans is a leader in the industry – awarded No. 1 Mortgage Broker in Australia and ranked No. 1 Elite Business Writer in Australia. We have the knowledge and the relationships to get you the best rate on the market, guaranteed, without charging you any fees. You can be approved for a loan within 48 hours and 1st Street will take care of all of the paperwork and communications with lenders, real estate agents and solicitors.