Does your Home Loan need a health check? 20 mins that could save you thousands

By Your Mortgage
If you do not service your home loan regularly in the same way you service your car you could be missing out on thousands of dollars of savings, according to home loan specialist Kevin Sherman from who is championing all Australians to join their ‘Check Your Home Loan Day’ on Thursday June 20.
June 20 marks, 7th annual ‘Check Your Home Loan Day’ which encourages all Aussie borrowers to devote twenty minutes to review their current home loan arrangements.
Spending just 20 minutes at least once a year to research what other offers exist, could save you thousands of dollars to enjoy later in life, or at the very least, offer you peace of mind that your existing home loan is working well for you.
“It’s surprising many people don’t even know the ‘basics’ of what is undoubtedly the largest financial transaction of their life.”
says Sherman. Small changes to interest rates and fees can make a huge difference.
Refinancing your more expensive home loan is often a very simple process and the thousands of dollars of potential savings are well worth the effort. Sherman ends by posing the following question, “If you haven’t switched to a securely funded lower rate home loan then simply ask yourself - why not?”
On June 20, is encouraging all home loan holders to put the day in their diary and ask themselves the following questions:
  • Am I paying an unreasonably high interest rate?
  • Am I paying outrageous fees?
  • Am I frustrated by inadequate service?
  • Does my loan give me the features I need?
  • Am I paying for features I don't use?
  • Have my financial circumstances changed?
To make life easier for those wishing to check their home loan on June 20th, you may want to consider using a mortgage calculator to figure out how much you can borrow, and to also determine how much your repayments could be. features a Refinance Centre online that shows how much money could be saved if you refinanced your loan. And for those wishing to keep making the same monthly repayments, how much sooner you could have your home loan paid off by reducing the interest rate of your home loan.