Time for a home-loan health check
With 30 June just around the corner, now is a good time to determine whether your mortgage is fit for purpose.
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Home Loan Program
Say hello to flexible, affordable home loans through our partner, Auswide Bank.
Are you nearing retirement or a self-funded retiree and own your home or have an investment property?
Whether you’re looking for a home loan to secure an investment property, refinance your existing home or investment property, or want to help your kids get onto the property ladder, the Home Loan Program may help you get there.
As the end of the financial year (EOFY) approaches, it’s the perfect opportunity to assess your financial position and make sure you’re getting the best deal on your home loan.
For many older Australians, reviewing your mortgage can uncover potential savings, improve financial security, and help you plan for retirement.
Here’s why an EOFY financial health check should include a home loan review.
The EOFY is a critical period for financial planning. Lenders often introduce competitive offers, interest rates may fluctuate, and government incentives or tax benefits could apply to your situation.
Evaluating your mortgage now ensures you’re not paying more than necessary and can help you make informed decisions about refinancing, downsizing, or adjusting your repayment strategy.
Interest rate comparison
Home loan rates change over time, and your current rate may no longer be competitive. If you’ve had your mortgage for several years, check whether lower interest rates are available. Even a small reduction in your interest rate can lead to significant savings over the life of the loan.
Loan features and flexibility
Does your home loan still meet your needs? Features such as offset accounts, redraw facilities, and flexible repayment options can help you manage your finances more effectively. If your current loan lacks these benefits, it may be worth exploring alternative options.
Refinancing opportunities
If your financial situation has changed, refinancing could help lower your monthly repayments, consolidate debts, or access home equity for investments or renovations. However, consider any fees associated with switching lenders and whether the long-term benefits outweigh the costs.
Loan term and repayment strategy
As you approach retirement, adjusting your loan term or switching to a more manageable repayment plan can improve financial security. Paying off your mortgage faster or reducing debt before retirement can provide peace of mind and financial freedom.
A mortgage broker or registered financial adviser can help assess your options and identify the best loan for your circumstances. Additionally, reviewing your home loan at EOFY allows you to incorporate any potential tax benefits or deductions related to investment properties.
This article and any links provided are for general information only and should not be taken as constituting professional advice. National Seniors is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how any information provided relates to your unique circumstances.
Where you enquire about a home loan, National Seniors Australia Ltd ABN 89 050 523 003 will refer you to Auswide Bank Limited ABN 40 087 650 060 Australian Credit Licence 239686 (Auswide Bank) for the purpose of applying for credit. Auswide Bank is the credit provider. Auswide Bank is a wholly owned subsidiary of MyState Bank Limited ABN 89 067 729 195, part of MyState Limited ABN 26 133 623 962. If you are approved for a home loan, National Seniors Australia will receive a referral fee from Auswide Bank of the higher of $150 or 0.30% of the total loan amount. Approval of credit is subject to Auswide Bank's eligibility, lending and credit criteria. Auswide Bank is a panel lender for the Home Guarantee Scheme. Eligibility criteria apply. If the Scheme places for non-major panel lenders are utilised (or taken up) in a financial year, standard lending approval criteria, including the need for LMI where appropriate. Fees, charges, terms and conditions apply. National Seniors Australia is not a credit representative of Auswide Bank and is unable to assist you with your credit application.
