What is a Rate Review?
A rate review is a way to check to make sure your home loan is still working for you. You should review rates regularly to save you thousands of dollars in interest and shorten the length of your home loan term. If your mortgage is no longer the best option for you, It will be better, easier & faster if you negotiate lower interest rates from your current lender, avoiding discharge fees & loss of interest already paid with no change to your Acct or BSB #, just a lower rate and lower repayments.
In addition, you may be able to refinance with a different lender to find a loan with features that work better for your current situation.
How to review your rates
First, go back to Mortgage House. Provide your trusted broker at Mortgage House with a “snap shot” of your current supported income and expenditure to update your file. They are experts at the rate review process and have access to the best rates.
They will lodge an internal request on your behalf; If successful, simply update your rate for you. There are no changes to your loan other than a lower rate, nor are there any additional exit fees
Customer service with proceed to lower your rate that ought to click over at your next repayment date, triggering a lower repayment for all subsequent months. They will also advice you of your new repayment amount(s) that will be automatically updated and visible on LoanPal.
Third, compare loan features. Your loan features may have worked for you at one time, but they may no longer be as beneficial because of how situations change. Your mortgage broker will sit down with you to get a complete picture of your current situation and can help you find a loan with features that reflect your everyday needs.
Four, refinance if necessary. If you find that your current loan rates are not competitive and your bank is unwilling to negotiate, you should refinance your home loan with a lender who does offer competitive rates.
The Mortgage House difference
Regular rate reviews are a necessary part of having a mortgage (nominal loan conversion cost $100). The brokers at Mortgage House can perform a rate review and, if necessary, can help you refinance your home loan to save you thousands of dollars in interest.