Links Property Finance · Refinance mortgage broker, Sydney: Managing Your Home Loan After Settlement
Most of what a mortgage costs is decided after settlement, not before it.
Already settled? How do you make your home loan work harder every year?
Review it every year and whenever a fixed rate is ending. Lenders price new customers more sharply than existing ones, so ask your lender to reprice before considering a switch.
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Keep spare money in an offset, check the repayment date suits your pay, and plan any fixed rate rollover a couple of months ahead.
Part of the refinancing guide.
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Charles and the team recently assisted us with a refinance of our investment property. Recommend Charles and the team to all
Highly recommend Charles! Professional, knowledgeable and very easy to work with. He helped us navigate the home loan process and found a great solution that suited our needs. Excellent service from start to finish.
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The drift is predictable
- Acquiring a borrower costs a lender money; keeping a quiet one costs nothing.The result is that long-held loans gradually sit above what the same lender offers someone walking in today. It is not a penalty and it is not personal, it is what happens in the absence of a conversation.
- The correction is equally simple: know your rate, compare it once a year, and ask.Most of the money people leave on the table over a thirty-year loan is left there through inaction rather than through a bad original decision.
Three moments that matter most
- The annual review, because that is where drift gets caught.The fixed rate rollover, because reverting automatically is the single most expensive default available. And the moment your circumstances change, a renovation, a second property, a growing family, because that is when the structure you set up years ago may no longer fit.
- Everything below hangs off those three.You do not need to think about your mortgage often; you need to think about it at the right times.
Common questions about managing your loan,
How often should I review my home loan?
Annually, and sooner if rates move materially or your circumstances change. Because lenders price new customers more sharply than existing ones, the drift is gradual and predictable rather than dramatic. One check a year and a phone call is usually the whole exercise.
Is refinancing always the answer to a high rate?
No, and asking your existing lender first is usually the better move. Repricing costs a phone call and takes days; refinancing costs fees and takes weeks. Where your lender will match the market, staying is the sensible outcome. How to ask.
Does reviewing my loan cost anything?
No. A review is a conversation and a comparison, with no credit check and nothing lodged with any lender. If the straight answer is that your loan is competitive and you should do nothing, that is what you will be told.
Should I pay extra or put money in offset?
Either saves interest at a similar rate. Offset suits people who want the money on hand and might one day rent the home out, while extra repayments suit those who would rather the money was out of reach. Our guide to paying off a home loan faster compares the other options.
When should I look at accessing equity?
When there is something specific for it to do: a renovation, a deposit on a next property, or consolidating expensive debt. Equity released without a purpose is a larger mortgage. The equity calculator shows the usable figure, which is smaller than the paper equity.
Get advice on managing your home loan after settlement
If the answer is "at settlement", that is the answer. A thirty-minute check costs nothing and usually finds something.
Prefer a callback?Charles calls back within one business day. No documents needed yet.
General information only, not credit or financial advice. Lender pricing, product features and policies differ and change over time. All lending is subject to individual assessment and lender approval.