by Simon Cody
Lending Manager, Port Home Loans

Your car gets serviced at the mechanics, your teeth checked at the dentist, but when is the last time you booked your home loan in for a health check?

A regular home loan health check ensures you're still getting the best deal and the maximum benefit out of your biggest investment. As your personal circumstances change over time, it's important to make sure your home loan meets your needs and evolves with your lifestyle.

Here's what a health check might uncover about your loan. How to:

• save on interest and pay off your loan sooner by changing the frequency of your repayments
• achieve a lower interest rate
• negotiate better terms with your current lender
• reduce your loan balance and build your equity by using an offset account or paying income directly into your home loan.
• unlock the equity in your home to use for investment or renovation
• reduce debt by consolidating it into your home loan
• access product innovations that were not available when you first took out your loan
• transfer your loan to another lender
  
  

How does it work?

Mortgage health checks are free of charge and involve minimal time on your behalf. Simply contact us and we will undertake a comprehensive analysis of your current loan by comparing it across a range of mortgage products available from banks and lenders.

We'll then share with you any potential ways we have uncovered for you to save money and time, and assist you with putting these into action.

A health check doesn't mean you will have to refinance your loan; it can be as simple as restructuring with the same lender. Banks and lenders are constantly enhancing and fine-tuning their product range, which means there is often a cheaper or more efficient product provided by the same lender.

In situations where refinancing is the better option, we can help minimize the effort, time and expense that is often involved in moving from one lender to another.

As part of this process we will help you weigh up any fees and other costs associated with switching your loan, with the expected savings and benefits of the new loan product.