Home Loan Health Check ? Tomorrow Finance Blog

Home Loan Health Check

Posted by:?Tomorrow Finance? Tags: home loan,refinancing? Posted date:? October 8, 2012 ?|? No comment

Mortgage payments are often the biggest expense that we have each month. Given this, it makes sense to continuously evaluate ways to save on our home loans. Commonwealth Bank offers a home loan health check that can be completed in as little as fifteen minutes. With a quick phone call, and sharing some basic information, you could be on your way to saving money.

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Why Use the Health Check?

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Regular health checks on your home loan can help you adjust your payments or other terms. Your life circumstances and financial status will likely change over time. This health check lets you evaluate your loan obligations. There may be ways to save money and improve your cash flow. A restructure of the debt or repayment periods can reduce how much you must pay each month. You might be eligible for lower interest rates. It may be possible to tap into home equity for different purposes.

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The point is that a home loan health check is a tool you can use for the life of your loan. Since it is free you can use it as often as you like. The evaluations you receive from lenders can help you make better, more effective decisions about repayments. You may even find reasons to change the type of loan you have.

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In Conjunction with the Health Check: Other Options

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There are other options available to help stay on top of your home loan. They are actions that can be used with the home loan health check for the best results.

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• You could make more frequent repayments. Home loans may be paid fortnightly, monthly, and even weekly. The best way to save money on interest is to make weekly repayments. This is because the interest is figured every day rather than by the month so the total interest per week will be lower.

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• Lenders may let you to put your salary into the loan account. The interest will be lower while your paycheck sits in that account.

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• You can take advantage of special offers when they are available. While these offers will vary depending on the type of loan, the lender, and even the borrower, you should be able find those that will help you save money.

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There may be more options out there. Some of them will apply to your home loan. Others may only be available to those with more equity in their homes or who have a certain type of home loan. The home loan health check is a good choice for just about anyone so make sure you use it whenever possible. ?

Taking advantage of free tools to help assist you in making the best choices in relation to your home loan are not only smart, but should be considered necessary.

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Source: http://www.tomorrowfinance.com.au/blog/home-loan-health-check/

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