Construction Loan

on the Sunshine Coast

Home loan health check img 1

Get A FREE Home Loan Health Check Today

Unlock Savings, Optimise Your Home Loan!

Many Aussies get stuck paying too much for their home loan with a “set and forget” approach to their mortgage. If you haven’t reviewed your home loan in a while, you could be paying too much interest compared to other homeowners.

Reviewing the state of your home loan could mean saving thousands in extra interest every year. As it is generally the biggest monthly expense people have, we suggest you have a FREE home loan health check done with a professional mortgage broker once a year.

Home loan health check img 1
Home loan health check img 2

Have you had a home loan health check?

A mortgage health check, also known as home loan review or home loan health check is a process where your home loan is reviewed by a professional mortgage broker to check if it still best suits your current personal and financial situation. It’s a quick and simple check-in with your mortgage broker and we do all the heavy lifting for you to ensure you have the best home loan for you. There are no rules on having to stay with the same lender your entire mortgage, or, how many times you can review your home loan.

As circumstances change like new loan products constantly being introduced to the market, interest rates fluctuating for all types of home loans, or your lifestyle and priorities shifting, the original deal may no longer be ideal for your needs.

A home loan check can help you evaluate things and make better, informed decisions.

Home Loan Health Check Australia: what does it look like?

While the specific process may vary depending on the mortgage broker or financial institution conducting the review, here are some common elements typically included in home loan reviews:

Evaluation of loan terms:

The review examines the terms and conditions of your current home loan, including interest rate, repayment frequency, loan term, and any specific features or benefits associated with the loan.

Comparison of interest rates:

The existing interest rate on your home loan is compared with current market rates to determine whether there are better options available. This analysis helps identify potential savings any beneficial home loan refinance offers if you were to refinance.

Assessment of repayment options:

The review looks at your current repayment structure and evaluates whether there are alternative repayment options that may better align with your financial goals and preferences. This could include options such as making extra repayments, setting up an offset account, or switching to a different repayment frequency.

Examination of loan features:

If your current loan includes features like redraw facilities or offset accounts, the review analyses how effectively you are using these features and whether there are other loan products in the market with more beneficial features.

Consideration of loan flexibility

The review assesses the flexibility of your existing loan, such as the ability to make changes to the loan structure, access additional funds, or switch between fixed and variable interest rates. It helps determine if there are loan products available that offer greater flexibility to meet your changing needs.

Analysis of overall costs:

The review considers the overall costs associated with your current loan, including any fees, charges, or penalties for early repayment. It weighs these costs against potential savings that could be achieved through refinancing.

Personalised recommendations:

Based on the findings of the review, our mortgage brokers will provide you with options to refinance, switch lenders, renegotiate terms with the current lender, or retain the existing loan if it is deemed suitable.

Why you need a home loan health check TODAY

As regular home loan health checks allow you to turn every stone of your home loan, it gives you a lot of opportunities to:

Home loan health check icon

Save on interest rates and the total cost of your mortgage

You can use tens, even hundreds of thousands of dollars worth of savings to get on top of your other finances and improve your overall financial health.
Home loan health check icon

Renovate or invest

The insights you get from a home loan health check can help you assess whether or not you can take on another project like a home renovation or a new property investment.
Home loan health check icon

Consolidate your debt

Juggling with multiple debts and bills? A home loan health check can help you combine personal loans and credit card accounts into your home loan so you can decrease or remove additional account fees and management costs — allowing you to simplify your borrowing situation.

Home loan health check icon

Refinance

If you’re at the end of a fixed rate period for your mortgage, on a low doc, or any other type of specialist home loan, you may want to take some time to look into other home loan offers from another lender. Markets move, and there could be a loan solution with better features than the one you currently have. Refinancing your home loan might be in the cards for you — and a home loan health check will help you be certain of that.

Home loan health check icon

Maximise your home loan features

You can use tens, even hundreds of thousands of dollars worth of savings to get on top of your other finances and improve your overall financial health.

Home loan health check icon

Be flexible

Lenders can offer attractive mortgage features like offset-redraw facilities, lump sum repayments, top ups, and online management tools as standard or optional upgrades. A home loan health check with your mortgage broker allows you to access this kind of information and consider these options.
Home loan health check icon

Check your property value and unlock equity in your home

Reviewing your home loan arrangements lets you know if your property’s value has increased and if you are in a position to access equity in your home.

How does a home loan health check work?

A home loan health check takes about 15-20 minutes. If this is your first home loan review, you will need to provide your property address as well as proper documentation of your repayment details including schedule and address to verify your balance. If you are already known to the mortgage experts at Sunshine Coast Financial Solutions, we’ll check everything for you.

Prior to enquiring for a home loan health check with a trusted broker, ask yourself first if you are looking to:

How does a home loan health check work?

"*" indicates required fields

Do I need to get a home loan review to refinance my home loan?

In order to refinance your home loan, it is highly recommended to undergo a home loan review or health check. While it may not be a strict requirement, getting a comprehensive review of your current home loan is essential for several reasons.

Firstly, a home loan review helps you assess the current state of your loan, including interest rates, loan terms, and repayment options. By thoroughly analysing your existing loan, you can identify any potential areas for improvement or cost-saving opportunities. This process allows you to compare your current loan with other available options in the market, ensuring that you make an informed decision when refinancing.

Secondly, a home loan review provides you with a clearer understanding of your financial situation. It helps evaluate factors such as your creditworthiness, income stability, and debt levels, which are crucial considerations for lenders when refinancing. By addressing any potential issues or gaps in your financial profile early on, you can take proactive steps to improve your chances of securing a favorable refinancing deal.

At Sunshine Coast Financial Solutions, we highly recommend homeowners to get a home loan health check before refinancing your home loan. It enables you to make a well-informed decision, identify potential savings or benefits, and ensures that you are in a strong position to negotiate favourable terms with lenders.

Home loan health check img 3

REFINANCING YOUR HOME LOAN: Pros and Cons

What are the pros and cons of refinancing your home loan? It’s a decision that can potentially bring both benefits and considerations.

PROS

Potential for lower interest rates, leading to reduced monthly repayments and long-term savings.

Opportunity to access additional funds for renovations, investments, or other purposes.

Ability to consolidate debts, simplifying your financial obligations.

Flexibility to switch to a more suitable loan structure or repayment terms.

Option to secure improved loan features, such as offset accounts or flexible repayment options.

Refinance cashback offers are a financial incentive offered to refinancing homeowners. You could use this to cover expenses associated with the refinancing process, or for other things like renovations, debt consolidation, and savings.

CONS

Upfront costs involved, such as application fees, valuation fees, and legal fees.

Potential impact on credit score due to credit checks and application process.

Potential penalties or fees for early repayment of the existing loan if it is restricted on your loan.

The possibility of a longer loan term, resulting in higher overall interest payments.

Potential changes in lender policies or eligibility criteria that may affect the refinancing process.

The need to provide updated documentation and financial information for the refinancing application.

Can’t decide? Talk to a mortgage broker who specialises in refinancing

When it comes to refinancing your home loan, there’s no substitute for expert guidance. While online research and calculators can provide some insights, consulting with an expert mortgage broker is essential to fully understand the benefits of refinancing your home loan or how it can potentially put you at a disadvantage. A refinancing mortgage broker has the knowledge, experience, and access to a wide range of loan options to help you navigate the complexities of refinancing.

Don’t leave your financial future to chance—speak to our trusted mortgage broker specialists today to uncover how refinancing your home loan can work in your favour.

Get a FREE home loan health check from us!

A do-it-yourself approach to assessing your home loan liabilities can yield more confusion and frustration. While it can be a great way to refinance your mortgage and evaluate your finances, it is only insightful when done properly and professionally.
If you are unsure how to proceed, ask an expert! The mortgage specialists at Sunshine Coast Financial Solutions will help you with whatever questions you may have relating to your mortgage.

Based on the information you provide, we will give you timely, appropriate advice on how to best approach your home loan situation and the next steps you can take to move forward.

And we do this all — FOR FREE!

FAQs: Home Loan Health Check

The truth is anytime is a good time to get a home loan health check. You may feel more inclined to have one if your lender has raised your interest rate or if you feel swamped with your mortgage repayments, have a major lifestyle change, want to renovate or invest, or are looking at other home loan solutions.

There are many reasons why borrowers opt out of home loan health checks. Some may feel overwhelmed with the ins and outs of their mortgage and consider themselves ill-equipped to understand the complexities of home loan features and their functions.

Some may be unaware of how their mortgage works and the hidden wealth in their homes that can be accessed. Others simply do not understand the benefits of a mortgage review.

Whatever concerns you may have around your home loan health status, it is best to seek advice from a professional.

Yes. Most home loans allow various repayment options and generally speaking the quicker you pay it off and the more frequently you make repayments the faster your loan will be paid off. Paying off your loan faster can save you many thousands in interest.

Yes. Refinancing your home loan can generally mean finding a lower rate and lower fees potentially saving you thousands. The best way to start is to find out what your current rate and fees are and let us show you a better plan.

It is generally recommended to review your home loan every 1 to 2 years or whenever there are significant changes in the market or your personal financial situation. This ensures that you stay informed about new loan products, interest rate movements, and any potential benefits that could arise from refinancing.
Absolutely! A home loan review is valuable even if you are not currently considering refinancing. It provides a comprehensive evaluation of your existing loan, ensuring that it is still meeting your needs and offering the best possible terms. If refinancing is not necessary, the review can offer suggestions for optimising your loan, such as negotiating a better rate with your current lender or exploring additional features.

Generally, a home loan review itself does not directly impact your credit score. However, if you decide to proceed with refinancing and submit a formal loan application, the lender may conduct a credit check, which can temporarily affect your credit score. It’s important to note that multiple credit checks within a short period, such as when comparing offers from different lenders by yourself, may have a cumulative impact on your score.

Why Choose Us?

Getting the best home loan solution for your personal circumstances entails finding the right mortgage broker to work with.

Our team provides Sunshine Coast locals with a wide range of financial solutions in business and life. Our experience and first-hand knowledge of the financial industry puts you in good hands.

Our key staff, Chris Wilson and Shanina Smyth, are known as some of the most highly-recommended and reliable lending specialists on the Sunshine Coast. They both have many years of experience in the financial services industry ensuring you get the best outcome for your needs.

Best of all — we can do your home loan health checks FREE OF CHARGE.

Other helpful resources

The rental crisis in Australia is a growing concern, impacting tenants and landlords alike. In fact, as of February 2023, the national vacancy rate is still on its lowest point in record at 0.8% — the lowerst since April 2006.

As an investor, it is quite a prerequisite to do your homework before investing in real estate in Australia. There are many things to consider when buying an investment property like the local market conditions and your own financial situation.

In this tough market where interest rates are just constantly rising, the variable vs fixed rate debacle is plaguing not just first home buyers but also refinancing homeowners and property investors.

What our Clients Say

My husband and I are very grateful and happy with the service we received from Chris and his team at SCF Solutions. Very professional and kept us up to date with everything. Would not hesitate to use them again or to recommend them to anyone wanting a broker.
Morgan Andrews (Morgo)Morgan Andrews (Morgo)
00:53 01 Apr 22
What an absolute campaign from Chris and Dan to get my loan through. They bent over backwards to get the result we wanted. No doubt best in the industry. Up front, honest and hard working. Would highly recommend the team at SCFS to anyone. Thanks for everything team.
Alexandria MontgomeryAlexandria Montgomery
04:44 27 Mar 22
Jo is absolutely incredible! This is the 2nd time my husband and I have gone through Jo for our home loan and I can't recommend her highly enough. We have had such an easy and positive experience that we now have friends, co-workers and other family that have also approached Jo and were also blown away with her service and how easy she made the whole process of applying for a home loan!All we can say is THANK YOU!
chloe leechloe lee
05:24 25 Mar 22
High recommend Joanne and her team; they have been a major support for us with getting our home loan. They communicated really well and are fast with their replies and know what they are doing. I don't know where we would be without them
Zelko KalicZelko Kalic
04:21 18 Mar 22
Just a massive to thank Chris, Daryl and the team for an absolutely professional, dedicated and efficient effort to secure my loan.They went over and beyond any other services I’ve experienced which has made my dream come true. Cannot recommend SCFC enough for their extraordinary efforts. Thank you 🙏
Joanne SansomJoanne Sansom
02:47 18 Mar 22
Can highly recommend Chris and his team at Sunshine Coast Financial Solutions. Chris always provides a prompt and professional service, nothing is ever too much trouble and always goes above and and beyond. Chris is extremely down to earth and explains things in simple terms. Thanks Chris for all your help you have provided and will most definitely continue to use you and recommend you.
js_loader
Home loan health check - img 4

Speak With Us

At Sunshine Coast Financial Solutions, we examine your current and future intentions, whether personal, company or investment, as part of getting you the best financing possible. We take into account your preferred level of risk, as well as your future earnings and professional goals.

All of these considerations are critical in securing a loan that not only allows you to acquire this home, but also allows you to meet your financial obligations in the future without incurring additional fees, expenditures, or restrictions.

You can also chat with a mortgage broker for help with your home buying, investing, or refinancing needs.