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HOME LOAN HEALTH CHECK | JUST ONE CALL

Home loan payments are back to business as usual for many across the nation, with the banks winding up their deferral programs (following a high of almost 500,000 deferrals being granted).  However, there are still some investors and homeowners who are feeling the financial pinch.

Finding ways to save money, reduce debt, increase wealth, and generate greater profits is every investor’s end goal.

The banks were happy to tell us that the deferral period had ended, but the banks will often not tell you how to get a better deal – you must go to them or shop around.

While we can apply the 'shop around' concept to everything from utilities to insurance premiums, let us keep it simple this month and commit to making just one call to your bank asking, "Can I get a better home loan deal, or how can I save money?"

A few thought-provoking tips and questions to ask when contacting your bank:

• Research other lender rates first.
• Let your bank know that you are comparing home loans.
• How much can be saved in interest by making weekly or fortnightly payments?
• Will setting up an offset account save me money?
• What can I save in interest by paying an extra $100 per month?
• Can I structure the home loan differently to reduce payments, save money or reduce the amount of interest payable?

ONE CALL REALLY CAN SAVE $$$