Are you thinking of buying a house soon? Looking to get a new mortgage or refinance an existing one? If yes, then you should definitely take advantage of a home loan health check. This is a free service offered by mortgage specialists — and one that you should avail if you have investment plans down your pipeline.

What is a home loan health check?

A home loan health check is a comprehensive financial assessment carried out by a mortgage broker or a lender. 

The purpose of a mortgage health check is to assess the current status of the borrower’s finances and whether or not your existing home loan is still the best option for you.

A mortgage broker is the one who will conduct the mortgage health check. They act like a doctor doing a check up on your home loan where they examine all the criteria, e.g., interest rate, repayment type, your income, assets, debts, current property goals, and your loan-to-value ratio (LVR).

After carrying out the healthcheck, you will be informed about the results which will help you make informed decisions around your investment plans.

It typically takes no more than 15-20 minutes to complete mortgage health checks. You will need to provide documentation of your financial details like your current repayment schedule and the address of your home so the mortgage broker can perform an accurate indicative valuation of it.

Prior to a mortgage health check, you must first assess your goals. Do you:

  • like to pay off your mortgage faster?
  • plan on any major purchase soon?
  • want to save money on your mortgage?
  • see your financial situation changing within a year?
  • struggle to meet your present commitments?
  • know if your current home loan is expiring soon?
  • feel like your bank or lender is no longer helpful? 

Why you need to get a mortgage health check

Home loans and mortgages are constantly changing. Given how often the economic situation fluctuates, any homeowner would do well to not assume their loan is good enough. 

There is always scope for you to save on monthly repayments with a more competitive mortgage. Your mortgage broker will be able to help you evaluate if it is financially worth staying with your current lender or switching to a new one.

Advantages of getting a home loan health check Australia

Through regular home loan health reviews you will be able to educate yourself on the different types of home loans available, what they entail, and how they affect your overall finances. 

You may also be able to reap the benefit of a home loan with better features such as lower interest rates and the ability to consolidate your debts or update the frequency of your repayments. 

You may even be able to negotiate better terms or transfer your loan to another bank with the help of your mortgage broker. If you opt to refinance, results from a home loan health check will show you how to find out how much home loan you qualify for.

Get a FREE home loan health check today!

As previously mentioned, a mortgage health check is free. At Stryve, we offer this service at no cost to you because we have the market and product knowledge needed to assess which loan option best suits your circumstance. 

You are under no obligation to use our services after the mortgage health check, and the banks are happy to pay us if you do end up availing of their mortgage products. 

Stryve Finance are expert finance brokers in Australia. We offer a wide range of lending products across a panel of over 30 banks. We negotiate between various lenders on your behalf to obtain competitive rates, fees and terms.

Ready for a home loan health check? Call us on 1300 202 285 to get started.