They say changing lenders is easy and you should look for a better price and service - but how often should I do this?

Hi Jimmy,

Good question that I get all the time.

We recommend our clients contact their broker or bank on an annual basis to review their lender requirements & negotiate their rates.

Happy to discuss further if you would like!
Rebecca from Awesome

Hi Jimmy,

The average person looks at their home loan every four years to see if they are on a good product and they have a competitive interest rate that is matched towards your goals.

However doing a review to keep check of your home loan annually is wise to do. This ensures you are on the most suitable product and rate for you. It can also provide piece of mind knowing that you are on a good thing.

Always happy to compare your current loan if you require.

Nicole

Hi Jimmy
It can be easy depending on your circumstances. There is no set timeframe for change - as brokers we review clients financial situation annually but we would not change lenders every time.

There are lots of things to consider when changing your mortgage and the lowest price may not always be the best deal for you. There can be costs involved in the change that are not always clear. I would recommend you talk to a mortgage broker who can go through all of the options with you - they will then be able to take care of the application as well.

When looking at any type of finance you also need to consider the impact of any applications on your credit file - too many searches and applications could make it tougher for you to get finance further down the line.

I am always happy to help if you want a review of your situation.

Jimmy, it is relatively easy these days to change, yes. However, this does not necessarily mean you should change the loan or lender.
Reviewing your financial situation on an annual basis is a good idea but not just for a better rate. I recommend to consider the following:
1) is the product (and specifically its features) and the structure/set up still in line with your goals?
2) are there any lender policy changes that have impacted you negatively or will impact you positively if you change?

Hi Jimmy,
It is always great to have an understanding of the current interest rate and fee's on your home loan. I will generally speak with my clients every 6 months for a check up to make sure all is fine and to answer any questions. Each time we do a quick health check on the home loan.

Being conscious of exit fees and entry costs when refinancing is very important. As well as the financial history you are leaving on your financial credit check.

Over the last 2 years we have seen a dramatic increase in who and what the banks will reward and target. Some interest rate discounts have changed from as low as 0.5% to 1.30% for the same type of client and loan but just a few years later.

Overall the answer is different for everyone but with constant reviews and feedback you will know how to compare your current home loan with what is available at the time.

Hi Jimmy,
Great question.
We suggest every twelve months. Two years max. The finance industry is constantly evolving and new products are added by lenders all the time. A review should include your rate, product and complementary services that you may not have yet considered. For example, a will or life insurance.
Good luck with your finance health check.

Jimmy S, it is s real dollars and cents question. There is no specific time frame but I would suggest you review your loan at least every 12 months. To change lenders there needs to be a financial benefit to you to make it worthwhile. Talk to a Mortgage Broker that you trust to be honest and impartial- someone to give you an honest opinion as to what your options are and what if id going to cost. Cheers, Rob

Every 2 years is good practice, I'm a broker based in Sylvania if you want to have a chat, I can research different options for you. Joanne 0408 698 210