With interest rates holding steady (for now), it's a smart time to ask the question:
Am I paying too much on my home loan?
Most borrowers don’t check they just assume what they signed up for is still competitive. But the truth is, the home loan market changes fast. Lenders adjust their rates, special offers come and go and what was a sharp deal two years ago might now be costing you thousands more than it should.
If you want to stay financially ahead, here’s how to spot the signs you're paying too much.
Right now, many competitive home loan rates are in the low to mid 5% range, especially for borrowers with good equity and stable income. If your rate starts with a 6 or higher it's time to review your options.
Even a 0.50% difference on a $500,000 loan can add up to over $2,000 a year.
When was the last time you had your loan reviewed?
Banks aren’t in the habit of calling you to say, “Hey, we’ve got a better deal for you.” That’s where a broker comes in. Even if you're on a variable rate, lenders often offer sharper pricing to new customers while existing customers get left behind.
A yearly review with a mortgage broker can ensure your loan is still competitive.
Are you making use of offset accounts, redraw facilities or flexible repayment options? If not, and your loan includes these features (and charges fees for them), you could be paying extra for benefits you're not using.
On the flip side, if your current loan doesn’t offer these features, you might be missing out on interest savings that could shorten your loan term.
If your property's value has increased or you've paid down a decent chunk of your loan you may now have a lower loan-to-value ratio (LVR). That can make you eligible for discounted rates.
But unless you proactively negotiate or refinance, your lender won’t automatically apply these discounts. A quick valuation and loan health check can reveal if you're in a better LVR tier.
If any of this sounds familiar, it’s worth having a no-obligation chat about your options. Whether you’re on Bribie Island, in Brisbane or anywhere in the Moreton Bay region, I can help you:
There’s no cost for a review but staying on an outdated loan could be costing you more than you think.
Get in touch with me today and let’s run the numbers.
We are based on the beautiful Queensland coast, between the Sunshine Coast & Brisbane and we offer a complimentary home loan broking service.
Make an appointment today for an obligation-free chat, to talk about what you need and how we can help.
*This article is general information only and does not constitute financial advice. Your personal circumstances will need to be assessed before any product or proposal is recommended. Mark Hind is an Authorised Credit Representative (ACR 519951) of Outsource Finance Pty Ltd, Australian Credit Licence 384324.
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