The opposite of refinancing is accepting the status quo, as it’s easy to simply set and forget your home loan and keep making your regular repayments. While accepting the status quo is the easy option for the short-term, over the long run it can cost you tens of thousands of dollars, and add years to your mortgage. To check you're not costing yourself thousands and committing to many years more mortgage repayments than you need to, it's nearly always well worth asking yourself a few questions, including:
- Can I manage my loan repayments? Can I comfortably repay more?
- Have I explored getting a better rate, potentially taking years off my mortgage?
- Have I considered whether it suits me to free up funds to renovate, consolidate debt, or invest elsewhere?
- Am I satisfied with the service of my current lender?
- Is my mortgage structured so I can pay it off as quickly as possible?
- Am I using all the home loan features that I'm currently paying for?
- Is my mortgage structured to reflect my current lifestyle?
If you answered “no” or “I don’t know” to any of these questions, it’s time for you to contact us to explore your options.