Gippsland Mortgage Solutions

  • Email
  • Facebook
  • LinkedIn
  • Twitter
t: 03 5143 0135
  • Home
  • About
  • Loan Types
  • Compare Home Loans
  • Home Mortgage Guide
    • Home Mortgage Guide
    • Home Loan Calculators
    • Home Loan Glossary
    • Home Loan Information Brochures
  • Blog
  • Contact
You are here: Home / Home Loans / When to leave your lender…

When to leave your lender…

April 3, 2019 By Kim McMaster

Loyalty is an admirable quality in any relationship. But is your devotion to your home loan provider justified?  It’s important to ask your mortgage broker to help you review your home loan from time to time. We’re here to check the interest rate, review it’s features and make sure it’s still giving you everything you need and desire.

Here are some tell-tale signs that it may be time to part ways with your current lender and start afresh with someone new.

Your home loan is getting old

Without suggesting you go on ‘Home Loan Tinder’ and start ogling a new lender every week, we have to say the days of staying with the same one for 30 years are long gone. If you’ve had your home loan for more than two years, it could be time to review it. The home loan market is increasingly competitive and new products are being released all the time.

For example, take offset accounts. These transaction accounts are linked to your mortgage, and any money you deposit is offset against your outstanding loan balance, saving you money on interest. They just keep getting better and better, with a larger proportion of your loan available to offset.

Another popular option is a redraw facility. This allows you to make extra repayments on your mortgage and save on interest, without committing to a shorter loan term – you can access and withdraw those extra funds at any time.

The honeymoon period is long gone

When you first take out a home loan, lenders may offer you a sweetheart deal to get you in the door. It’s not uncommon for them to waive fees or discount interest rates to new customers – this kind of loan arrangement is frequently referred to as a honeymoon period or honeymoon loan. But once the honeymoon is over, the loan may revert to a more expensive or less convenient loan than you would like. If that’s the case, it’s time to look at new options.

Your lender doesn’t listen to a word you say

Nobody likes to nag. If you’re always chasing your lender about rates or ways to save, it may also be time to hit the bricks. Similarly, if you’re sick of talking to a voice recording over the phone and crave real human interaction, there may be other lenders who place greater importance on giving you the attention you deserve. If this is the case for you, ask us about our home-brand home loans, where we provide you with the after-care service ourselves.

Your needs are not being met

Maybe you’ve scored a higher paying job and want to pay down your mortgage faster. Perhaps you’re adding to your family and temporarily need to rely on one income for a time. If your needs have changed, you may find it more fulfilling to be with another home loan provider and a mortgage that marries with your current financial circumstances and goals.

Remember, there are plenty of fish in the sea!

As your mortgage broker, we can access 100s of loan products from a wide variety of lenders. We’ll also know which lenders and products are right for you, considering your personal financial circumstances and goals. Let us be your match-maker!

Don’t stay in an obsolete relationship with your lender. If you’d like to know more, or would just like a home loan health check with no obligation to switch lenders, please get in touch.

Share this:

  • Twitter
  • Facebook

Related

Filed Under: Home Loans

Our Lending Partners

Gippsland Mortgage Solutions - Lenders logoGippsland Mortgage Solutions - Lenders logo Gippsland Mortgage Solutions - Lenders logoGippsland Mortgage Solutions - Lenders logo Gippsland Mortgage Solutions - Lenders logo Gippsland Mortgage Solutions - Lenders logoGippsland Mortgage Solutions - Lenders logo Gippsland Mortgage Solutions - Lenders logoGippsland Mortgage Solutions - Lenders logoGippsland Mortgage Solutions - Lenders logoGippsland Mortgage Solutions - Lenders logoGippsland Mortgage Solutions - Lenders logo   Gippsland Mortgage Solutions - Lenders logo Gippsland Mortgage Solutions - Lenders logoGippsland Mortgage Solutions - Lenders logo Gippsland Mortgage Solutions - Lenders logo Gippsland Mortgage Solutions - Lenders logo Gippsland Mortgage Solutions - Lenders logoGippsland Mortgage Solutions - Lenders logo Gippsland Mortgage Solutions - Lenders logo Gippsland Mortgage Solutions - Lenders logo   Gippsland Mortgage Solutions - Lenders logo Firefighters Unibank

THE FINE PRINT

Credit Representative 481807 is authorised under Australian Credit Licence 389328.

Your full financial needs and requirements need to be reviewed prior to any tailored advice being provided. Subject to lenders criteria and lenders fees and charges may apply.

Disclaimer
The information contained in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purpose of entering into any legal or financial commitments.

Policies
– Privacy Statement
– Compliments and Concerns
– Sitemap

CALL BACK REQUEST

    Name:

    Email:

    Preferred method of contact:

    Phone:

    Comment:

    CONTACT US

    Office and postal address
    74A Macarthur Street, Sale Victoria 3850

    P 03 5143 0135
    M 0438 235 375
    F 03 5143 0545

    To send us an email please complete the Call Back Request form.

    Our Location

    © 2022 Gippsland Mortgage Solutions

    Website by Italicherry Design Studio

     

    Loading Comments...
     

    You must be logged in to post a comment.