How to save on your mortgage even if the RBA holds

Reviewing your loan terms and rates can save you money and help you plan for the future. Here are some steps you can take:

Utilise us to help seek best pricing on your current home loan and compare this to what is available on the market for a potential refinance.

Maximise your repayments

Everyone wants to get ahead on their mortgage. The best way to reduce the amount of interest you repay overall is by paying more than the minimum monthly repayments.

Even small amounts can make a big difference over the life of your loan and could also provide a redraw cushion if you need to reinvest in a home improvement project. We have plenty of calculators on our website to assist you on working out how soon you own your property by simply making regular extra repayments How long to repay calculator – Blue Key Finance .

Communicate with your lender

Proactively engage with your bank (or through us) by letting us know what your goals are and negotiate for a better deal.

Some banks offer home loan packages with a range of add on services. See what you are paying for, and if you are making the most of the bonus features.

If you anticipate any changes in your financial circumstances, good or challenging, contact your bank as soon as possible. Banks are here to help you achieve your goals and support you if things get tricky.

Look at the value of your home

If property values have moved in your area, your home could have increased in value as well. This could affect your loan to value ratio (LVR) and any associated costs, like lenders’ mortgage insurance, that are associated with your loan.

You may also think about how long you plan to live in the house – the longer that is, the more time you have to realise any potential savings.

Ask us for a FREE comprehensive suburb report of your area so you can work our market values of your own home and potential next purchase.

Ask an expert

You don’t have to do this all on your own. Consulting us is a good place to start, but after reviewing your goals you might want to get further specialised advice from a financial adviser, tax specialist or lawyer. Just make sure they are registered and reputable.

Your finances, interest rates, economy and property values all change regularly – even monthly.

Regularly checking in ensures that your mortgage is in alignment with your financial situation and goals, as well as ensuring that you are getting the best deal your bank can give.

So schedule your annual mortgage checkup today.