Could you put tens of thousands of dollars back in your pocket?
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Switching home loans isn’t usually a high-priority task. Often, people put it off again and again, until they finally find a rainy day to get around to it.
However, switching home loans could save lots of people a huge amount of money. I’m talking tens of thousands of dollars for a job that could take a few minutes. Yes, really.
Of course, not everyone can benefit from switching home loans. There are a few signs that suggest it might be worth looking into sooner rather than later.
👋 Psst! We’ve partnered with Nano to bring you these insights so we’ll be using some examples from Nano throughout. You should always compare your options though.
1. You’re struggling to meet repayments
Monthly repayments becoming too much of a burden? You’re not alone.
In a Finder survey of over 5,000 Australians, almost half (48%) said their rent or mortgage was the most stressful bill and 29% said they struggle to meet repayments.
If you’re in the same boat, you might be able to ease the stress by switching.
Let’s say you borrow $500,000 over 25 years. A Finder comparison of over 60 home loans shows you could have monthly repayments of anywhere from $2,082 up to $2,453. How much more financially secure would you feel with an extra $371 in your pocket every month?
2. You haven’t looked at your loan in a while
Even if you’re not overburdened by your mortgage, it’s still good to check in on it regularly to see if you could be getting a better deal elsewhere.
And I know what you’re thinking. However, switching home loans doesn’t have to be the arduous process that it’s sometimes perceived to be.
Increasingly, we’re seeing digital disrupters speed up and simplify the approvals process. For example, Nano was initially founded with the aim of addressing common gripes in the approval process. While big banks can take weeks to approve a loan, the digital alternative can turn an answer around in minutes.
The quicker pace doesn’t seem to come at a cost either. Data collected by Nano shows that customers who refinanced through the platform saved an average of $63,000*.
3. You’re looking to sell, upgrade or invest
Whether planning to move, make major changes or add a property to your portfolio, it’s likely you’ll …….
Source: https://www.finder.com.au/6-signs-you-might-be-ready-to-switch-home-loans