What is a Home Loan Health Check?

When was the last time you checked in on your home loan?
At Community Bank Cannonvale-Proserpine, we’ve streamlined the process by offering our free Home Loan Health Check service to anyone, even if they don’t bank with us. Here’s what’s involved and how you can benefit.

What’s involved in a home loan health check?
The process starts with a review of your current interest rate, loan structure, home value, repayment options and remaining loan term. We’ll also ask you about your goals and aspirations and any short or long-term plans you have for your lifestyle. We'll then explore options available to you.  Every borrower has different needs, so a loan suitable for one person won't always suit another. 

Why do I need it?
Keeping the same home loan for a long time can mean missing out on more favourable loan options and interest rates. Plus, as your circumstances change, you may benefit from new features, repayments, or interest rates, better aligning your home loan to your life plans. You may even unlock equity in your home to finance a renovation, dream trip, or purchase another property. 

Get a lower interest rate
Lower loan-to-value ratios (LVR) can sometimes secure a lower interest rate. When a home loan has been in place for a while, the LVR may have improved due to increased property value and decreased outstanding loan balance.

Access more suitable features
Older home loan products may lack features suiting your current financial situation.  For example, an offset account can substantially reduce interest charges.

How often should you review your home loan?
Community Bank Cannonvale-Proserpine recommends checking your home loan annually.  Other signs it’s time for a review include:
   • Your interest rate is higher than advertised rates for new customers (or you don’t know your rate!).
   • You lack features like an offset account.
   • Your circumstances have changed (e.g., income changes or life goals).
   • Your fixed rate has ended (or is ending soon).
   • You were previously on a special offer ‘honeymoon’ rate that has reverted to a higher rate.
   • Your home value has increased.

Realise your goals sooner with a home loan health check
Neglecting to review your home loan regularly can mean missing out on big opportunities, like accessing equity in your property or making significant savings on your interest repayments. If you have goals, a free home loan health check with Community Bank Cannonvale-Proserpine could unlock opportunities and get you there faster.

Make a time to see the Bendigo Community Bank Cannonvale–Proserpine Branch Manager Amanda and the team.
Located: Whitsunday Plaza Cannonvale
Call (07) 4948 3599
Email cannonvale&proserpinemailbox@bendigoadelaide.com.au

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