How Often Should You Review Your Mortgage? It Might Be Time! - Finance Matters

When should you review your mortgage? It’s a common question to ask. When you first start applying for a mortgage, you can use a mortgage calculator to get an idea of how much deposit you can afford and what your repayments might be – but once you’ve secured your mortgage and purchased your first home in NZ, it’s important to stay on top of things to ensure you’re making the most of your repayments.

After all, your life is constantly changing and the way you approach your home loan may need to change alongside it; that’s why meeting regularly with your mortgage adviser is always key.

Here are some important reasons why you should consider reviewing your home loan:

If Your Situation Has Changed

Most people will have their mortgage in place for many years, and over this stretch of time your situation is likely to change. For example, your household income could rise, meaning that you can afford to increase your repayments and close out your home loan sooner than you originally expected. Another example could be that you have saved up some extra funds which you would like to repay towards your mortgage and bring your mortgage down. You want to review your options and save any potential cost to break any existing fixed mortgage. Having mortgage reviewed with your mortgage adviser and working out options will always be beneficial.

If Interest Rates Have Shifted

Whether you’re on a fixed-rate mortgage that’s coming to an end, or a floating and fixed combination, interest rates are guaranteed to move up or down over time. In this case, we may be able to negotiate a better deal for you during your next review and save you on your interest payments during the next period.

If You’re Adding a New Property to Your Portfolio

Your mortgage doesn’t just have to work for your first home; if you’re looking to start investing and adding new properties to your portfolio, we can ideally work with you to create a plan which can let you pay off your mortgage faster and use the equity in your home towards the next property.

Or Anything Else…!

There are many other reasons why you could want to pay off your mortgage faster and get debt-free to better enjoy your first home or investment portfolio. If you’re ready to review your current mortgage and see where you may be able to save, get in touch with our team any time. We can work with you to meet your budget and the current market.

Call us on our super easy freephone 0800 700 600 or email us on team@financematters.co.nz now if you would like review your mortgage!