If you currently have taken out a home loan or you are about to, whether you live in Perth or not, you may want to consider switching your lender. Who you’ve taken or who you usually get your loans from may not be too important in terms of loyalty. They may be charging you too much in interest and there may be better options in the Perth area. You might be able to save incredible amounts of money by switching home loans. However, there are a couple things you should know about and try before you make the switch.
Before you can decide if you need to switch home loans and look for other lenders in the Perth area, you should gather all the information you can about the loan you currently have. A recently passed rule has decided that if you ask your broker, they must give you with a key facts sheet. This provides you with everything you need to know in an easy to read format.
Having such tool will provide you with the essential information about your current loan. Then, you can determine if your interest or payment options are bad enough for you to need to shift.
If you do need to switch loans to save money on interest, try other options before making that decision. One thing you can do that sometimes works is to talk to your current lender about your loan. Explain that you are seriously thinking about switching to another product offered by another lender for they may be able to work with you to lower the interest rate. It’s good to try before leaving for this will make it easier to work with them to get the paperwork done to make the shift.
The Changing of the Loans
If you have taken out a home loan that is not suitable for your needs or budget, you may want to switch to a different lender. You can save a lot in accrued interest rates by doing this, so it may be in your favour.
Gather information and talk to your current lender before making a decision, but then do so if need be. To learn about how we can help you if you do the shift, call (08) 9472 9766.