Don’t be scared of switch­ing home loans

Port Douglas & Mossman Gazette - - FRONT PAGE -

SWITCH­ING home loans isn’t some­thing to be scared of. Ev­ery­one should ex­am­ine their home loan ar­range­ments reg­u­larly. There may be big sav­ings you can ac­cess. But don’t make one of th­ese mis­takes.

1. Re­fi­nanc­ing when your prop­erty has lost value - Los­ing value can drive you into a higher in­ter­est rate loan.

2. Not crunch­ing the num­bers on exit fees and costs - Fees for ex­it­ing your cur­rent loan could out­strip the in­ter­est rate sav­ings.

3. Re­fi­nanc­ing dur­ing a fixed in­ter­est pe­riod - Fixed in­ter­est loans may have exit fees.

4. Switch­ing af­ter your credit record has an in­fringe­ment

5. Not check­ing the com­par­i­son rate - A com­par­i­son rate takes into ac­count on­go­ing fees.

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