Never Forget Your Home Loan Interest Rate!

Do you ever find yourself struggling to recall your home loan interest rate amidst the flurry of everyday life? It's a common occurrence—remembering where you placed your car keys or the name of the latest celebrity scandal seems far easier than keeping tabs on your financial obligations. However, unlike these trivial details, your home loan rate is a crucial piece of information that shouldn't slip your mind, no matter the occasion.

Your home loan repayments likely constitute one of the largest expenses in your household budget. Yet, astonishingly, a significant portion of mortgage holders have lost track of what interest rate they're currently paying.

According to a recent report by Mozo, a staggering 42% of mortgage holders are unaware of the interest rate on their home loan. This oversight can have costly consequences for homeowners.

How Does Your Loan Rate Compare?

Mozo's findings reveal that one in five homeowners has never compared rates since taking out their loan. While your home loan might have offered a competitive rate when you first signed up, the mortgage market is constantly evolving. With the cash rate at its highest level since late 2011, there's no place for being complacent.

To gauge where your home loan rate stands, a quick check of your latest loan statement should provide the necessary details. Alternatively, reaching out to us directly can also clarify your current rate.

For context, the average home loan interest rate for owner-occupiers currently sits at 6.4%, with new home loans at 6.3%, as reported by the Reserve Bank of Australia.

Why Regularly Reviewing Your Home Loan is Necessary

Reviewing your home loan isn't just about the interest rate. Your financial needs and lifestyle may have changed since you were a first-time home buyer and successfully secured your mortgage. Hence, regularly reassessing your loan ensures it still aligns with your current circumstances and preferences.

Whether it's conducting an annual review or reassessing after a major life event like starting a family, understanding your loan's performance—both in terms of rate and features—is essential. 

Our team can facilitate a comprehensive home loan review, providing insights into your current rate, assessing if your loan offers the features you require, and exploring potential savings through refinancing.

Consider Refinancing with Osinski Finance!

If you've been contemplating whether refinancing could offer better terms, don't hesitate to contact us. 

Osinski Finance can guide you through the process, helping you determine if refinancing aligns with your financial goals and showcasing potential savings by switching to a new loan or lender.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.