Is your home loan working as hard as you are?

As the single biggest household expense, the cost of mortgages puts pressure on every other item of household spending. Now more than ever, it is critical to ensure you are getting the best deal on your home loan.

A regular review of your home loan and how you manage it will help you identify some areas where you may be able to improve the efficiency of your loan. We’ve put together a list of the top 5 things to consider when reviewing your home loan.

1. Interest Rate

When was the last time you checked the interest rate on your home loan? Information on interest rates is readily available on most financial institutions websites or one of the many comparison sites like Ratecity or MOZO. See how your rate stacks up against what’s currently on offer. If your rate doesn’t compare, it’s time to look at your options.

2. Payment Flexibility 

Does your loan offer flexibility on your repayments? One of the easiest ways to save money on your home loan is to pay half your monthly repayment amount every fortnight. You won’t notice much of a difference, but over the year you make a full extra monthly repayment. Ideally, you also want to pay a little extra each payment. This doesn’t need to be a lot – even as little as $25 extra each payment can make a big difference over the life of your loan. Find our how extra repayments could impact your loan with IMB's Extra Repayments Calculator.

3. Offset Account 

If you have any savings it's worth considering an offset account. An offset account reduces the balance of your home loan for the purposes of calculating interest. So while you don’t earn interest on your savings, you do save on interest on your home loan.

Need help finding the right home loan solution for you? Your local IMB Home Lending Specialist is available in branch and over the phone. Or if you would prefer a mobile lending specialists will come to you.

Book an appointment to speak with an IMB Bank Home Loan Specialist

^{This is general information only and it does not take into account your objectives, financial situation or needs.  You should consider if any advice is appropriate for your circumstances.  IMB lending criteria, terms and conditions, fees and charges apply to IMB lending products.}