Home Loan Health Check
22 Apr
Today's
Best Rate
Home Loan Rates From 6.04% Variable
With A low 6.06% Comparison
Doctors Loan Australia

What is a Home Loan Health Check?

A home loan health check is similar to a doctor’s checkup, but for your home loan. The check looks at many things, such as your repayment type, interest rate, and current property goals. It assesses if your existing loan is still the right fit.

Essentially, a mortgage health check helps you determine if your home loan is still suitable for you. It also empowers you to decide whether you would benefit from a different loan.

Why Do You Need a Home Loan Health Check?

You need a home loan health check because it can benefit your financial position. If you are in the routine of making mortgage repayments for an extended period, a home loan health check can help you determine if your current home loan is still right for you.

Home loan health checks can help you review your current home loan rate, refinance to consolidate debt, switch between fixed and variable rates, alter the loan term, and access better loan features.

A home loan health check is a good option if you:

A home loan health check is a good option if you:

  • Plan to make home renovations
  • Want to pay off your home sooner
  • Are about to end a fixed rate term
  • Are looking to reduce your payments
  • Want to purchase an investment property

Speak to our mortgage brokers
The benefits of a Home Loan Health Check

The benefits of a Home Loan Health Check

Home loan health checks offer many benefits. You can save a lot of money by performing a home loan health check annually, or every couple of years. You could save thousands of dollars on your mortgage’s total cost, which is the central benefit.

You can get ahead on your other bills by saving that much money on your mortgage. Some other benefits include easier online management, redirecting to a loan to a provider with exceptional customer service, or finding a loan that better suits your financial needs.

Speak to our mortgage brokers

Home Finance Options

Home Loan Pre-Approval

Applying for home loan pre-approval can give you a good idea of how much you could afford to borrow, so you know your limits when searching for your dream home.

The first step of any home buying process is to receive a home loan pre-approval. We’ll walk you through the steps of getting you pre-approved. That way, you have an idea of how much money you’ll be able to spend on the home of your dreams. Not knowing how much you can afford is a scary situation to find yourself in. Making a commitment to purchase a home without knowing this ahead of time is never a smart decision. Let the team at Fox Finance Group walk you through this step-by-step. We’ll give you the freedom of choice and peace of mind that comes from knowing you can afford the homes you’re looking at, based on your debt-to-income ratio.

Apply for pre approval

Variable Rate Home Loan

Whether you’re buying your first home, next home, an investment property, renovating or refinancing, we can help you make your next move with confidence.

Variable rate home lending occurs when the interest rate on your home loans changes over time. These interest rates change as the market changes and, as a result, your home mortgage payments will change as well. As interest rates fall, so will your mortgage payment. As interest rates increase, so will your mortgage payment. The upside to these types of loans is that you generally get better perks when you apply, such as lower introductory rates for a specified period of time. The downside is the unpredictability of these loans and inability to forecast future rates.

Apply for a home loan

Fixed Rate Home Loan

Fixed rate home loans give you the certainty of knowing what your repayments will be during the fixed period.

Home loan interest rates that are fixed do not fluctuate with the market. You’re locked in at the interest rate you received when you were approved. This will result in your payments being the same over time unless you refinance. The positive side of this is that you know exactly what your monthly mortgage payment will be, so you can plan and budget for it accordingly. These loans are less flexible and will not fall during a market where interest rates are declining. People who have fixed rate loans will need to refinance if they want to get a lower interest rate later on during the loan period.

Apply for a home loan

Split Loan

Can’t decide between a variable or fixed home loan? You might consider splitting your home loan into part fixed, part variable rate so you can benefit from both certainty and flexibility.

A split loan is a hybrid of the two options. Part of your loan will be dedicated to a fixed interest rate and part of it will be a variable interest rate.

Apply for a loan

Interest Only Home Loans

Lower repayments during the interest-only period could help you save more or pay off other more expensive debts.

Interest Only Home Lending is when you pay only the interest for the first number of years during the loan. This will make your mortgage payments lower on the front end but higher on the back end of the loan. There are positives to these types of home loans if you’re trying to buy a second home that may become your permanent home. Paying only the interest will allow you to continue paying the first mortgage while contributing to the second one.

Apply for a home loan

Home Equity Loan

An equity loan lets you borrow against the equity in your home. You could unlock equity to fund a renovation, investment property or more.

A Home Equity Release is a loan that allows you to leverage the equity you have in your home to make improvements. Those changes may help you sell your home for more money someday. It can fund home renovations and you can even use it on a second property. Equity is the difference between the value of your home in the current market and the amount of money remaining on your loan. When you’re paying off a home loan, the equity grows. If your property is increasing in value, the equity you have in your home will increase as well. For example, if you purchased a home for $450,000 and deposited $100,000, you then have $100,000 worth of equity in that house. If the value of the home increases to $500,000, and you pay another $50,000 over time on the house, you then have $200,000 in equity. You can refinance up to 80% of the value of the property and subtract the amount you owe to figure out what you would be eligible for in a home equity loan.

Apply for an equity loan

Calculate Your Loan Repayments

Borrowing Power Calculator
Borrowing Power Calculator

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Loan Repayment Calculator

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Compare Your Current Loan
Compare Your Current Loan

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Extra Repayment Calculator
Extra Repayment Calculator

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Home Loan Applicaiton Sunshine Coast

5 Simple Steps To Getting Your Home Loan Approved

  • 1. Enquire
    1. Enquire

    Enter some basic details about your home loan enquiry in our simple online form.

  • 2. Speak with an expert
    2. Speak with an expert

    Discuss your home loan preferences and application information with our friendly Home Lending Specialists.

  • 3. Get pre-approved for your home!
    3. Get pre-approved for your home!

    Your Home Lending Specialist will guide you through all details of your mortgage pre-approval.

  • 4. Sign your home loan contracts
    4. Sign your home loan contracts

    Once everything is verified, we’ll discuss your loan contracts together for you to then sign.

  • 5. Move in!
    5. Move in!

    Your loan funds will be processed by the lender when settlement is finalised. It's that simple!

5 Simple Steps To Getting Your Home Loan Approved

What Our Clients Say

Why Choose Fox Finance Group?

Questions about the health of your home loan?