To help homeowners assess whether or not they are getting the best possible home loan deal, RAMS has launched a Home Loan Health Checklist.
RAMS chief executive Melos Sulicich said home buyers are encouraged to shop around to make sure they are getting the best deal. But, often they don’t know where to start.
“Circumstances and lifestyle change over time and often the home loan that suited you once may not be the best deal for you today,” he said.
“Many people wouldn’t take the risk of not having their car serviced or not seeking medical advice to manage an illness so why take the unnecessary financial risk of not reviewing your home loan to see if it is still working for you in the best possible way to meet your individual circumstances?
“You may find yourself paying too much interest and fees and missing out on the flexibility that you could be enjoying.”
Mr Sulicich said a regular home loan health check would ensure customers are getting a home loan that’s suitable for them.
“It is important to carefully assess the options and costs of refinancing before making any changes to your existing loan,” he said.