When it comes time to re-fix: The dos and don'ts

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When you get that email from the bank saying your home loan is due to for re-fixing, do you A) just hit the “yes” button, or B) take the opportunity to reassess in order to strike the best deal?

Re-fixing provides an excellent reason for reassessing where your personal finances are at, taking in the changes in the banking industry and adjusting your plan and home loan structure to suit.

 

So, here are some quick pointers to keep in mind for when you get that re-fix email:

 

Do … see the re-fix email as a chance to reassess your financial situation and survey the financial landscape.

 

Don't … just hit the button on the banks’ email or internet banking message without talking to a trusted financial adviser (of which, we can help!).

 

Do … use the automated calculators the banks provide—they’re very useful tools and help to make things simple. But they do have their limitations …

 

Don’t … just rely on these calculators as they often miss the individual nuances of people’s hugely varied financial and life situations. After working with literally 100s of home owners over the years, we know that everyone can benefit from a tailored and personalised strategy. There may come a day when technology can handle all these nuances, but until then we are here to help.

 

Do … get someone else to do the donkey work. Re-fixing at the click of a button is obviously less stress than researching the market and negotiating afresh with the bank, but the good news is that you don’t have to do that donkey work—we do it for you! 

 

So, the message from us ...  give us a bell before click the “yes” button on re-fixing. Let’s get you locked in to your best possible mortgage.

 

Brendon Ojala is a Registered Financial Adviser with Velocity Financial. No investment decision should be taken based on the information in this blog alone. A disclosure statement is available free of charge upon request.