When was the last time you reviewed your mortgage?

A mortgage review could save you thousands in interest over the life of your loan. And it's not only about getting a better interest rate, it's about structuring the mortgage in the right way too. That's where a good mortgage broker comes in.

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When it comes to your home loan, the little things really matter

Increasing your repayments by a small amount each week, or getting an extra 0.25% off your interest rate adds up to tens of thousands of dollars saved. Yep, we're not talking small change here.

So what's stopping you getting a free mortgage review?

People often think that having a mortgage review means tons of tricky forms and ultimately changing banks. It doesn't have to be like that.

Take advantage of lower interest rates

Getting just a small amount shaved off your interest rate can make a difference to your monthly payments, leaving you more money for the things you want - not to mention getting your home loan paid off quicker.

You don't have to switch banks to get a better rate

Your Squirrel mortgage adviser can often renegotiate your mortgage with your current bank, saving you the hassle of switching if you're happy where you are.

If your lifestyle has changed, so should your mortgage

Maybe you've started a family, maybe you've retired. Whatever life stage you're at, make sure your mortgage is structured in the best possible way to suit your needs right now.

Save thousands over the life of your home loan

We're not thinking peanuts here. We're talking tens of thousands of dollars! A review costs you nothing but could save you buckets of money. Seems like a no-brainer.

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The lowdown on break fees

Sometimes when reviewing your mortgage we might find that the best solution is switching you to different bank. In this case the bank your mortgage is with will charge what's called a "Break Fee". This is because you are breaking a legal contract between you and the bank. The bank incurs a real cost as a result, which is then passed on to you. They’re not just trying to squeeze you for a bit more.

Generally speaking, the longer the remaining time on your fixed term or the bigger the difference between your current interest rate and the new rate (if switching from a higher rate to a lower rate), the higher the break fee.

So is it worth breaking my fixed term?

There are circumstances where it’s worth breaking your fixed term, but it could also end up costing you more in the long run. Every situation is different so get in touch with one of the team to help you work out what’s best for you.

Can I break out of a fixed interest loan to take advantage of falling rates?

It might be possible to break out of a fixed loan before the term is up, but you’re likely to be charged a break fee for doing so. This is because the bank is incurring a loss by you breaking the term early. This loss is passed on to you in the form of a break fee. There are some instances where it’s worth breaking your fixed term, but it could also end up costing you more in the long run. Every situation is different so get in touch with one of the team to help you work out what’s best for you.

What happens if I sell my house?

If you sell your house to buy a new one while still under a fixed term, you may be able to transfer the existing loan and rate to the new property. If you’re repaying your loan once you’ve sold, you may have to pay break fees. Before you sign anything, get in touch with one of our team to chat through your options.

How can I avoid paying break fees?

The only way to be certain you won’t have to pay break fees is to make sure you don’t break your fixed term early. So before you fix for any period of time, ask yourself if you’re planning on selling in that timeframe, and also to what extent you will feel regret if interest rates were to drop and you were stuck on a higher rate? There are ways to set up your mortgage to take advantage of the certainty of fixed terms but also retaining the flexibility of floating rates. Talk to one of our advisers to help get the perfect mortgage structure for your situation.

Squirrel has been helping Kiwis get a better deal for over 10 years

We've won awards the last 8 years in a row, and have over 600 five star reviews from our clients.

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Make sure you're not paying too much on your mortgage.