Your Current Home Loan Situation
It is most important to fully understand exactly where you are positioned financially before you consider refinancing your existing home loan. If you already enjoy the benefits of one of the Commonwealth Bank Home Loans mortgages there can be many options open to you that can improve the performance of your existing loan, for instance you can undertake a home loan health check or refinancing options by undertaking one or more of the following evaluations:
- Pay off you home loan earlier than originally planned and at the same time save on interest payments by arranging to make weekly or fortnightly repayments instead of sticking to the more traditional monthly repayment structure.
- You can make additional repayments whenever you are able by paying any work bonuses or taxation refunds directly into your home loan account. In fact any spare funds that you come across are often put to good use in this way by lowering your home loan commitments in this manner.
- You can continue repaying the same amount off your loan repayments during periods when interest rates fall instead of taking advantage of your unexpected cash flow windfall in other less beneficial ways.
- You can arrange with your paymaster to pay more in regular payments off your home loan than the minimum amount which you are required to pay.
- Paying your salary into an offset savings account that is linked to your home loan is an effective way of reducing your interest repayment obligations, especially if you happen to be able to retain reasonably large balance in your savings account. In this way interest, that is calculated on a daily basis from your savings account, is offset against the interest being charged on your home loan commitments.
- You can obtain considerable savings on your home loan costs, everyday transactions, investment and insurance costs, with a Commonwealth Bank home loans ‘Wealth Package’, if you are an eligible existing customer with the bank.
- You can benefit by not having to pay any monthly account fees, or any bank withdrawal fees if you have an eligible transaction account. This type of account is reliant on you having at least $50,000 remaining in your home loan account.
Changed circumstances can be accounted for with Commonwealth Bank home loans.
Circumstances will undoubtedly change however as life moves on. You can change jobs, you may get married and kids start coming along. In any of these circumstances it is important that your home loan remains relevant to your living needs and your lifestyle generally. It is then that you must assess your current situation and look around to see if refinancing to one of the many Commonwealth Bank home loans would better suit your changing situation.
When you have decided that your current situation has changed sufficiently to make refinancing beneficial and you have fully considered all that you can achieve by doing so, you will need to make yourself ready to approach your Commonwealth Bank representative with the following documentation:
- You will have to obtain a payout figure or loan balance from your present lender along with the previous six months of home loan statements.
- You will need all of the documents that are required for taking out a normal home loan such as, identification, income details and complete information regarding any loans or savings accounts with any bank, credit union or building society other than those held with the Commonwealth Bank.
Related posts:
- Benefits of refinancing with Commonwealth Bank
- Benefits of Refinancing a Home Loan
- Commonwealth Bank Complete Home Loan Standard
- Commonwealth Bank No Fee Variable Rate Home Loan
- Home Loan Exit Fees banned on new variable rate home loan
- Home Loan Health Check Guide
- Commonwealth Bank Wealth Package Loan ($500,000 plus)
- Commonwealth Bank Interest In Advance Fixed Rate Investment Home Loan
- Home Loan Break Costs and Exit Fees
- Refinance Your Home Loan and Consolidate Debts
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