Getting a home loan is an important financial decision and sometimes it helps learning from other people’s experiences in a similar situation. From the key questions they asked, the choices they weighed up and the things they learned from going through the home loan process.
It’s coming up to seven years since Bob and Joan took out their first home loan. Their financial planner has advised them that now is a good time to review their current no frills home loan and find a more competitive deal in the market. One that is suitable to their current financial situation.
Paying off your home loan will probably be the biggest financial expense you’ll ever take on. So if you’re signed up to a mortgage with a less than competitive rate you could be paying far more than you ought to.
Living in the home he bought ten years ago, Dave has now paid off his first home loan and is now in a financial position to start growing his property portfolio. At 40, the engineer is keen to build on his wealth as he has early retirement in his sights!