Homeowners Urged to Review Loans Amid Tax Season Surge – Money Advice Experts in Services

As the financial year comes to a close, many individuals turn their attention to their financial standing, particularly those with property investments gearing up for tax assessments. Given that a home loan is often a significant financial commitment, this juncture presents an opportune moment to evaluate the adequacy of your existing loan in meeting your financial objectives for the upcoming year.

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Recent data from the Mortgage Choice Home Loan Report highlights a notable 30 percent increase in the value of refinance loans compared to the previous year, indicating a growing trend among borrowers to reassess their loan arrangements.

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It is prudent to consider whether your current home or investment loan continues to offer you the best value. Seeking advice from a mortgage broker can help you compare your loan against prevailing market options to potentially secure a more competitive rate, explore improved loan structures, or leverage your equity.

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With the Reserve Bank of Australia having implemented two rate cuts already this year and another anticipated, borrowers stand to benefit from heightened competition among lenders. Some financial institutions are rolling out attractive rates to entice new customers, making it worthwhile for existing borrowers to scrutinize their current interest rates.

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For those with mortgage commitments on investment properties, now is an ideal time to assess potential tax deductions linked to mortgage interest payments and property maintenance expenses, which could have a positive impact on forthcoming tax returns.

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Exploring refinancing options could unlock benefits associated with different loan features or structures that align more closely with your financial requirements, such as the inclusion of an offset account or redraw facility.

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Individuals nearing the end of a fixed-rate term should proactively explore alternative loan options, as transitioning to a standard variable rate loan upon term expiry may not necessarily offer the most competitive terms available in the market.

Given the upward trajectory of property values, with national values showing a year-on-year increase, homeowners may find themselves in a position to leverage their accrued equity. This equity could potentially be harnessed to secure a lower interest rate or facilitate property upgrades or additional purchases.

As the financial year draws to a close, it is imperative for property owners to engage in a comprehensive review of their home loans to ensure they are strategically positioned to capitalize on prevailing market conditions and optimize their financial outcomes.

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