Q: They say changing lenders is easy and you should look for a better price and service - but how often should I do this?
A: Hi Jimmy
It can be easy depending on your circumstances. There is no set timeframe for change - as brokers we review clients financial situation annually but we would not change lenders every time.
There are lots of things to consider when changing your mortgage and the lowest price may not always be the best deal for you. There can be costs involved in the change that are not always clear. I would recommend you talk to a mortgage broker who can go through all of the options with you - they will then be able to take care of the application as well.
When looking at any type of finance you also need to consider the impact of any applications on your credit file - too many searches and applications could make it tougher for you to get finance further down the line.
I am always happy to help if you want a review of your situation.
Q: My friend told me you can fix some of your home loan and leave some variable so that you can pay off the principal. Is this true?
A: Yes this is possible with many lenders. They do have different processes for this. If you did your loan through a broker talk to them otherwise have a chat with your Lender. Your lender will normally charge an admin fee to split a loan and fix part. Also if you have redraw available be careful fixing a loan can affect the access you have to it.