A home loan can be a sizeable chunk of your income, so it makes sense to make sure you get the most out of your deal.

The articles below cover some of the major things to consider if you’re looking to manage your home loan.

Even if you secured a competitive package when you first took out your home loan, it’s worth reviewing from time to time to make sure the interest rates, fees and features continue to meet your needs.

By refinancing you might be able to pay off your home loan sooner.

Your existing provider may have another product, or you may need to switch provider. There are benefits and costs with either approach, so it’s important to evaluate the pros and cons if you’re considering refinancing.

Consolidating your debts into one loan is another common approach to bring down your costs.

This can give you a clearer picture of what you owe and hopefully save you money too. There are 3 steps to consider if this might be something you want to explore.

Debt recycling means moving the non-deductible debt from your family home into tax-deductible debt. You may even use any earnings from this ‘debt recycling’ strategy to pay off the debt on your family home loan.

Debt recycling has the potential to help you build your long-term wealth, but it’s not suitable for everyone. It’s a high-risk strategy because you’re using your home to invest.

Make sure you take financial advice if you’re thinking of this approach. It’s important to be clear about the risks as well as the benefits.

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