There are few things in life that you will commit to that are as big as a home loan. Taking on such a financial obligation can seem daunting at first, and it can often lead you to feel weighed down by debt for years to come.

And as your life circumstances begin to change, so will your home loan needs.

Perhaps you find yourself struggling with the amount of your home loan repayments. Or, on the flip side, you may find yourself in a better financial situation – resulting in more money to be put towards anything you want.

It would be a good idea to keep an eye on your home loan health throughout your life, because home loan refinancing could put you back in control of your investments and keep you in the strongest financial position possible.

For example, if you're finding it difficult to make your weekly repayments, it could be worth speaking to a financial expert about the options available to you. For example, it could be possible to reduce the required repayment amount, giving you more breathing room.

However, keep in mind that undertaking this route will make your home loan last slightly longer, which could result in an overall higher repayment amount when you factor in interest being charged on your remaining balance.

The same applies to increasing your repayment amounts. This can help you to get debt free faster, while cutting into your overall balance in a big way and aiding your mortgage efforts.

Speaking with an expert is the best way to ensure you make the right refinancing decisions and find yourself in the best possible financial health for your situation.

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we'll call you!

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.