The common perception that many Australians have about home loans is that they are finite – once you have them, they are just there to pay off.

However, a home loan is much more fluid and flexible than you realise and it is never too early or too late to be reminded that it is you who owns the mortgage – not the mortgage who owns you!

If your home loan is not currently meeting your financial needs or it has been a while since you checked up on your mortgage agreement, you may want to consider the following options.

Home loan refinancing
Sometimes many years go by of paying mortgage fees before anyone realises there may be a better deal out there.

In that time, financial situations usually change. Whether your finances are better or worse than when you signed the loan, there is a chance that a reshuffling of your agreement could better suit your needs.

If you are not happy with your mortgage product, you may want to consider switching your home loan lender completely. New companies and new products are coming online all the time – why not take a closer look?

Make extra payments
If you are happy with your loan agreement but would like to get to a state of debt-free ownership sooner, you may wish to start making extra repayments and lump sum payments.

Increasing the amount and frequency of your home loan payments will reduce the principal amount on your loan and likely reduce the interest you are paying on your mortgage – bringing you closer and closer to that zero balance you have been waiting for.

While this may not seem like the easiest task to pull off, there are times when it may seem more possible. Tax returns, work bonuses and other excess income may provide just the boost you need to tackle the balance on your mortgage.

If your interested in finding out more about refinancing home loans you can contact a home loan adviser on 13 14 97 for an obgliation-free home loan health check. 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.