FAQs

A loan health care check involves an assessment of your current loan against a variety of factors to determine its overall viability and risk. The process involves a number of aspects being considered including your repayment history, debt-to-income ratio, credit score, loan terms, collateral, market conditions, and regulatory environments.

At Jade Finance, our brokers strongly encourage undertaking a regular loan health check to ensure your financial well-being is aligning with your financial goals. However, there are specific times that a loan health check can be most optimally done; annually, during major life changes, when interest rates change, before a major financial decision, on reaching a financial milestone, and when you are less financially stable.

During these times, it’s important to be proactive by reaching out to our brokers to conduct a loan review to assess how these changes may affect your ability to manage debt and/or achieve your financial goals.

Once assigned a dedicated broker at Jade Finance, you will be required to submit a number of documents to ensure your financial situation can be assessed accurately for your loan efficiency check. Some necessary documentation you will need to provide:

• Personal information
• Income documentation
• Employment information
• Assets and liabilities
• Credit History
• Monthly expenses/Financial statements

Yes, assessing your existing loans can often help you save money. Some opportunities that can arise out of a loan health check is interest rate comparison, loan term re-evaluation, a review of fees and charges, consolidation opportunities, and negotiation opportunities. By reaching out to one of our brokers at Jade Finance, you can identify areas where you may be able to save money.

Assessing your existing loans can help you identify cost-saving opportunities, such as refinancing to a lower rate, adjusting loan terms to better suit your financial goals, consolidating debts for easier management, or optimising loan features that you may not be fully utilising.

A loan health check involves evaluating the current status and terms of your existing loan to determine its overall financial health. With this review process, the goal is to assess whether your loans are serving you in the best way they can and where there are opportunities for improvement or cost-saving.

A loan refinance involves the replacing of an existing loan with a new loan that generally has better terms such as a lower interest rate, different repayment terms, or improved features. With loan refinancing, its main purpose is to save money by reducing the cost of borrowing or to improve cash flow by extending the repayment period.

Not Reviewing Terms and Conditions Thoroughly
Opportunities for better rates or more favourable terms can be missed if you fail to review the terms and conditions.

Ignoring Interest Rates
You could pay more interest than necessary if you fail to compare your interest rates with those in the market currently. Interest rates play a significant role in the cost of borrowing.

Overlooking Fees and Penalties
Some loans come with hidden fees or penalties for early repayment or late payments.

Not Considering Your Financial Goals
Your loan strategy should align with your long-term financial goals.

Neglecting to Shop Around
Failing to explore options from multiple lenders can result in missing out on better deals or terms available in the market.

If your loan health check is revealing issues with your current loan, it is important to contact your lender. They may offer solutions such as loan modification or restructuring to address any issues. Other than this, you can explore refinancing options or seek financial advice. Refinancing your loan with another lender that offers better terms or rates can save you a lot of money. However it’s important to compare offers from multiple lenders to secure the most favourable terms.

At Jade Finance, our brokers strongly encourage undertaking a regular loan health check to ensure your financial well-being is aligning with your financial goals. However, there are specific times that a loan health check can be most optimally done; annually, during major life changes, when interest rates change, before a major financial decision, on reaching a financial milestone, and when you are less financially stable.

During these times, it’s important to be proactive by reaching out to our brokers to conduct a loan review to assess how these changes may affect your ability to manage debt and/or achieve your financial goals.

When you get in touch with us, you will be assigned your own personal Jade Finance consultant who will work closely with you through the entire process. Your consultant will listen to your story to fully understand your current situation and your objectives.

Based on your individual requirements, your consultant will prepare a plan and process to move forward – assessing your repayment history, debt-to-income ratio, credit score, loan terms, any collateral, the market conditions, and the regulatory environment.

You will then be provided with a report on the financial health of your loan plus any recommendations that could improve your loan agreement for your evolving situation.