Growing your family? Three reasons to shop for a new home loan

If you're planning for a baby in 2013, there are many things to think about – and housing finance might not be the first thing that comes to mind.

But the truth is that having a baby is a major financial commitment – and if you're reorganising your budget, a good place to start is by taking a look at your home loan. Here are three reasons to compare the various products available and to consider a switch.

Greater flexibility

Having a baby can be an exciting time – but also an expensive one. If you're looking for ways to ease the financial pressure, you might wish to examine home loans that offer more flexible features. For example, some loans allow you to pause payments if you give notice – this could be a great idea if you need a bit of financial breathing room in the first month or two.

Saving money

There's never a bad time to work towards saving more money – and with a new arrival to care for, every penny counts. Comparing home loans to find a more competitive rate of interest could leave you with more money in your pocket – which could then be set aside for your child's education or even a family holiday!

Changing circumstances

Any major life change can be a good reason to have a look at the home loan options available to you. For example, you may be moving to a larger home now that you have a new addition to your family, or you may have had a change in employment status if you've decided to take some time away from work to spend with the little ones.

These changes could signal that there is a better home loan out there for you than the one you currently have. It's also important to note that financial products can change considerably over time, so if it's been awhile since you last looked at your options, there may be something available now that is more suitable.

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