Are you looking for a lower interest rate? Would you like to access equity from your property?
If your home loan is older than 2 years, it’s highly likely you are missing out on the lowest interest rates and lender products.
There are a number of reasons you should refinance regularly:
Lower interest rates – the chance to renegotiate a better interest rate. Your circumstances change over the years – you pay down the loan amount and hopefully, your property goes up in value. This gives us more bargaining power when negotiating a new rate with potential lenders.
Access the latest lender products – in the rapidly progressing finance world there are always new products and features to evolve – much like the latest smartphone – you may be missing out if you don’t have the latest products. Recent examples include the introduction of offset accounts and the evolution of smartphone apps.
Consolidate debt – most lenders will allow you to consolidate multiple debts, including credit cards and other loans or unsecured debt, into your home loan. This allows you to access a lower interest rate than you may already be paying, as a home loan is secured and therefore receives a better interest rate. Also, amalgamating into a single payment will assist in being able to manage your finances and get on top of any existing debt.
Access equity – most lenders will allow you to get cash out against your house by increasing your loan. Acceptable purposes include buying a car, going on a holiday and investment. As, with debt consolidation, this allows you access to a lower interest rate than you could potentially get via a personal loan or vehicle finance.
If you would like to discuss your refinancing options, please contact us today.
Did you know..
If you refinance your loan to a lower interest rate, but keep your current repayments at the same level you will drastically reduce how long it takes you to pay off your loan.
Are you paying too much?
Get in touch with us today for a free home loan health check.
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