
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.
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