It’s likely that interest rates have changed since you first started down the road of making home loan repayments. Maybe the interest rate has risen or fallen for your particular loan structure or your financial situation has changed and you have increased your loan to accommodate different stages of life.
Whatever your situation, the world of mortgages and home ownership is constantly evolving so it’s important to speak to us to check you’re still getting the right deal.
There are so many benefits to sitting down with a broker and sorting through what changes can and should be made. Here are just a few of the ways a simple conversation could help reduce your monthly repayments.
1. Utilise new loan benefits.
Perhaps there is enough equity accumulated on your loan that you are now able to unlock funds to renovate your property, or even purchase an investment.
If that isn’t an option you may consider redrawing money from your loan that you have paid off ahead of schedule. In almost every case it will be much cheaper to use your home loan rather than a personal loan to pay for a renovation, overseas holiday or new car.
When we make a recommendation to you about your loan structure and refinancing options, we’ll make sure to take into account your whole financial position and goals.
2. Debt consolidation.
Do you have multiple loans and repayments draining your account every month? Re-financing gives you the opportunity to streamline these debts into one accumulated loan. Not only will it make life a lot less stressful and easier to manage for you but it can also save you money. With fees and charges accruing on each loan, it’s always best to try and reduce the number of financial products you have in your name. We can help you look at consolidating your personal loans, car loans, credit cards and mortgages into a flexible and low-fee solution.
3. Lower interest rate.
Low rates aren’t just available for new loan customers. What many people don’t realise is that rates can be continually negotiated each and every year. Not only will a better rate make your monthly repayments each month lower, it also means you are paying less money overall for the property since you are charged less interest over the course of your loan.
Whatever your reason might be for refinancing, a simple investigation could be worth thousands to you in the long run. Call us today for an obligation free discussion.