Looking to Refinance?
Here are a couple of examples of outcomes after clients have refinanced, there are so many more.
Scenario 1- Couple in their early 50’’s had a housing loan of $388,000 @ 4.60% with a major bank, they were paying around $525pw and still had around 20 years to run. They wanted to retire in 15 years with no debt and not having to use their super to clear their housing loan. By refinancing them to a loan with an interest rate of 3.72% & increasing their repayments by $60pw, they will have their loan cleared before retirement & save thousands.
Scenario 2 – Couple, with young family wanted a bathroom renovation costing $20k. Existing loan of $410,000 @ 4.24% – repayments are $500pw with 26 years to run. We arranged to increase their loan to $430k @ 3.79%, keeping the remaining term the same. Their monthly repayments did not change either. Awesome outcome.
Contact us now and see if we can save you some money on what you are already paying now.
5 Reasons To Refinance:
Refinance to cash out home equity. Borrowing against the equity in your home could be a great financial move. For instance, it may make sense to use the equity in your home to borrow for renovations, buy an investment property or start a business.
Refinance to lower your interest rate. At the moment (14/9/17) interest rates are very low. You could save tens of thousands of dollars just by taking the time to schedule an appointment with us.
Refinance to lower your payment. Refinancing your mortgage at a lower interest rate could mean drastically reducing your payment and saving tens of thousands of dollars in interest. Although refinancing to lower your payment could increase the term of your loan, it could make sense in your particular situation.
Consolidating loans and credit cards – Using the equity in your home to refinance and consolidate debt that you just cannot seem to pay off is also an option. This also can free up hundreds of dollars each month and take the stress out of keeping on top of multiple credit card or personal loan payments. We understand that things don’t always go the way you plan, and people will often secretly struggle to avoid seeking guidance. We are here to help, not judge, we have seen it all, so please, just call us and don’t be embarrassed.
Refinance to shorten the term of your loan. If you have a 30-year mortgage, now may be a great time to consider refinancing. With record low interest rates, you may find that a 20-year mortgage is not much more expensive than the 30-year loan payment you have been paying.