Mortgage Refinance and debt consolidation
HELPING YOU REFINANCE YOUR LOAN
If you’ve had your current mortgage for a while then there’s a good chance your needs have changed. There’s also a good chance that the interest rate is no longer competitive and has crept up over time.
It’s always a good idea to review your home loan to check that it still suits your need and is helping you achieve your financial goals. Especially when it comes to owner occupied loans – this is an area of lending where banks tend to compete aggressively. Especially for those borrowers who have at least 20% equity in their home.
Typical reasons for refinancing your current home loan include
- You may like to release some equity in your property for debt consolidation, carry out some home renovations, invest or purchase a car
- Your current interest rate might simply be too high. Switching to cheaper rate could possibly save you thousands in interest and help you pay off your home loan quicker
- You might have had enough of your current bank’s antics – maybe their service level has dropped, or their product offering has become too expensive
- You might want to add particular features to your mortgage such as an offset account or bundle your home loan, offset account and credit card into one professional package
- You could be interesting in fixing some or all of your home loan
Debt consolidation is one of the most common reasons our clients refinance their mortgage. Consolidating all your debts into the one facility could potentially save you a lot – and help you focus on getting rid of the one debt rather than juggling with multiple liabilities.
How does work? Some banks will combine your existing consumer debt into your home loan. The benefit is twofold – your home loan should have a lower rate compared to the debt you’re consolidating (so you potentially save some money on interest repayments) and you also tidy up your finances.
Some lenders are better to deal with than others when it comes to allowing borrowers to consolidate their debt. For instance, some lenders will allow the mortgage broker to order an upfront valuation on their client’s property at no cost and prior to lodging a finance application. The benefit is that we know how much you can borrow against your home before we commit to submitting a loan application to the lender.
If you’re looking to consolidate debt, we will
- Work out you much the bank will lend you to consolidate all your debts
- Discuss the types of loans that you can refinance. Including personal loans, credit cards, store cards and car loans
- How to best structure your new home loan
- Arrange a competitive interest rate to help you pay down your home loan as quickly as possible
- Look into your options of fixed and variable interest rates
We work with dozens of lenders and have access to literally hundreds of loan products. With all these options available we are confident that we can find the right home loan for you.